ID: MRFR/AM/8600-HCR | February 2021 | Region: Global | 120 pages
Multi Ovens Market size is projected to reach approximately USD 30 Billion by 2025, registering a 4.5% CAGR between 2020 and 2025.
Multi ovens are built with multiple heating elements behind the oven walls including atop one, a bottom one, and one coiled around an electric fan, plus a grill element within the cavity that is used in combination or separately to give optimum performance according to what you are cooking. The restaurant industry has flourished in the past few years against the backdrop of increasing the ‘Dine Out’ trend. A new trend called ‘Eating In’ is transforming the landscape of the restaurant industry. The trend has invited a prominent shift in consumer preference towards eating at home against dining out. As a result, more restaurant & hotel outlets are being opened, thereby, boosting the demand for multi ovens in recent years.
Microwave ovens, today, form an integral part of kitchen appliances. Microwave oven functions on thermal energy by heating the polar molecules in food, a process also known as dialectic heating. The microwave radiations emitted from microwave ovens are of shorter wavelength but possess an enormous amount of energy which facilitates faster cooking. Microwave ovens, depending on their power output, can alternatively be used for roasting, baking, and grilling. Microwave ovens are manufactured with varied features, some of which include, touch display panels, a heating chamber, vents, and a glass turntable.
Key industry participants in the multi ovens industry include-
GE, Whirlpool Corporation, Frigidaire, Kenmore, KitchenAid, Bosch, Siemens, SAMSUNG, Media, Haier, and Panasonic.
The multi ovens global market has been segmented based on product, end-user, and power source. Based on product, the global market is divided into steam generated and boilerless. The steam generated product segment is anticipated to hold a significant share of the market during the forecast period. However, the boilerless segment is projected to grow at a significant rate in the global multi ovens market.
Based on end-user, the global market is segmented into hotels & restaurants, bakery stores, retail outlets, domestic & institutional, and commercial kitchens. The hotels & restaurants end-user segment is estimated to grow at a significant rate during the forecast period due to increasing expenditure on food outside home and rising consumer preference for a variety of cuisine food products.
Based on power source, the global market has been divided into gas and electric. The electric power source segment is anticipated to hold a significant share.
Global Multi Ovens Market is projected to grow at 4.5% CAGR during the forecast period.
The global multi ovens market is expected to witness high growth during the forecast period owing to the increasing demand at hotels and restaurants. This is likely to drive the demand for multi ovens during the forecast period.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific holds a significant market share owing to the low cost of production and availability of cheap labor in countries such as China and India.
|Market Size||2025 : USD 30 Billion|
|CAGR||4.5% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||GE, Whirlpool Corporation, Frigidaire, Kenmore, KitchenAid, Bosch, Siemens, SAMSUNG, Media, Haier and Panasonic|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Increasing demand at hotels and restaurants|
Frequently Asked Questions (FAQ) :
The multi ovens global market is predicted to grow at a 4.5% CAGR between 2020- 2025.
The multi ovens global market is predicted to reach USD 30 billion by 2025.
Asia Pacific will lead the global multi ovens market.
Burgeoning demand in restaurants and hotels is driving the global multi ovens market growth.
Key contenders profiled in the global multi ovens market include GE, Whirlpool Corporation, Frigidaire, Kenmore, KitchenAid, Bosch, Siemens, SAMSUNG, Media, Haier, and Panasonic.