|07-06-2018 12:12 PM CET - Industry, Real Estate & Construction||
Analysis on Global High Speed Ovens Market: Trends, Drivers and Opportunities until the End of 2026
Press release from: Fact.MR
Advancement in technology has led to improvements in the quality of products that we use on a daily basis. Microwave ovens have become a staple in households around the world, with manufacturers launching upgrades and new versions on a consistent basis. However, there has been a tectonic shift in the technology on which microwave ovens are based. The development of new technology has led to the development of high speed ovens that have been touted to cook food three to five times faster than conventional ovens.
The combination of microwave technology with convection technology has led to faster cooking times. In addition to faster cooking times, the use of new technology has also led to increased moisture retention as a result of concurrent cooking. A majority of high speed ovens come equipped with pre-defined programs for standard menus, which further reduces the cooking time. High speed ovens also usually don’t require special cookware, which is fuelling their adoption among consumers who are not interested in spending extra money on buying cookware. On the back of these factors, the global high speed ovens market is currently witnessing a period of stable growth.
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FactMR’s recently published report reveals that the global high speed ovens market is set to surge at an impressive CAGR of 7.9% during the forecast period (2017-2026) and reach a valuation in excess of US$ 7,000 Mn. Increasing demand for ovens that take lower durations to heat, bake and cook meals is expected to remain a key factor in propelling the growth of the market during the review period. It is observed that high-speed ovens are witnessing higher preference as compared to compared conventional ovens owing to their superior functionality. Their use in both commercial and household cooking is expected to grow substantially over the next couple of years. In high speed ovens, it takes much lesser time to bake pizzas and various bakery products (cake, bread, cookies, etc.), which continue to lure more consumers towards such ovens.
Although the outlook on global high speed ovens market is positive, there are a host of factors that are impeding their growth. Small oven cavities have presented a challenge in the amount of food that can be cooked at once in high speed ovens. Further, massive differences between the exterior of the oven and interior can create space issues for consumers. Further, relatively higher price of high speed ovens can impede adoption during the assessment period.
According to a latest research report by Fact.MR, the global high speed ovens market is likely to reach a valuation of 1,631’000 units by the end of 2026. North America continues to be the largest market for high speed ovens globally. The demand for high speed ovens in North America is led by surging adoption in urban centers of the US. The US continues to account for a leading share of the North America high speed ovens market, and the trend is likely to continue throughout the forecast period as well. According to the report, the sales of high speed ovens in the US is likely to reach 553’000 units by the end of the forecast period.
High speed ovens are available in two types – build-in high speed oven and counter top high speed oven. Among these, the demand for latter is currently higher and the status quo is likely to be the same during the assessment period as well. The report projects over 1000’000 units of counter top high speed ovens to be sold by the end of forecast period.
Price is one of the most important influencing factors that determines to a great extent the uptake of high speed ovens. Currently, the demand for mid-range high speed ovens is the highest, however, there is slight difference in the total number of sales of economy and premium products.
In addition to these insights, the report also offers segmentation on the basis of application and wattage. On the basis of application, the report has segmented the market into commercial and household. By wattage, 1750 – 2000 watt high speed ovens currently account for the highest demand.
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The key companies profiled in the report include ACP Solutions Alto-Shaam Inc., Bosch, Electrolux, GE Corporation, Merrychef, Miele Inc., Sharp Corporation, Siemens, TurboChef Technologies, Viking Range, and Whirlpool Corporation.
Key Insights from the Report Include:
1) In terms of revenue, the high speed ovens market in North America is expected remain highly lucrative in 2018 and the trend is likely to continue throughout the assessment period. Between 2017 and 2026, the North America high speed ovens market is projected to surge at a CAGR of 8.9%. This is primarily owing to increasing demand for ovens that offer faster heating, defrosting and cooking. Moreover, a strong presence of leading market players and availability of most advanced microwave and ovens is supporting the growth of the market in the region.
2) On the basis of product type, the build-in-high speed oven segment is expected to retain its dominant position over 2026. Currently, the segment accounts for more than 60% revenue share of the global market and is anticipated to surpass a market valuation of US$ 4,100 Mn by 2026, reflecting an above-average CAGR. The segment is estimated to grow by US$ 402.5 Mn annually over the course of the forecast period.
3) Based on price range, the mid-range segment is expected to remain highly attractive in 2018 and beyond. This segment currently command for more than one-third market share in terms of revenue and is projected to exhibit a healthy CAGR during the forecast period.
4) Based on application, the household segment is expected hold a dominant position throughout the assessment period. This segment is projected to increase at a CAGR of 8% from 2017 to 2026.
5) By wattage, the 1000 - 1250 Watts segment is expected to remain highly profitable in the near future. In 2017, the segment reached a valuation of over US$ 200 Mn and is expected to expand at a robust CAGR during review period.
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Industrial Goods Market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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