Global demand for commercial induction cooktops soars with a rise in non-residential developments and a booming restaurant industry, fueled by growing disposable incomes and busy consumer lifestyles.
NEWARK, Del, Dec. 04, 2023 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI) report, the market for commercial induction cooktops is anticipated to reach US$ 12.74 Billion by 2023. By 2033, the market is expected to reach US$ 22 Billion with a CAGR of 5.6%.
The efficiency, precision, and safety of induction cooktops make them an excellent choice for restaurants. Cooktops that use induction technology heat cookware directly using electromagnetic fields, which makes them more efficient and faster than conventional stovetops.
To promote the benefits of induction cooking in the culinary industry, manufacturers work with culinary schools, professional associations, and industry influencers. By establishing these partnerships, the culinary community can gain more credibility and awareness.
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With induction cooktops, cooks can achieve faster cooking and more precise temperature control, reducing wait times for customers and improving cooking efficiency. A promotion involving faster cooking abilities could be attractive to busy restaurateurs and food establishment operators.
A cooktop that uses induction technology generates heat directly inside the cookware, minimizing the chances of food residue or contaminants becoming trapped on the surface of the cooktop during cooking. Establishments that place a high value on food safety and hygiene might find this feature appealing in the market.
Key Takeaways from the Market Study:
- Between 2023 and 2033, the commercial induction cooktop market is expected to rise by 5.6%.
- Commercial induction cooktops are expected to account for US$ 22 Billion in 2033.
- As a developed market, Europe is expected to experience a high demand for commercial induction cooktops.
- With safety features on the rise, countertop commercial induction cooktops are in demand.
- Restaurants and hotels are projected to be among the fastest-growing markets for commercial induction cooktops in the coming years.
“Innovations and advances in technology are likely to boost demand for commercial induction cooktops. Increasing environmental awareness and business initiatives that are sustainably and environmentally friendly will expand the market.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
A growing number of companies are forming tactical alliances and partnerships with each other to maximize their capabilities and expand their market reach.
As key players establish local manufacturing facilities and consolidate distribution networks in these markets, their presence is expanding. To gain a competitive edge in these markets, they are offering cost-effective solutions.
Recent Developments:
- On Febraury 2023, Midea attended The NAFEM Show 2023, the world’s premier food service equipment and supply show, in Orlando, Florida. As a result of their ultra-efficient performance, effortless operation, and impressive durability, Midea showcased its FlashChefTM High Speed Oven, Scan&GoTM Microwave, and commercial induction cooktops series at booth #1017 at the Orange County Convention Center.
- With the introduction of the 30″ Classic Induction Stove, Big Chill has added induction cooking to its Classic line. This stove uses induction technology, which produces no harmful chemicals, while copper coils heat pots and pans directly. The copper coils are disengaged once the pan is removed, making the cooktop cool to the touch, according to the firm. Retro-look products are available in 15 standard colors, seasonal colors, and premium colors.
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Key Companies Profiled in the Global Commercial Induction Cooktops Industry:
- Panasonic Corporation
- CookTek
- The Vollrath Company, LLC
- Garland Group
- Elecpro
- APW Wyatt
- Equipex
- True Induction
- Globe Food Equipment Co.
- Lincat Limited
- Buffalo
- Fisher & Paykel Appliances Limited
- ELAG Products GmbH
- Dipo Induction
- Admiral Craft Equipment Corp.
- Hatco Corporation
- Spring USA
Know More about What the Commercial Induction Cooktops Market Report Covers:
Future Market Insights offers an unbiased analysis of the global commercial induction cooktops market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the commercial induction cooktops market, the market is segmented based on number of hobs, type of installation, and, end-user across six major regions.
Commercial Induction Cooktops Market Segmentation Analysis:
By Number of Hobs:
- Single Hob
- Double Hob
- Multi Hob
By Type of Installation:
- Countertop
- Drop-In
- Floor-Standing
By End User:
- Restaurants
- Hotels
- Canteens
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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