With the concept of the smart home gaining popularity, household appliances are also becoming increasingly “smarter.” The smart oven is one example of an appliance that utilizes technology to support multiple cooking functions. Apart from cooking food evenly and preventing it from burning, smart ovens also remember cooking times for specific recipes. With the improvement in lifestyle and the demand for connectivity-enabled appliances, the global smart oven market is consistently expanding. In 2015, the market stood at $4.06 billion, and, according to analysts at Technavio, will reach $12.87 billion by 2020, growing at an impressive CAGR of around 26%.
Key drivers of the global smart oven market
#1. Growth of Internet of Things (IoT)
The major driving force behind the emergence of and growing demand for smart appliances in general, and smart ovens in particular, is the expansion of IoT. The low cost of Wi-Fi and the lowering cost of bandwidth and sensors have contributed to the rapid growth of IoT, which has in turn increased spending on home automation systems. IoT also plays a role in the energy usage and conservation of these systems.
#2. Adoption of smart grids
By integrating appliances with other connected devices, smart grids enable users to make informed decisions about their energy consumption. Technological upgrades in smart grids have enabled vendors to develop appliances that are tailor-made to meet the requirements of consumers. One example is the emergence of appliances that automatically adjust energy usage through load sharing or using less during peak hours.
#3. Increased use of electric appliances in developing countries
Another major driver of the smart oven market is the increased penetration of electric appliances in developing countries. As the working population increases and e-commerce continues to grow, so does the demand for smart appliances. More and more households are switching to these appliances, which not only reduce energy costs, but also save time and effort.
#4. Adoption of broadband
Access to the internet is no longer limited to developed countries. In fact, with the increased penetration of smartphones, the demand for home networks and broadband has also increased. With the use of Wi-Fi, ZigBee, and Google Fiber, the smart home market has expanded tremendously, which in turn has fuelled the adoption of smart appliances in households around the globe.
#5. New, more sophisticated kitchen design
Adoption of the latest technological innovations, improvement in standard of living, and greater disposable income, among many other things, have changed how kitchens are designed. The traditional, basic kitchens have been transformed into sophisticated areas that make optimal use of space, provide compact storage, and are well-equipped with smart appliances. One of the best examples of how kitchen appliances have evolved is smart wall ovens.
Some of the leading vendors in the smart oven market are Dacor, Electrolux, Samsung, GE and LG Electronics.
