Market Trends of Commercial Microwave Ovens Industry
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.
