(MENAFN- EIN Presswire) High Speed Oven Market
According to a new report, The global high speed oven market is segmented on the basis of type, end user, sales channel, and region.
The built-in segment led in terms of the high-speed oven market share in 2020, and the countertop segment is expected to have the highest CAGR during the forecast period.” — Shankar Bhandalkar5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, October 14, 2022 / / -- According to a new report, ' by Type, End User, and Sales Channel: Global Opportunity Analysis and industry Forecast, 2021-2030'. The global high speed oven market size was valued at $2.3 billion in 2020, and is projected reach $3.6 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
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High speed ovens are special ovens that are designed to cook food faster than regular ovens. These ovens use two or more than two heat transfer methods such as microwaves, contact heating, convection, air impingement, and steam cooking to reduce the cooking time of food by 20-50%. Commercial establishments like cafes, hotels, and restaurants require appliances like high speed ovens to efficiently perform their daily operations. Proliferation of food service establishments is leading to an increase in the purchase of high speed ovens. Many entrepreneurs are setting up new cafes and restaurants as a way to convert their passion or hobbies in to livelihoods.
Similarly, many hotels are also being set up, or large chains of hotels are expanding their businesses into new locations. As such establishments require constant cooking operations that need to be quick, adoption of high speed ovens is high in order to increase operational efficiency. These appliances also help smaller food outlets and cafes in maintaining the balance between orders and delivery time. With expansion of such establishments, the demand for high speed oven is likely to increase in coming years.
The high speed oven industry is majorly dependent on the hospitality sector for its revenue generation. The declaration regarding the shutdown of notable proportion of the hospitality industry, including full service restaurants, pubs & bars, and quick service restaurants has dramatically hampered the sale of ovens. Moreover, the supply chains today are far more complex as compared to what they were a decade ago. The COVID-19 pandemic has not only hampered the production facilities but has also disrupted the supply chains such as material suppliers and distributors of the kitchen equipment market globally resulting in the loss of the business in terms of value sales.
In addition, many players were facing financial pressure, as their payment of debts is on hold due to the pandemic, hampering the smooth operation of their businesses. The increasing residential adoption of high speed ovens due to reduction in the time consumers stay home as well as due to easy availability through online channels in also going to highly positively impact the high speed oven market in the post covid scenario.
The global high speed oven market is segmented on the basis of type, end user, sales channel, and region. Based on type, the global market is bifurcated into built in and countertop ovens. By end user the market is segmented into residential and commercial. Based on sales channel the global market is studied across hypermarkets/supermarkets, specialty stores, and online channels.
The global high speed oven market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe leads in terms of market share for 2020, while Asia-Pacific is forecasted to grow with significant growth during the forecast period.
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Some of the major players profiled for in the high speed oven market analysis include Bosch, Breville Group Limited, Cookkart, Electrolux AB, Kanteen India Equipments Co., Miele & Cie KG, Panasonic, SMEG S.p.A., The High Speed Oven Company, and Whirlpool Corporation. Other prominent players analyzed in the report are GE, Sharp, Siemens, Welbilt, TurboChef Technologies, Viking Range, Alto-Shaam, Ali Group (ACP Solutions), and MIT.
Key Benefits For Stakeholders:
○ The report provides an extensive analysis of the current and emerging high speed oven market trends and opportunities.
○ The report provides detailed qualitative and quantitative analysis of the current trends and future estimations that help evaluate the prevailing high speed oven market opportunities in the market.
○ The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.
○ The high speed oven market forecast is offered along with information related to key drivers, restraints, and opportunities.
○ The market analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global High Speed Oven market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the High Speed Oven Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
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