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The COVID-19 pandemic marginally affected Microwave Ovens Market. Increasing financial insecurities and consumer inclination toward purchasing essential items during the first half of 2020 affected market revenue. However, rising concerns regarding healthy food style and increased consumption of home-made food during the pandemic have propelled the market demand for Microwave Ovens.
In Oman rising standard of living of customers, an increasing number of nuclear families, and surging demand for frozen and ready-to-eat food are some of the key factors driving the market growth. The robust growth of the hospitality sector and rising catering contracts for large-scale functions, seminars, and other social gatherings are also expected to drive the demand for commercial appliances over the forecast period. Economic factors, such as the rising population, increasing disposable income of consumers, and growing awareness about different cooking appliances, such as microwave ovens, grills, and barbeques, are projected to impact the market positively. The convection segment of the market is poised to account for half of the overall market. The demand for a microwave oven may gain strong support from the rising consumer spending on kitchen appliances. The adoption of kitchen and home appliances is forecast to witness robust growth, owing to the increasing rate of urbanization. The Global Microwave Oven market is expected to grow annually by 4.06% (CAGR 2022-2027). In the Microwave Ovens segment, global volume is expected to amount to 82.97m pcs. by 2027. The Microwave Ovens segment is expected to show a volume growth of 1.5% in 2023. The average volume per person in the Microwave Ovens segment is expected to amount to 0.01 pieces in 2022.
Scope of the Report
A microwave oven is an electric oven that heats and cooks food by exposing it to electromagnetic radiation in the microwave frequency range. Microwave ovens can be categorized by installation method into freestanding and built-in models. The Oman Microwave Oven Market Is Segmented By Type (Grill, Solo, and Convection), By Distribution Channel (Multibrand Stores, Exclusive Stores, Online, and Other Distribution Channels), and By Application (Residential and Commercial).
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Key Market Trends
COVID-19 has Increased the Demand for Residential Application
The most significant driver for residential application segment is the changing lifestyles and food consumption preferences of people due to the Pandemic. As more consumers shifting toward ready-to-eat and frozen food products due to the rapid change in the lifestyle of the costumers as well as the dynamic working environment that costumers live in. In the past years, residential application segment accounted for a large revenue share, and it is likely to expand at a healthy CAGR over the forecast period. A large part of new households comprises working singles who prefer to dine out rather than setting up their kitchens. This may be a drawback for the residential segment of the market. However, this trend is estimated to boost the culture of quick-service restaurants, cafes, and small eateries, which in turn, is expected to work in favor of the market.
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Smart and Portable Microwave Ovens is Driving the Market
Growing Urbanization has demanded the innovation sector to grow in every industry, as has the Microwave Ovens Industry. Smart Ovens use radiofrequency technology which can be used for heating, baking, boiling, and steaming food, which attracts more consumers to buy Microwave Ovens and will propel the growth of the market. Oman customers are attracted to innovative microwave ovens such as IoT ovens which are now increasing in trend as it has the ability to connect with the internet and cooking settings can be changed through the use of smartphones manually, which in turn is expected to increase the market demand. The adoption rate of Portable Microwave Ovens is increasing at a fast pace which creates growth opportunities in the demand for Microwave Ovens in the market. The Portable Microwave Oven has the ability to function as a normal one with good battery life and is available at a lower price, which could contribute to a higher demand for microwave ovens boosting the market growth.
Oman Microwave Ovens Market is moderately consolidated in nature. Some of the major players operating currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
- On 10th May 2022, Samsung announced the launch of its 2022 range of artificial intelligence enabled bi-lingual AI EcoBubble™ fully automatic front load washing machines. The new line-up comes with all new AI Wash feature for an effortless laundry experience and larger capacity models going up to 12 kg, as consumers shift their preference to bigger washing machines.
- On 20th April 2022, Panasonic Holdings Corporation announced today the launch of Conductive Ventures III, with a commitment of $200 million, a $50M increase from the second fund. Headquartered in California, Conductive Ventures III will invest in early-stage startups in software, hardware, technology-enabled services and blockchain technologies with thematic areas including artificial intelligence, financial technology, digital health, future of work, among others.
Table of Contents
1.1 Study Assumptions and Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness- Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargainning Power of Buyers
4.6.3 Bargainning Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competative Rivalry
4.7 Insights into Latest Technological Innovations and Recent Trends in the Industry
4.8 Consumer Buying Behaviour Analysis
4.9 Insights on Government Regulations in the Industry
4.10 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.2 By Distribution Channel
5.2.1 Multibrand Stores
5.2.2 Exclusive stores
5.2.4 Other Distribution Channels
5.3 By Application
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.7 Super General
7. FUTURE TRENDS AND MARKET OPPORTUNITIES
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Frequently Asked Questions
What is the study period of this market?
The Oman Microwave Ovens Market market is studied from 2018 - 2027.
What is the growth rate of Oman Microwave Ovens Market?
The Oman Microwave Ovens Market is growing at a CAGR of >2.6% over the next 5 years.
Who are the key players in Oman Microwave Ovens Market?
Kenwood, Samsung, Nikai, Candy, Panasonic are the major companies operating in Oman Microwave Ovens Market.