Tuesday, 11 April 2023 05:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / April 11, 2023 / In 2023, the global Commercial Electric Restaurant Ranges market is expected to be worth US$ 44.5 billion. With a growing emphasis on food safety, the Commercial Electric Restaurant Ranges Market is expected to grow at a CAGR of 5.6% between 2023 and 2033, reaching around US$ 76.8 billion by 2033.
The increasing demand for energy-efficient and eco-friendly kitchen appliances is one of the primary factors driving the growth of the Commercial Electric Restaurant Ranges Market. Commercial kitchens are looking for appliances that can help them reduce their energy consumption and environmental footprint as energy costs rise and there is a growing awareness of the need to reduce carbon emissions. Electric ranges are an excellent choice because they use less energy than gas ranges and do not emit harmful pollutants.
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Another factor driving market growth is the growing popularity of electric cooking. As more people adopt plant-based and healthier diets, they are looking for cooking methods that are both healthy and sustainable. Cooking vegetables and other plant-based foods requires precise temperature control, which electric cooking provides. Furthermore, electric ranges do not emit the same amount of heat and smoke as gas ranges, making them a safer and more comfortable option for the kitchen.
Additionally, the rise of the foodservice industry is also driving the growth of the Commercial Electric Restaurant Ranges Market. As more restaurants, cafes, and other foodservice businesses open up, the demand for commercial kitchen appliances is increasing. Commercial electric ranges are becoming more popular as they offer better control over temperature and provide consistent cooking results. Additionally, electric ranges are easier to clean and maintain, which is essential in a busy commercial kitchen.
Moreover, the increasing adoption of smart and connected kitchen appliances is also expected to drive the growth of the Commercial Electric Restaurant Ranges Market. With the rise of the Internet of Things (IoT), commercial kitchen appliances are becoming more connected, allowing for remote monitoring and control. This technology enables kitchen managers to optimize their operations and reduce waste, making their businesses more efficient and profitable.
Furthermore, with the growth of online food ordering and delivery services, commercial kitchens are facing increasing demand for quick and efficient food preparation. Electric ranges are preferred for their precise temperature control, quick heating and cooking times, and ease of use, making them ideal for busy commercial kitchens that need to meet tight delivery schedules.
Key Takeaways from the Market Study
- Global Commercial Electric Restaurant Ranges Market was valued at US$ 42.1 Bn by 2022-end
- From 2017 to 2022, the market demand expanded at a CAGR of 3.3%
- The United States is expected to hold the highest market share of 33.4% during the forecast period.
- The Indian market is anticipated to witness a market share of 6.3%
- From 2023 to 2033, Commercial Electric Restaurant Ranges services are expected to flourish at a CAGR of 5.6%.
- By 2033, the market value of Commercial Electric Restaurant Ranges is expected to reach US$ 76.8 Bn.
- By Type, the Commercial Electric Ranges with Standard Oven segment is expected to constitute a CAGR of 5.4% in 2033.
- On the basis of Application, the Full-Service Restaurants segment is expected to dominate the market with a CAGR of 5.3% in 2033.
The increasing focus on food safety & hygiene, as well as surging technological advancements in the commercial electric restaurant ranges are the major factors that are anticipated to boost the market growth in the near future, remarks an FMI analyst.
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Competitive Landscape
Prominent players in the Commercial Electric Restaurant Ranges market are Middleby Corporation, Illinois Tool Works Inc., Henny Penny, Alto-Shaam, Inc., Vulcan, Garland Group, Blue Seal Limited, Lang World, Rational AG, Blodgett, Electrolux AB, MKN Maschinenfabrik Kurt Neubauer GmbH & Co. KG, Falcon Foodservice Equipment, Stove Systems Pty Ltd, G.S. BLODGETT CORPORATION, Moffat Group Pty Ltd, American Range Corporation, Garland Commercial Industries LLC, Southbend, and Montague Company, among others.
Recent Developments:
- In 2020, Ali Group launched the RATIONAL SelfCookingCenter 5 Senses, which is a connected cooking system that uses artificial intelligence to optimize cooking processes.
- In 2020, Electrolux launched its SpeeDelight grill, a compact and versatile solution for fast and easy cooking in a commercial kitchen setting.
- Subsequently, in the same year, Wolf introduced its IR Charbroiler, which uses infrared technology to provide precise and consistent cooking results for meats and vegetables.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global Commercial Electric Restaurant Ranges market, providing historical data for 2017-2022 and forecast statistics from 2023-2033.
To understand opportunities in the Commercial Electric Restaurant Ranges market, the market is segmented on the basis of type (commercial electric ranges with standard oven, commercial electric ranges without standard oven), power rating (208V, 240V, and 480V), and application (quick service restaurants, full-service restaurants, hotels, and other food services), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Covered in the Commercial Electric Restaurant Ranges Industry Analysis
Commercial Electric Restaurant Ranges Market by Type:
- Commercial Electric Ranges with Standard Oven
- Commercial Electric Ranges without Standard Oven
Commercial Electric Restaurant Ranges Market by Power Rating:
- 208V
- 240V
- 480V
Commercial Electric Restaurant Ranges Market by Application:
- Quick Service Restaurants
- Full-Service Restaurants
- Hotels
- Other Food Services
Commercial Electric Restaurant Ranges Market by Region:
- North America
- Europe
- Europe
- Latin America
- Middle East & Africa
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Table of Content
1. Executive Summary | Commercial Electric Restaurant Ranges Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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