The global commercial oven market was valued at almost $363 million in 2016 and is expected to reach around $483 million by 2021, says Technavio.
Technavio has announced its latest market research report on commercial ovens for the forecast period, 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global commercial oven market during the forecast period. Some of the top vendors listed in this industry analysis include Blodgett, Garland, Bakers Pride, TurboChef, and Alto-Shaam.
In terms of geographical analysis, North America is expected to continue its domination over the global market by surpassing $163 million in revenue by 2020. The US will emerge as the key revenue-generator.
“Manufacturers of commercial ovens are shifting their focus towards energy conservation by improving their product technology to get ENERGY STAR certification. Commercial ovens with ENERGY STAR certification are up to 20% more energy efficient than standard ovens. Even though energy-efficient commercial ovens are more expensive than the standard ovens, the annual energy savings is encouraging more consumers to purchase them,” says Abhay Sinha, a lead analyst at Technavio.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in number of pizzerias and bakeries
A commercial oven constitutes one of the key equipments used in pizzerias and bakeries. An increase in the number of new pizza outlets and bakeries has a direct and positive impact on the growth of the global commercial oven market. For instance, during March 2016, MOD Pizza, which has a presence in 16 US states, announced its plans to open around 100 new stores, including company owned as well as franchised stores, by the end of 2016. Furthermore, the company also announced its plans to expand its presence to other countries such as the UK. Such developments with respect to the pizzeria and bakery market is propelling the demand for commercial ovens globally.
Renovation and remodeling of commercial kitchens
Several restaurant chains and bakeries across the globe are currently focused on renovating the outlets to provide improved customer experience and enhanced cooking process. Furthermore, fine dining restaurants are also renovating their outlets to provide an improved dining experience to the customers. For instance, in August 2016, B&O American Brasserie announced that it plans to renovate its outlet with new dining space. The company is expected to spend more than $200,000 on the renovation. Such renovations in the commercial space involve a complete makeover of dining and kitchen space. The requirement for new kitchen equipment like commercial ovens is projected to undergo an upsurge owing to the growing trend of renovating and remodeling food service outlets.
Growing preference for high-speed convection ovens
High-speed convection ovens deliver quality food at less time compared with conventional ovens. Such ovens are capable of baking food almost ten times faster than its conventional counterparts. TurboChef provides its Tornado series, which cooks the food significantly faster using a combination of microwave and air impingement technology. Such high-speed ovens can be used to bake pizzas, croissants, sub sandwiches, cookies, and pastries at significantly reduced time. For instance, while a conventional deck ovens take around eight minutes to cook a pizza, high-speed convection ovens takes only under three minutes.
Some of the other prominent vendors identified in this report are Vulcan, Doyon, Hobart, Southbend, Waring, and Turbofan.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Commercial Oven Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Appliances Market 2016-2020
- Global Smart Kitchen Market 2016-2020
- Global Built-in Microwave Oven Market 2016-2020
- Global Wall Oven Market 2016-2020
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