Commercial Microwave Ovens Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Commercial Microwave Ovens Market Analysis
The Commercial Microwave Ovens Market has generated gross premiums of USD 11.2 billion in the current year and is poised to register a CAGR of more than 6.2% for the forecast period.
Post-COVID-19, the market again started to grow rapidly as all the restrictions were removed. The lockdown led to restrictions on manufacturing activities and supply chains. However, after COVID-19, the increasing outings and traveling of people positively impacted the commercial microwave oven market.
Commercial microwave ovens have significant usage across the food service industry due to their multiple benefits, such as expedited cooking process, cost-effectiveness, improved efficiency, and lesser time consumption. Modern-day commercial microwave ovens are highly programable and feature internal memory systems that store up to 100 recipe settings. The digitized displays of these ovens help users conveniently explore various options and set timers, making them more accessible for employees and staff. Commercial microwave ovens are versatile and offer faster and more efficient cooking options for commercial food service establishments like restaurants, cafés, takeaways, etc. These devices are best suited for large-scale food operations for their beneficial uses in reheating food, quick defrosting, and a variety of cooking options.
The rapidly burgeoning global demand for energy-efficient cooking methods is a crucial driver for the commercial microwave oven market. The market growth can be attributed to a plethora of factors, such as the numerous advantages of commercial microwave ovens over traditional microwaves, like enhanced functionality and lesser energy and time consumption, the expanding foodservice industry (including restaurants, hotels, and cafés), the surging demand for microwave ovens across corporate firms and other commercial establishments, the rising popularity of foodservice outlets like food trucks and takeaways, the emerging cloud kitchen and online food delivery sector, the booming hospitality sector, and technological advancements in microwave ovens.
Manufacturers are increasingly focusing on developing commercial microwaves with automatic timers for efficient cooking processes, which is a highly conducive factor for market growth. The amplifying demand for frozen and ready-to-eat food items, improving living standards, rising disposable incomes, rapid urbanization, growing working population and their packed work schedules, and the soaring demand for catering services for seminars and social gatherings are other pivotal factors contributing to the market growth. However, commercial microwave ovens have certain disadvantages, such as rapid heating that often leads to overcooked food, improper container ventilation, and unevenly cooked food, causing cold spots. Such factors are expected to limit the demand for commercial microwave ovens to some extent. Moreover, high power consumption and increasing costs of these appliances act as key restraints for global market growth.
Commercial Microwave Ovens Market Trends
The Demand for Energy-efficient Cooking Products is Driving the Market
Commercial kitchens, such as those found in full-service and quick-service restaurants, hotels, and hospitals, are intense energy users, consuming as much as three times more energy per square foot than most other types of commercial buildings. Since energy costs for these facilities typically account for around 25%-30% of the total operating expenses, upgrading equipment to be more energy-efficient can increase the bottom-line revenues while also providing significant non-energy benefits, including improved operating performance, more uniform cooking, and increased comfort of the kitchen staff. Commercial kitchen equipment, such as ovens, require energy to function. By purchasing energy-efficient equipment in new constructions or when existing equipment fails, one can significantly reduce the energy used in the kitchen, save money, and reduce the carbon footprint.
Asia-Pacific is Anticipated to Grow at the Highest Rate
Asia-Pacific is the fastest-growing market, and it is expected to record a significant growth rate over the forecast period, led by rapid commercialization and industrialization. The market growth is accredited to the region's flourishing food and hospitality industries, the rapidly expanding food service industry, increasing food service outlets, and several other favorable factors. The overall demand for and popularity of microwave ovens may increase in developing countries, such as China and India, owing to the growing inclination of customers toward high expenditures on first-rate kitchen electrical appliances. In the future, Japan is expected to achieve a considerable share of the market. Asia-Pacific is leading the industry due to rapid industrialization, an increasing number of industries, and developments in the electric and electronic industries. Advancements in technology and increased product innovations are among the key factors supporting this region's market demand.
Commercial Microwave Ovens Industry Overview
The report covers the major international players operating in the commercial microwave ovens market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets. Some major players are Samsung, LG, Galanz, Panasonic, and Midea. The report offers the market sizes and forecasts by value (in USD) for all the above segments.
Commercial Microwave Ovens Market Leaders
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Samsung
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LG
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Galanz
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Panasonic
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Midea
*Disclaimer: Major Players sorted in no particular order
Commercial Microwave Ovens Market News
August 2023: Whirlpool launched the 20L solo microwave oven. It is designed to make cooking life a breeze. With 21 auto-cook menus and the ability to defrost, this microwave oven makes life a lot easier. With the feather touch control, the LED display, and 5 power levels. The powder-coated cavity inside the solo microwave ensures even heating inside the microwave. Save space and ease of use with this 20L printer-type door lock.
October 2022: LG Electronics, a leading consumer durable brand, unveiled the new range of 2022 MICROWAVE OVENS with sophisticated designs, smart features, and the latest technology. The all-new range of Charcoal Microwaves by LG offers a healthier way of cooking while keeping the authentic smoky taste.
Commercial Microwave Ovens Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Quick Food Preparation in Hotels & Restaurants
- 4.2.2 Energy efficient and Space saving Appliances
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4.3 Market Restraints
- 4.3.1 Limitations in Cooking Complex Dishes
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4.4 Market Opportunities
- 4.4.1 Technological Advancements for Faster and More Efficient Cooking
- 4.5 Value Chain/Supply Chain Analysis
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4.6 Porter's Five Forces Analysis
- 4.6.1 Bargaining Power of Buyers/Consumers
- 4.6.2 Bargaining Power of Suppliers
- 4.6.3 Threat of New Entrants
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 Product Duty Type
- 5.1.1 Commercial Heavy-duty Microwave Ovens
- 5.1.2 Commercial Medium-duty Microwave Ovens
- 5.1.3 Commercial Light-duty Microwave Ovens
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5.2 Product Capacity Type
- 5.2.1 Under 1 cu ft Type
- 5.2.2 1 to 1.9 cu ft Type
- 5.2.3 Over 2 cu ft Type
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5.3 Application
- 5.3.1 Foodservice Industry
- 5.3.2 Food Industry
- 5.3.3 Other Applications
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5.4 Control Feature
- 5.4.1 Button Controls
- 5.4.2 Dial Controls
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5.5 Distribution Channel
- 5.5.1 Multi-branded Stores
- 5.5.2 Specialty Stores
- 5.5.3 Online Stores
- 5.5.4 Other Distribution Channels
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5.6 Geography
- 5.6.1 North America
- 5.6.2 Europe
- 5.6.3 Asia-Pacific
- 5.6.4 South America
- 5.6.5 Middle-East and Africa
- 5.6.6 Rest of the World
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Samsung
- 6.1.2 LG
- 6.1.3 Galanz
- 6.1.4 Panasonic
- 6.1.5 Midea
- 6.1.6 Toshiba
- 6.1.7 Electrolux
- 6.1.8 Siemens
- 6.1.9 Breville
- 6.1.10 GE (Haier)
- 6.1.11 Whirlpool
- 6.1.12 Sharp
- 6.1.13 Bosch*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER
Commercial Microwave Ovens Industry Segmentation
Microwave ovens are electronic devices that utilize electromagnetic waves for cooking and heating food and beverage products in a short period of time. Electromagnetic waves or microwaves radiate heat in the form of microwave energy. This energy is exposed to the water molecules present in food products. The commercial microwave ovens market is segmented by product duty type (commercial heavy-duty microwave ovens, commercial medium-duty microwave ovens, and commercial light-duty microwave ovens), product capacity type (under 1 cu ft type, 1 to 1.9 cu ft type, and over 2 cu ft type), application (foodservice industry, food industry, and other applications), control feature (button controls and dial controls), distribution channel (multi-branded stores, specialty stores, online stores, and other distribution channels), and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers the market sizes and forecasts by value (in USD) for all the above segments.
| Product Duty Type | Commercial Heavy-duty Microwave Ovens |
| Commercial Medium-duty Microwave Ovens | |
| Commercial Light-duty Microwave Ovens | |
| Product Capacity Type | Under 1 cu ft Type |
| 1 to 1.9 cu ft Type | |
| Over 2 cu ft Type | |
| Application | Foodservice Industry |
| Food Industry | |
| Other Applications | |
| Control Feature | Button Controls |
| Dial Controls | |
| Distribution Channel | Multi-branded Stores |
| Specialty Stores | |
| Online Stores | |
| Other Distribution Channels | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa | |
| Rest of the World |
Commercial Microwave Ovens Market Research FAQs
What is the current Commercial Microwave Ovens Market size?
The Commercial Microwave Ovens Market is projected to register a CAGR of greater than 6.20% during the forecast period (2024-2029)
Who are the key players in Commercial Microwave Ovens Market?
Samsung, LG, Galanz, Panasonic and Midea are the major companies operating in the Commercial Microwave Ovens Market.
Which is the fastest growing region in Commercial Microwave Ovens Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Commercial Microwave Ovens Market?
In 2024, the North America accounts for the largest market share in Commercial Microwave Ovens Market.
What years does this Commercial Microwave Ovens Market cover?
The report covers the Commercial Microwave Ovens Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Commercial Microwave Ovens Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Commercial Microwave Oven Industry Report
Statistics for the 2024 Commercial Microwave Ovens market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Microwave Ovens analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
