Dublin, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The "Global Commercial Microwave Ovens Market- Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
Global Commercial Microwave Ovens Market is poised to grow by USD 728.90 million in 2026 progressing at a CAGR more than 3% during the forecast period.
Global Commercial Microwave Ovens Market has been negatively impacted due to COVID-19 pandemic and global lockdown. Lockdown has imposed restrictions on manufacturing activities and supply chain. The lockdown in China has forced Commercial Microwave Ovens manufacturers based in the US and Europe to temporarily hold the production as it exports several input supplies. This is leading to the increase in the supply and demand gap and the product market and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.
Commercial microwave ovens have significant usage across the food service industry, owing to their multiple benefits, such as expedited cooking process, cost-effectiveness, improved efficiency, and lesser time consumption. Modern-day commercial microwave ovens are highly programmable and feature internal memory systems that can store up to one hundred recipe settings. The digitized displays of these ovens help users conveniently explore various options and set timers, making them more accessible for employees and staff. Commercial microwave ovens are versatile and offer faster and more efficient cooking options for commercial food service establishments like restaurants, cafes, takeaways, etc. These devices are best suited for large-scale food operations for their beneficial uses in reheating food, quick defrosting, and a variety of cooking options. The rapidly burgeoning demand for energy-efficient cooking methods worldwide as a fundamental driver for the global commercial microwave ovens market.
The global market growth can be attributed to a plethora of factors, such as the numerous advantages of commercial microwave ovens over traditional microwaves, such as enhanced functionality and lesser energy and time consumption, the expanding food service industry (including restaurants, hotels, cafes), surging demand for microwave ovens across corporate firms and other commercial establishments, the rising popularity of food service outlets like food trucks and takeaways, the emerging cloud kitchen and online food delivery sector, the booming hospitality sector, and technological advancements in microwave ovens. Manufacturers are increasingly focusing on developing commercial microwaves with automatic timers for efficient cooking processes, which is a highly conducive factor for market growth. The amplifying demand for frozen and ready-to-eat food items, improving living standards, rising disposable incomes, rapid urbanization, growing working population, and their packed work schedules, and the soaring demand for catering services for seminars, social gatherings, etc., are the other pivotal factors contributing to market growth.
However, commercial microwave ovens have certain disadvantages, such as rapid heating that often leads to overcooked food, improper container ventilation, and unevenly cooked food, causing cold spots. Such factors are expected to limit the demand for commercial microwave ovens to some extent. Moreover, high power consumption and increasing costs of these appliances also act as key restraints for the global market growth.
Key Market Trends
The Demand For Energy-Efficient Cooking Products Is Driving Market
Commercial kitchens-such as those found in full-service and quick-service restaurants, hotels, and hospitals-are intense energy users, consuming as much as three times more energy per square foot than most other types of commercial buildings. Because energy costs for these facilities typically account for between 25 and 30 percent of total operating expenses, upgrading equipment to be more energy efficient can increase your bottom line while also providing significant non-energy benefits including improved operating performance, more-uniform cooking, and increased kitchen staff comfort. Commercial kitchen equipment such as ovens require energy to function. By purchasing energy-efficient equipment in new construction or when existing equipment fails, one can significantly reduce energy use in the kitchen, can save money and can reduce carbon footprints.
Asia-Pacific Region Is Anticipated To Grow At Highest Rate
Asia-Pacific ranks as the fastest growing market with a significant growth rate over the forecast period, led by rapid commercialization and rapid industrialization. The regional market growth is accredited to the region's flourishing food and hospitality industries, the rapidly expanding food service industry, increasing food service outlets, and several other favorable factors. The overall demand and popularity of microwave oven could augment in developing countries such as China and India owing to the growing inclination of customers toward a high expenditure on first-rate kitchen electrical appliances. In the coming future, Japan is expected to achieve considerable share in the microwave oven market. Asia-Pacific region is leading the industry owing to rapid industrialization, an increasing number of industries, and developments in electric and electronic industries. Advancements in technology, coupled with an increase in the number of product innovations, are among the key factors supporting the demand for Commercial Microwave Ovens Market in this region.
The report covers major international players operating in the Global Commercial Microwave Ovens Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID 19 on market
5 MARKET SEGMENTATION
5.1 Product Duty Type
5.1.1 Commercial Heavy-Duty Microwave Ovens
5.1.2 Commercial Medium-Duty Microwave Ovens
5.1.3 Commercial Light-Duty Microwave Ovens
5.2 Product Capacity Type
5.2.1 Under 1 Cu. Ft Type
5.2.2 1 to 1.9 Cu. Ft Type
5.2.3 Over 2 Cu. Ft Type
5.3.1 Food Service Industry
5.3.2 Food Industry
5.4 Control Feature
5.4.1 Button controls
5.4.2 Dial controls
5.5 Distribution Channel
5.5.1 Multi-Branded Stores
5.5.2 Specialty Stores
5.5.3 Online Stores
5.5.4 Other Distribution Channels
5.6.1 North America
5.6.3 Asia Pacific
5.6.4 South America
5.6.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.10 GE (Haier)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/rj3hf6
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