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High Speed Oven Global Market Report 2023
Major players in the high-speed oven market are General Electric Company, Sharp Corporation, Electrolux AB, Siemens AG, Bosch, Whirlpool Corporation, Merrychef, Miele, ACP Solutions, Alto-Shaam, TurboChef Technologies, Viking Range, SMEG S.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "High Speed Oven Global Market Report 2023" - https://www.reportlinker.com/p06320086/?utm_source=GNW
p.A., The Middleby Corp, and Cookkart.
The global high speed oven market grew from $3.61 billion in 2022 to $3.94 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The high speed oven market is expected to grow to $5.42 billion in 2027 at a CAGR of 8.3%.
The high-speed oven market consists of sales of microwave-based, microwave energy with high-speed impinged air-based, and combines high-speed hot air and infrared heat-based high-speed ovens.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The high-speed oven refers to commercial cooking equipment, which combines multiple food preparation methods to cook the food much faster than traditional convection ovens or grills. These high-speed ovens are designed to convert fast food into a gourmet experience for customers while delivering food quickly and consistently.
North America was the largest region in the high-speed oven market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the high-speed oven market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
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.
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.
Technological advancements are a key trend gaining popularity in the high-speed oven market.Many companies operating in high-speed ovens are developing new products or new technologies to meet end-customer demand and strengthen their market position.
For instance, in 2020, Alto-Shaam, a USA-based provider of commercial kitchen equipment, announces new designs and advanced user-friendly controls for its original Cook & Hold Ovens with Halo Heat® technology.The new ovens are simple to use, with one-touch cooking.
They have Alto-most Shaam’s advanced control yet and are extremely easy to use, requiring little or no operator training.
The countries covered in the high-speed oven market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The high-speed oven market research report is one of a series of new reports that provides high-speed oven market statistics, including high-speed oven industry global market size, regional shares, competitors with a high-speed oven market share, detailed high-speed oven market segments, market trends and opportunities, and any further data you may need to thrive in the high-speed oven industry. This high-speed oven market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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