New York, NY -- (SBWire) -- 12/19/2018 --High Speed Ovens Market: Overview
Advancement in technology has led to improvements in the quality of products that we use on a daily basis. Microwave ovens have become a staple in households around the world, with manufacturers launching upgrades and new versions on a consistent basis. However, there has been a tectonic shift in the technology on which microwave ovens are based. The development of new technology has led to the development of high speed ovens that have been touted to cook food three to five times faster than conventional ovens.
The combination of microwave technology with convection technology has led to faster cooking times. In addition to faster cooking times, the use of new technology has also led to increased moisture retention as a result of concurrent cooking. A majority of high speed ovens come equipped with pre-defined programs for standard menus, which further reduces the cooking time. High speed ovens also usually don't require special cookware, which is fuelling their adoption among consumers who are not interested in spending extra money on buying cookware. On the back of these factors, the global high speed ovens market is currently witnessing a period of stable growth.
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Although the outlook on global high speed ovens market is positive, there are a host of factors that are impeding their growth. Small oven cavities have presented a challenge in the amount of food that can be cooked at once in high speed ovens. Further, massive differences between the exterior of the oven and interior can create space issues for consumers. Further, relatively higher price of high speed ovens can impede adoption during the assessment period.
According to a latest research report by Fact.MR, the global high speed ovens market is likely to reach a valuation of 1,631'000 units by the end of 2026. North America continues to be the largest market for high speed ovens globally. The demand for high speed ovens in North America is led by surging adoption in urban centers of the US. The US continues to account for a leading share of the North America high speed ovens market, and the trend is likely to continue throughout the forecast period as well. According to the report, the sales of high speed ovens in the US is likely to reach 553'000 units by the end of the forecast period.
High speed ovens are available in two types – build-in high speed oven and counter top high speed oven. Among these, the demand for latter is currently higher and the status quo is likely to be the same during the assessment period as well. The report projects over 1000'000 units of counter top high speed ovens to be sold by the end of forecast period.
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Price is one of the most important influencing factors that determines to a great extent the uptake of high speed ovens. Currently, the demand for mid-range high speed ovens is the highest, however, there is slight difference in the total number of sales of economy and premium products.
In addition to these insights, the report also offers segmentation on the basis of application and wattage. On the basis of application, the report has segmented the market into commercial and household. By wattage, 1750 – 2000 watt high speed ovens currently account for the highest demand.
The key companies profiled in the report include ACP Solutions Alto-Shaam Inc., Bosch, Electrolux, GE Corporation, Merrychef, Miele Inc., Sharp Corporation, Siemens, TurboChef Technologies, Viking Range, and Whirlpool Corporation.
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High Speed Ovens Market Expected to Grow at a CAGR of 7.10% by 2026
High Speed Ovens Market by Product Types - Build-in High Speed, Counter Top High Speed; Price - Economy, Mid-Range, Premium; Application - Commercial, Household; Wattage - 1000 - 1250 Watts, 1250 - 1500 Watts, 1750 - 2000 Watts, 1750 - 2000 Watts, 2000 - 2250 Watts, 2250 - 4500 Watts, 4500 - 6000 Watts, Above 6000 Watts - Global Review 2017 to 2026.