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The high-speed oven market has experienced robust growth, witnessing an ascent from $3.92 billion in 2023 to a projected $4.23 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 7.9%. This growth in the historic period is attributed to the burgeoning demand for fast cooking times, heightened energy efficiency, an upsurge in menu diversification, a call for space-saving design, and a quest for consistency in cooking. With further expectations of vigorous expansion, the market is poised to reach $6.02 billion in 2028, steered by factors like health-conscious consumer trends, the surge in contactless dining, the rise of ghost kitchens and delivery services, an increasing demand for sustainability, and the proliferation of commercial bakeries.

Factors Driving Growth in the Historic Period

• Demand for fast cooking times
• Increased energy efficiency
• Rise in menu diversification
• Demand for space-saving design
• Demand for consistency in cooking

Factors Propelling Growth in the Forecast Period

• Increasing health-conscious consumers
• Rising contactless dining
• Rising ghost kitchens and delivery services
• Rising demand for sustainability
• Increasing commercial bakeries

Major Trends in the Forecast Period

• Compact and countertop models
• Improved user interfaces
• Ventless technology
• IoT connectivity
• Menu customization

Gastronomic Evolution: Food Delivery Trends Spur Demand

The hospitality industry witnesses a surge in demand for high-speed ovens, propelled by evolving food delivery habits. As hotels, restaurants, and cafes adapt to the changing landscape of food consumption, the market experiences an upswing. Delivery apps such as Deliveroo, JustEat, GrubHub, and others contribute significantly to this trend. According to HGEM, two-thirds of hotel guests have used delivery apps, with 71% of guests aged 26-35 preferring these apps to in-house restaurants. The ordering trend into hotels is anticipated to increase by 83%, making high-speed ovens a crucial component for operational efficiency and reduced delivery times.

Noteworthy Industry Players

• General Electric Company
• Sharp Corporation
• Electrolux Group
• Siemens AG
• Robert Bosch GmbH

Technological Innovations: A Recipe for Success

Major companies operating in the high-speed oven market focus on cutting-edge innovations to provide reliable services. Product innovations, such as the speed-X oven, mark a strategic approach to driving revenues. Unox S.p.A., an Italy-based company, introduced the speed-X oven in April 2022, combining the functionalities of a speed oven and a combi oven with an extra self-cleaning functionality. This groundbreaking device leverages the power of microwaves, the softness of steam, and the speed of air, offering an unparalleled cooking experience. Such innovations showcase a commitment to meeting evolving consumer needs and enhancing cooking operations.

Innovation Highlights

• Unox S.p.A.’s speed-X oven with revolutionary technology

Market Segmentation: Navigating Diverse Needs

The high-speed oven market employs comprehensive segmentation to address diverse consumer needs. Segments include types like Built-In and Countertop, wattage categories ranging from 1000 to 6000 Watts and above, sales channels encompassing Hypermarket/Supermarket, Specialty Stores, and Online Channels, and end-users spanning Residential and Commercial.

Segmentation Breakdown

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

Global Landscape: Regional Dynamics

In 2023, North America emerges as the largest region in the high-speed oven market, with expectations pointing towards Asia-Pacific as the fastest-growing region in the forecast period. The global expansion of high-speed oven technology signals a culinary revolution, catering to diverse regional tastes and preferences.

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The High Speed Oven Global Market Report 2024  provides an overview of the high speed oven market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The high speed oven market forecast analyzes high speed oven market size, high speed oven market share, leading competitor and their market positions.

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