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High Speed Ovens Market is Projected to Expand CAGR of 7.9% during the forecast period by 2026
High Speed Ovens Market
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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.
Increasing preference for kitchen utensils that facilitate rapid cooking owing to the fast-paced lifestyle of a modern consumer in creating opportunities for high-speed ovens. Today, a large number consumers do not prefer spending much time in the kitchen, hence look for options that can not only simplify their kitchen tasks but also allow them to prepare desired meals in minimum duration.
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Realizing the opportunity, many of market players are actively focusing on improving the efficiency of their products to better suit the needs of consumers. In addition, arrival of advanced microwave technology is enabling manufacturer to make their products more efficient.
Key Insights from the Report Include:
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.
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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.
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.
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.
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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.
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