High Speed Ovens Market

High Speed Ovens Market Outlook

The global high speed ovens market is estimated to reach the market value of US$ 5.2 Bn by the end of 2022 and is poised to grow with a CAGR of 6.7% over the forecast period.

With the advancement in technology there has been high demand for quality product that ameliorate the level of comport for the products that are being used on daily basis.

Microwaves ovens are staple in household which is encouraging the manufacturers to launch and upgrade the existing technology after a length of time. When it comes to capture commercial markets, rapid cook ovens and commercial speed ovens are manufacturers focus.

High Speed Ovens Market Value 2022	US$ 5.2 Bn
High Speed Ovens Market Forecast Value 2032	US$ 10.1 Bn
Global Growth Rate (2022-2032)	6.7%
Market Share of North America	44.8%
Market Share of Top 5 Companies	~10% – 20%
Key Companies Profiled (Indicative List)	Siemens BOSCH General Electric Electrolux

Revenue of High Speed Ovens Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

The global high speed ovens market is gauge with a CAGR of 6.2% over the past demi- decade. The market has seen a decline of approximately 4% due to COVID – 19 pandemic. Fact.MR, has conducted a through analysis on constituted market regions such as North America, Europe and East Asia which account for 2/3 of the overall market share.

High speed ovens are gaining demand over the forecast period owing to tectonic shift of technologies which were previously based on micro waves. With the integration of new technologies, which result in cooking food three to five time faster than any other conventional ovens.

The demand is driven by factors such as cost effectiveness, smart device and eco-friendly equipment. This provide an aid in saving energy as it reduces the time of cooking which is an ideal solution for commercial and restaurants kitchen.

How is Tectonic Shift in Technology Providing a Helping Hand in Market Growth?

The amalgamation of convectional technology with microwaves technology has led to the development of high speed ovens. Other advantages involved with the product are it help in retention of moisture due to concurrent cooking.

The installation of pre-defined program is surging the demand at a global scale as the product does not require special cookware and occupies less space which is fuelling the adoption rate among the consumer who can’t afford the run through on cookware’s.

How is the Demand for Less Time Consuming and Fast Processing Equipment Driving the High Speed Ovens Market Sales?

Increasing industrialization across the globe is expected to create multiple job opportunity, especially in developing countries.  Out of 100%, 52% of the world’s population is working which is soring the demand for modern and smart cooking equipment to meet the need of today’s customer. Rise in working population of the world is resulting in the fast lifestyle led by a majority of consumers.

In the age of fast-style living, where speed is paramount, consumers are looking for simpler and quicker ways to do their regular household chore such as cooking. Despite the availability of a wide range of packaged food products, health-conscious consumers are preferring to eat home-cooked, healthy meals in order to lead a healthy lifestyle.

Implementation of advanced speed cooking technologies enable certain cooking appliances like high speed ovens cook food much faster than conventional ovens. As a result of increasing consumer needs for maintaining fast as well as healthy lifestyle concurrently, demand for high speed ovens are expected to be on surge during the forecast period.

Why is Low Energy Efficiency Creating an Challenge in Complying with Energy Regulations?

The working principle of high speed ovens is based on the combination of microwave heating technology and hot air impingement technology, which results in achieving faster cooking in high speed ovens. However, this hybrid technology fails to optimize the processes of converting electric power into heat energy and maximizing the heat to be supplied to the food product.

As a result, the maximized heat energy is not efficiently absorbed and retained by the food product inside high speed ovens. Due to uneven distribution of heat energy and less efficient heat transfer to the food product, complying with regulations regarding energy labeling and microwave radiations becomes difficult for manufacturers. Being low of energy efficiency can make a negative impact on the global high speed ovens market in the future.

Which Region Hold the Foot in Market Density across the Globe?

Among the six prominent regions, North America accounts for major chunk of the market generating the market revenue of more than 40%. Following North America is Europe and East Asia which are anticipated to grow with a CAGR of more than 6% over the forecast period.

Owing to higher safety and regulation standards in these region with higher demand for the product is resulting in global market growth by 2X and reaching the market value of US$ 10.1 Bn by the end of assessment period.

Country Wise Analysis

What is Regional Outlook can be Seen for U.S based High Speed Ovens Market?

U.S is the dominating region in North America due to high purchasing power and high economic stability resulting in technological advancement in cooking appliances industries. U.S is projected to reach the market value of US$ 3.8 Bn by the end of 2032 capturing over 78% of the North American market.

Rapid urbanization with the presence of well-organized food service industry, with high vendor penetration is creating a substantial effect in the market growth resulting in high demand for commercial high speed ovens under the application sector in the region.

How is China’s Performance in High Speed Ovens Industry?

China based high speed oven market is presumed to grow with higher CAGR due to booming consumer and electronic goods industry in the country. China is estimated to reach the market value of US$ 633.6 Mn by the end of 2022 ans creating an absolute dollar opportunity of US$ 128.6 Mn during the forecast period.  China is having demand for small goods and white products. Under the kitchen appliances market the increasing consumer emphasise on designing new product marinating price sensitivity is surging the market growth.

Category-wise Insights

Which Price Range is triggering the Demand for High Speed Oven Market?

Price is one of the important factor influencing the uptake of product upto a greater extent. Mid-range product is gaining the market as large number of world population is present in economical scale. The increasing popularity of quick service restaurants in countries like China and India is providing ample of opportunity to the mid range product in these countries. The segment is estimated to reach the market value of US$ 1.8 Bn by the end of 2022 with an absolute dollar opportunity of US$ 1.5 Bn during the projected period.

Under the Wattage which Range is Generating more Revenue?

High speed ovens falling under the category of 1750 - 2000 Watts is capturing the major portion of the market. The segment is foresee to reach the market value of US$ 1.8 Bn by the end of 2032.

With the demand for this segment is high due to its major application in households which demand for compact size of the product constituting around 15% of the market share.

Competitive Landscape

Majority of the players are involved in inorganic and organic growth strategy such as merger, acquisition, product launch and portfolio expansion which is helping them to establish a brand value in the market.

Similarly, recent developments by top providers of high speed ovens have been tracked by the team at Fact.MR, which are available in the detailed report.

Market Segments Covered in High Speed Ovens:

• Product Type

  • Build-in High Speed Oven
  • Counter Top High Speed Oven

• Price Range

  • Economy
  • Mid-Range
  • Premium

• Application

  • Commercial
  • Household

• Wattage

  • 1000 - 1250 Watts
  • 1250 - 1500 Watts
  • 1500 - 1750 Watts
  • 1750 - 2000 Watts
  • 2000 - 2250 Watts
  • 2250 - 4500 Watts
  • 4500 - 6000 Watts
  • Above 6000 Watts