Smart Oven Market Report Overview
Smart Oven Market size is analyzed to grow at a CAGR of 18.9% during the forecast 2022-2027 to reach $1.95 billion by 2027. The deployment of the Internet of Things (IoT) through various home automation systems and home appliances is driving the growth of the smart oven market. Furthermore, advancements in Wi-Fi connectivity features, as well as LED and liquid crystal display systems, have fueled the worldwide smart oven market growth. Advanced metering infrastructure (AMI) and automatic meter reading are two of the technologies driving the market. A charge-coupled device (CCD) is a semiconductor chip sensor made of metal oxide that transfers electrically charged impulses and is utilized in smart ovens. Temperature detectors are also used in smart ovens. The ease of use and accessibility of smart ovens, as well as increased disposable income, are driving market expansion. Rising demand for ready-to-cook foods and frozen foods, as well as increased awareness of its benefits such as reduced electricity waste, self-cleaning functions, and the ability to automatically turn off when the food reaches the proper temperature, will pave the way for market expansion. Furthermore, the rising necessity for indirect access, as well as the fact that smart ovens provide direction to the user via a portable application that operates, manages, and produces ingredient specifications, help to cushion market expansion.
Smart Oven Market Report Report Coverage
The report: “Smart Oven Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Smart Oven industry.
By Type: Single Function and Multiple Function
By Structure Type: Built-in and Counter Top
By Application: Residential, Commercial
By Connectivity: Bluetooth, Wi-Fi, NFC, and others
By End-User: Restaurants, gourmet cafes, confectionary stores, bakeries, and others.
By Geography: North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa)
- In 2021, Residential Segment accounted for the largest segment of the Smart Oven market. The residential segment is growing as urbanization has spurred the demand for residential projects and has provided a large impetus to the use of inbuilt appliances in modern kitchens. In the case of the residential application category, the major driver is people's changing lifestyles and food consumption choices, with more consumers gravitating toward ready-to-eat and frozen food goods.
- APAC is estimated to grow at the highest CAGR of 21.3% during the forecast period. Traditional cooking equipment remains a popular choice for a huge portion of the people in Asia's developed regions. The microwave oven market in the Asia Pacific has significant growth opportunities, as the majority of sales are likely to come from customers purchasing microwaves for the first time.
- Smart ovens provide better control by allowing customers to remotely modify the temperature and cooking settings. They also have more cooking modes and cycle settings, ranging from warming frozen dishes to baking and roasting.
- The dominance of conventional cooking equipment globally is one of the primary issues limiting the growth of the smart oven market.
Smart Oven Market, By Region, 2021
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Smart Oven Market Segment Analysis – By Type
By Type, Smart Oven Market has been segmented into Single Function and Multiple Function. The Multiple function segment is expected to grow at the fastest CAGR of 19.1% during the forecast period. A multifunction oven features numerous heating elements and a variety of cooking processes, providing more control over how food is cooked. A multifunction oven is one that has multiple heating elements in different parts of the oven and offers the choice between conventional or fan heating. With the introduction of the Internet of Things (IoT) and the increasing ubiquity of intelligent home assistants, smart ovens may be operated via mobile applications that provide users with real-time status updates. This is one of the most important reasons boosting industry expansion around the world. Furthermore, as a result of their hectic schedules and rising income levels, consumers are gravitating toward smart appliances, which give convenience while also minimizing electricity waste. Furthermore, technical improvements have enabled manufacturers to introduce smart ovens with self-cleaning functions and the ability to turn off automatically when the meal reaches the proper temperature.
Smart Oven Market Segment Analysis - By Application
By Application, Smart Oven Market has been segmented into Residential, Commercial. The Residential segment is expected to grow at a fastest CAGR of 21.9% during the forecast period. Over the last few years, smart ovens have grown in popularity as an alternative to traditional ovens. A smart oven is an oven that has been programmed to connect to other smart appliances in order to make cooking quick, easy, and convenient. A smart oven may communicate with other smart appliances such as a phone, phone apps, smart dishwashers, smart microwaves, and other devices. The residential segment has massive revenue potential as urbanization has spurred the demand for residential projects and has provided a large impetus to the use of inbuilt appliances in modern kitchens. In the case of the residential application category, the major driver is people's changing lifestyles and food consumption choices, with more consumers gravitating toward ready-to-eat and frozen food goods. Working singles who choose to dine out rather than set up their own kitchens make up a big proportion of new homes. This could be a disadvantage for the residential part of the market. This tendency, however, is likely to increase the culture of quick-service restaurants, cafes, and small eateries, which will benefit the market. In January 2020, Panasonic collaborated with Drop, a leading smart kitchen platform. The collaboration was focused on launching microwave ovens utilizing Drop's guided cooking recipe format.
Smart Oven Market Share Segment Analysis - Geography
By Geography, Smart Oven Market has been segmented into North America, Europe, APAC, South America, and RoW. APAC is estimated to grow at the highest CAGR of 21.3% during the forecast period. Traditional cooking equipment remains a popular choice for a huge portion of the people in Asia's developed regions. The microwave oven market in the Asia Pacific has significant growth opportunities, as the majority of sales are likely to come from customers purchasing microwaves for the first time. The increased demand for energy-efficient kitchen appliances, as well as smart appliances, will boost the market growth. During the projected period, the market in APAC is expected to develop at the fastest CAGR because APAC is home to prominent smart appliance manufacturers such as Samsung Electronics (South Korea), Panasonic (Japan), Haier Smart Home (China), and LG Electronics (South Korea), all of which are always focused on technical advancement. Furthermore, smart appliances are in high demand in China, Japan, South Korea, and India. As a result, the APAC market is expected to grow rapidly in the future years. The market in Asia Pacific region is expected to witness an increase in demand for smart ovens owing to increasing urbanization and rising population. In June 2019, Panasonic introduced the NN-GN68KS Microwave Oven with Inverter Technology + FlashXpress Broiler, the compact countertop appliance. Together, Panasonic's Inverter technology and the dual infrared Flash Xpress Broiler can conveniently prepare a variety of frozen and fresh foods, plus cook, reheat and broil, both at the same time.
Smart Oven Market Drivers
Smart ovens must be connected to the internet in order to provide consumers with smart functionalities. Increasing penetration of the internet and smartphones across the world is expected to drive market growth:
Smart ovens must be connected to the internet in order to provide consumers with smart functionalities. Smart appliances would cease to be smart if they lacked additional features and functions that invariably necessitate an internet connection. A few years ago, internet access was still an issue in some parts of the world, stifling the adoption of smart appliances. However, as penetration has increased, the situation has shifted dramatically. Smart appliances are now more accessible due to growing Internet penetration. Furthermore, the number of smartphone users has skyrocketed in recent years. The ease of monitoring smart appliances via smartphones or tablets entices people to purchase smart appliances. The ability to connect all of your home's appliances through a single internet interface is a huge benefit. In December 2019, LG Electronics (LG) launched LG InstaView ThinQ Range with Air Fry. The complete cooking solution combines air frying and the company's InstaView technology with smart recipes in a seamless package that inspires users for creating nutritious meals in the comfort of their own homes.
With technological advancements, the smart oven market is likely to undergo substantial developments, influencing consumer buying intentions. Advances in technology will drive market growth:
Kitchen technology has grown as a rescuer for the next generation. The next big thing is appliance interoperability. This collaboration has resulted in smart kitchens. When it comes to daily cooking, a smart oven or the kitchen of the future can help make better decisions. The rise of smart homes is accelerating the development of smart equipment such as smart ovens, which can be connected to a person's smartphone and remotely monitored. With technological advancements, the smart oven market is likely to undergo substantial developments, influencing consumer buying intentions. One of the most important aspects of a smart oven is that it can be operated remotely via Wi-Fi or Bluetooth. Consumers have opted for wireless and technologically advanced products due to the penetration of enhanced network infrastructure. This is largely for the sake of convenience. Smart ovens provide their customers with security, comfort, and ease of use, among other benefits. Furthermore, because people are remaining at home, they are using smart gadgets more than they were prior to the pandemic. This provides an enormous opportunity for manufacturers and suppliers in the smart appliances market to provide more novel and user-friendly features in the appliances in order to attract users. In January 2019, Whirlpool and its sub-brands WLabs and KitchenAid released four new products with Google Assistant integration. The products launched are KitchenAid Smart Display, KitchenAid Connected Range, WLabs Smart Countertop Oven, and the Whirlpool Smart All-in-One Washer & Dryer.
Smart Oven Market Challenges
The dominance of conventional cooking equipment and high prices is expected to hamper the market growth
The dominance of conventional cooking equipment globally is one of the primary issues limiting the growth of the smart oven market. Furthermore, one of the primary factors limiting the market growth for smart ovens is the price constraint, which makes smart ovens difficult to sustain in cost-sensitive economies such as India, Indonesia, GCC nations, and African countries. As a result, the developed economies are projected to exhibit strong growth tendencies in the near future. The market for smart appliances is severely fragmented. At the moment, numerous players are working on various systems that use a variety of technologies. It is simple to integrate and connect devices created by the same manufacturer or vendor; however, linking systems developed by different manufacturers or suppliers is a time-consuming task that may result in limited functionality and unreliable services, in addition to incompatibility difficulties. As a result, the compatibility issue between various devices poses a hindrance to the market's growth.
Smart Oven Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Smart Oven market. In 2021, the market of Smart Oven Market share has been fragmented by several companies. Smart Oven top 10 companies include
- LG Corporation (LG Electronics)
- Whirlpool Corporation
- Samsung Electronics Co., Ltd. (Samsung Group)
- Panasonic Corporation
- Sharp Corporation
- Hitachi, Ltd.
- Robert Bosch GmbH
- Techtronic Industries Co., Ltd.
- June Life, Inc.
- In January 2020, Panasonic collaborated with Drop, a leading smart kitchen platform. The collaboration was focused on launching microwave ovens utilizing Drop's guided cooking recipe format.
- In September 2019, Panasonic launched the latest convection, grill, and combination cooking microwave, complete with Genius Sensor and One-Push Reheating technology.
- In June 2019, LG Electronics (LG) launched LG InstaView ThinQ Range with Air Fry. The complete cooking solution combines air frying and the company's InstaView technology with smart recipes in a seamless package that inspires users for creating nutritious meals in the comfort of their own homes.
Relevant Report Titles:
Smart Kitchen Appliances Market
Report Code: ESR 37790
Report Code: ESR 0077
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