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The commercial induction cooktop market size is estimated to grow by USD 6.09 billion at a CAGR of 7.73% between 2023 and 2028. Market expansion relies on various factors, including an increasing preference for energy-efficient cooking methods, the necessity for precise temperature regulation in commercial kitchens, and adherence to industry norms. These elements collectively shape the trajectory of market growth, reflecting a blend of consumer preferences, operational requirements, and regulatory compliance. The growing inclination towards energy-efficient cooking processes underscores the importance of sustainability and cost-effectiveness in food preparation practices. Simultaneously, the demand for precise temperature control in commercial kitchens highlights the significance of maintaining food quality and safety standards. Additionally, the imperative to adhere to industry standards emphasizes the need for compliance with regulations and guidelines governing food service operations. Thus, the interplay of these factors delineates the landscape for the anticipated expansion of the market catering to commercial kitchen equipment and solutions.
Market Forecast 2024-2028
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The countertop segment is estimated to witness significant growth during the forecast period. One of the main factors for the increasing adoption of the countertop segment due to its ease of portability. This segment is widely used in commercial kitchens with minimum space consumption. Several market players in the market are offering these products with many burners varying from one to four.
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The countertop segment was the largest segment and was valued at USD 4.49 billion in 2018. For example, the APW Wyatt IHP-4 model offers these products with four burners. The average power range of countertop commercial induction cooktops is between 300 Watts and 14,000 Watts. There is an increasing focus on enhancing the features of several products. The improved features will help enhance the efficiency of the equipment and the user's convenience. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on end-user, the segment is classified into restaurants, hotels, hospitals, commercial offices, and others. There is increasing popularity across restaurants due to factors such as efficiency, safety, and versatility. The main feature of induction cooktops is that it heats up quickly, which helps reduce cooking times. This is essential in a fast-paced restaurant environment where chefs need to prepare dishes quickly to meet customer demands. Additionally, induction cooktops are considered eco-friendly as they do not produce harmful emissions such as gas stoves. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 33% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. There is increasing adoption across many food joints in North America as it does not suffer from heat dissipation.
Additionally, The United States Department of Energy has announced an energy efficiency standard to minimize energy demand and greenhouse gas emissions. Furthermore, there is an increase in the number of restaurants in North America coupled with an increasing preference for the use of sustainable equipment and technology which is expected to drive the market growth in North America during the forecast period.
Commercial induction cooktops are reshaping the culinary landscape with their blend of environmental responsibility and efficiency. Widely adopted in restaurants, eateries, and fast-food establishments, these cooktops offer significant savings in fuel expenses compared to conventional gas cooktops. With touch technology and touch screens, they seamlessly integrate into modern kitchen application packages and modular kitchens, catering to both business and family routines. Recognized for their eco-friendly design and affordable electricity accessibility, they are becoming increasingly popular in commercial-grade kitchens and residential settings alike, making them a staple in the household induction cooktops market. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
There is a growing popularity of these as maintaining the temperature is essential for all commercial kitchens and commercial induction cooktops help end-users in avoiding heat dissipation. The conventional gas and electric cook ranges have the feature of setting only set high, medium, and low levels of temperature whereas both time and temperature can be set in commercial induction cooktops.
Additionally, another main feature is the precision temperature control option which is expected to fuel the demand for this product. There is increasing adoption in fine dining restaurants as it enhances the aesthetics and quality of food. Hence, such factors are expected to drive the market growth during the forecast period.
One of the significant challenges regarding commercial areas is space utilization, which can now be resolved with open kitchens. Various restaurants are setting up open kitchens in order to increase customer interaction. The main advantage of open kitchens is that they can create an interactive atmosphere for both customers and the staff as well as offer more visual access to customers thereby fuelling the sales.
Moreover, the rising trend of open kitchens fuels the demand for commercial induction cooktops. Induction technology offers several advantages to end-users. There is an increasing focus by food service establishments and other end-users on faster, safer, cleaner, and cheaper cooking processes. Furthermore, the use of these offers better space utilization. Hence, such factors are expected to drive market growth during the forecast period.
There is a high initial investment associated with commercial induction cooktops when compared to other cooking options which can pose a significant threat to the market growth. Additionally, induction cooktops need a regular supply of electricity and compatible cookware to function properly. Also, food service establishments constantly seeking cooking equipment with less investment.
Moreover, there is an increasing preference for induction cooking as electric and gas ranges are already popular in households, which can negatively impact the adoption of induction cooktops. Furthermore, the average price of commercial induction cooktops is USD 2000 whereas the average price of commercial gas range with six burners is available at USD 1,000. Hence, such factors can hinder the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Admiral Craft Equipment Corp: The company offers commercial induction cooktops such as Countertop induction cookers.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Ali Group Srl, Buffalo Cookware, Dipo Induction, ELAG Products GmbH, Elecpro Group Holding Co. Ltd., Equipex LLC, Fisher and Paykel Appliances Ltd., Garland group, Hatco Corp., Koninklijke Philips N.V., LG Corp., Panasonic Holdings Corp., Robert Bosch GmbH, Spring USA Corp., The Middleby Corp., The Vollrath Co. LLC, True Induction, TTK Prestige Ltd., and Whirlpool Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market caters to the evolving needs of restaurants and eateries, where fuel expenses for conventional gas cooktops are replaced with energy-efficient and eco-friendly appliances. Specialty stores and the online segment offer a variety of high-tech products, including built-in and free-standing induction cooktops, meeting demands in professional kitchens and catering services. Enhanced by modern induction technology, these cooktops ensure quick heating, accurate temperature control, and improved safety protocols, fostering a safer working environment and expedited cooking times. With smart and linked induction cookers, IoT platforms, and remote monitoring, the market advances towards energy savings and data-driven insights, catering to specialized cooking demands while considering environmental considerations over conventional gas ones.
Furthermore, in the market, fast-food restaurants and culinary companies adopt commercial-grade induction cookers for their sturdy build and energy economy, replacing traditional conventional gas or electric stoves. With automatic shut-off and instantaneous heat adjustment, these cooktops cater to large-scale culinary operations, offering energy-efficient cooking solutions. Embracing Smart Kitchens and Connected Cooktops, businesses streamline processes with improved monitoring and control, enhancing recipe management and increasing effectiveness. Modularization in design meets the diverse needs of the household segment and hypermarkets, reflecting the market's commitment to energy-efficient induction cooktops amidst urbanization and changing lifestyles.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.73% |
Market growth 2024-2028 |
USD 6.09 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.02 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Admiral Craft Equipment Corp., Ali Group S.r.l., Buffalo Cookware, Dipo Induction, ELAG Products GmbH, Elecpro Group Holding Co. Ltd., Equipex LLC, Fisher and Paykel Appliances Ltd., Garland group, Hatco Corp., Koninklijke Philips N.V., LG Corp., Panasonic Holdings Corp., Robert Bosch GmbH, Spring USA Corp., The Middleby Corp., The Vollrath Co. LLC, True Induction, TTK Prestige Ltd., and Whirlpool Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period. |
Customization purview |
If our Market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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