Press release
High Speed Oven Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | General Electric Company, Sharp Corporation, Electrolux Group, Siemens AG, Robert Bosch GmbH
High Speed Oven Market Size
The Business Research Company offers in-depth market insights through High Speed Oven Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The high speed oven market size has grown strongly in recent years. It will grow from $3.92 billion in 2023 to $4.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to demand for fast cooking times, increased energy efficiency, rise in menu diversification, demand for space-saving design, demand for consistency in cooking.
The high speed oven market size is expected to see strong growth in the next few years. It will grow to $6.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing health-conscious consumers, rising contactless dining, rising ghost kitchens and delivery, rising demand for sustainability, increasing commercial bakeries. Major trends in the forecast period include compact and countertop models, improved user interfaces, ventless technology, iot connectivity, menu customization.
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Market Segmentation:
The main type of high-speed oven includes a built-in and countertop. The built-in high-speed ovens refer to high-speed ovens installed into kitchen units or fixed to cupboard doors. The installation of the high-speed oven can be integrated into a base or tall cabinet of varying heights. These products are sold through hypermarkets/supermarkets, specialty stores, and online channels. The wattage variance in high-speed ovens include 1000 - 1250 Watts, 1250 - 1500 Watts, 1500 - 1750 Watts, 1750 - 2000 Watts, 2000 - 2250 Watts, 2250 - 4500 Watts, 4500 - 6000 Watts, and Above 6000 Watts. The end-user of high-speed oven include residential and commercial.
Major Driver - Evolving Food Delivery Habits Drive Demand For High-Speed Ovens In Hospitality Industry
The increased exposure of hotels, restaurants, and cafes has been a major driving factor for the high-speed oven market. Hotel F&B venues and their designers are being compelled to adapt and engage customers with concepts that highlight both convenience and experience as food delivery consumption habits develop and buying a restaurant-quality meal for delivery becomes easier than ever. According to HGEM, two-thirds of hotel guests have used delivery apps such as Deliveroo, JustEat, GrubHub, and others to get food directly to their room, with 71% of guests aged 26-35 preferring delivery apps to in-house restaurants. In the future years, the trend of ordering into hotels is expected to increase by 83%. Hence, the greatest challenge of any food aggregator in the F&B industry, in order to derive the best possible operational efficiency would be to reduce delivery and service time through technologically advanced equipment such as high-speed ovens. Therefore, increased exposure of hotels, restaurants, and cafes is expected to boost demand for high-speed ovens during the forecast period.
Competitive Landscape:
Major companies operating in the high speed oven market include General Electric Company, Sharp Corporation, Electrolux Group, Siemens AG, Robert Bosch GmbH, Whirlpool Corporation, Alto-Shaam Inc., Merrychef Ltd., TurboChef Technologies Inc., ACP Solutions Inc., Panasonic Corporation, Miele Inc., Samsung Electronics Co. Ltd., LG Electronics Inc., Gorenje Group Inc., Blodgett Oven Company, Hatco Corporation, Lincoln Foodservice Products Inc., Middleby Corporation, Rational AG, Henny Penny Corporation, Ovention Inc., A.J. Antunes & Co., ACP Inc., Doyon Equipment Inc., Moffat Limited, Vollrath Company, Waring Commercial, Winston Industries LLC, Vulcan LLC
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Top Trend - Booming Hotel And Restaurant Industry Drives The High-Speed Oven Market
An increasing number of hotels and restaurants is driving the high-speed oven market. Rapid economic growth in emerging economies, increasing government expenditure towards the promotion of the tourism industry, and increasing consumer interest in convenient food is contributing to growth in the establishment of new hotels and restaurants across the globe. The rapid growth in the number of hotels and restaurants is expected to boost demand for high-speed ovens, as the news organizations are investing in advanced commercial cooking equipment to decrease the cooking time and increase customer experience. According to the study published in Condor Ferries Ltd., the hotel industry accounted for more than 700,000 hotels across the globe and also accounted for $3.41 trillion in the global economy. Therefore, the rapid growth in the number of hotels and restaurants is expected to boost demand for high-speed ovens during the forecast period.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. High Speed Oven Market Characteristics
3. High Speed Oven Market Trends And Strategies
4. High Speed Oven Market - Macro Economic Scenario
5. High Speed Oven Market Size And Growth
…..
27. High Speed Oven Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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