The High Speed Oven Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Speed Oven Global Market Report 2024, 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.
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.
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The high speed oven market covered in this report is segmented –
1) By Type: Built In, Countertop
2) By 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
3) By Sales Channel: Hypermarket/Supermarket, Specialty Stores, Online Channels
4) By End User: Residential, Commercial
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 high speed oven market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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