About Microwave Ovens
Microwave Ovens are being used in household and commercial places which mainly works on the principle of thermal energy and requires heating the polar molecules in food items called as dialectic heating. Microwave rays released from these ovens are usually of shorter wavelength but have a large amount of energy and helps in cooking. The oven depends on the power output and it is used for the purpose of baking, roasting, and grilling. Further, Robust growth in the hospitality sector, its increasing usage in research laboratories and increasing catering contracts for large-scale functions, seminars, and other social gatherings is driving the microwave oven market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | North America |
Unit | Value (USD Million) |
CAGR | 4.8% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Microwave Ovens market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Amana Corporation (United States), Bosch (Germany), Cuisinart (United States), Frigidaire (United States), GE (United States), Kenmore (United States), LG Electronics (South Korea), Samsung Electronics (South Korea), Alto-Shaam Inc. (South Korea), AB Electrolux (Sweden), Whirlpool Corporation (United States) and Panasonic Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Sharp Corporation (Japan), Hoover Limited (United States), Illinois Tool Works Inc.(United States), Galanz Enterprise Group (China) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Microwave Ovens market by Type (Convection, Grill and Solo), Application (Commercial and Household) and Region.
On the basis of geography, the market of Microwave Ovens has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by Structure, the sub-segment i.e. Built-in will boost the Microwave Ovens market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Awareness about Different Cooking Media such as Microwave Oven, Grill & Barbeques and Rising Demand for RTE food among Consumers
Market Growth Drivers:
Growing Number of Working Women, Rapid Advancement in Electronic Appliances and Changing Lifestyle and Food Consumption Preferences
Challenges:
High Electricity Cost Limits the use of Such Appliances For Household Purposes
Restraints:
High Energy Consumption by Microwave Ovens
Opportunities:
Elevating Rate of Urbanization and Rising Investment in Cooking Appliances and Launch of Energy Efficient and Easy To Use Kitchen Appliances
Market Leaders and their expansionary development strategies
In August 2021, Quantic Electronics ("Quantic"), a portfolio company of Arcline Investment Management ("Arcline"), announced the acquisition of X-Microwave, a global leader in the development of modular RF and Microwave building blocks that allow designers to seamlessly design, evaluate, prototype, and produce high performance RF and Microwave systems.
In 2020, Electrolux Group relaunched the Continental brand of consumer electronics in the Brazilian market with a brand campaign that promotes equality in the home and introduces 27 next-generation products such as built-in ovens, microwaves and refrigerators at new price points. This will help expand the company's products and accommodate a wide range of customers.
March 2019, Government expands Standards & Labelling Program for Energy Efficient appliances to include Microwave Ovens. The Government has estimated savings of over USD 3.0 Billion units of electricity at consume-end through the adoption of Star Rated Microwave Ovens by 2030. This would be equivalent to Green House Gases (GHG) reduction of 2.6 Million-ton of CO2 by the year 2030 through these initiatives
Key Target Audience
Microwave Ovens Manufacturers, Industry Associations, Potential Investors, Marketing firms, Government and Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.