Microwave Oven Market Is Projected To Grow Rapidly Due To Increased Popularity Of Frozen & Ready-To-Eat Packaged Foods Till 2022: Grand View Research, Inc.

The global microwave oven market size is expected to reach USD 12.70 billion by 2022, according to a new study by Grand View Research, Inc. The market is expected to witness a sluggish growth in North America and Europe as microwaves have entered the mature stage of the product life cycle.

Majority of the revenue is generated from the section of population exhibiting willingness to spend on premium kitchen appliances. Changing lifestyles of people, especially the working class, have increased the popularity of frozen and ready-to-eat packaged foods which has positively impacted market growth.

Inclination towards the use of traditional cooking equipment can be viewed as a hindrance for microwave ovens’ adoption, especially in developing countries. High electricity consumption and the costs associated with it are expected to challenge industry growth, which has led to manufacturers developing energy efficient microwaves.

North America microwave oven market demand by product, 2012-2022, (USD Million)




Browse full research report Microwave Oven Market: http://www.grandviewresearch.com/industry-analysis/microwave-oven-market

Further key findings from the report suggest:

  • Convection ovens accounted for over 45% of the market share in 2014, which can be primarily attributed to their ability to cook food faster. In addition, these microwave ovens facilitate the cooking of multiple items simultaneously. Vegetables, cookies, roasted meats and cookies can be effectively prepared in a convection microwave oven. Grill ovens also contributed to a significant portion of the market revenue. Increased emphasis on healthy eating habits has propelled the demand for grill ovens as they are used for roasting food in a very short duration.
  • Household microwave ovens contributed to over 60% of the overall revenue in 2014. Demand for household oven primarily originates from the working segment owing to quicker food preparation times. A surge in the establishment of hotels and fast food centers has favorably impacted microwaves’ adoption in commercial applications as they enable the serving of a large volume of food in shorter durations.
  • Built-in microwaves have gained prominence over the last few years owing to their compact nature which facilitates their accommodation in modular kitchens. They also enhance the aesthetics of the kitchen as they can fit in a wall or a cabinet, thereby offering some counter free space in the kitchen. Counter-top microwaves are available in various sizes and can be installed manually without the need of an expert, owing to which they occupied a majority of the revenue share.
  • North America accounted for over 30% of the market in 2014 which can be attributed to high penetration of microwaves across households and commercial establishments. The industry has reached its maturity stage in the U.S. and also several European countries, resulting in a potentially sluggish growth rate over the forecast period. Most of the microwave sales in North America and Western Europe are expected to emerge from customers opting for premium microwaves. The microwave oven industry has substantial growth prospects in the Asia Pacific region as majority of sales are expected to originate from customers purchasing microwaves for the first time.
  • Key industry participants include Samsung, LG Electronics, Panasonic, Electrolux, and Galanz. Companies focus on product differentiation and geographical diversification as key strategies to expand their presence and achieve higher market penetration. Manufacturers also emphasize on the development of energy efficient microwaves to lower electricity consumption.

Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/electronic-devices      
                   
Grand View Research has segmented the global microwave oven market on the basis of product, application, and region:

Microwave Oven Type Outlook (Revenue, USD Million, 2012 - 2022)
  • Convection
  • Grill
  • Solo
Microwave Oven Application Outlook (Revenue, USD Million, 2012 - 2022)
  • Commercial
  • Household
Microwave Oven Structure Outlook (Revenue, USD Million, 2012 - 2022)
  • Built-in
  • Counter top
Microwave Oven Regional Outlook (Revenue, USD Million 2012 - 2022)
  • North America
  • Europe
  • Asia Pacific
  • RoW

Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-microwave-oven-market                                            
About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


For more information: http://www.grandviewresearch.com

Comments

Post a Comment

Popular posts from this blog

Industrial Display Market Is Predicted To Grow Swiftly Due To Growing Complexity Of Industrial Operations & Processes Till 2025: Grand View Research, Inc.

Image
The global  industrial display market   is expected to reach USD 7.26 billion by 2025, according to a new report by Grand View Research, Inc. Due to the growing complexity of industrial operations and processes, the use of industrial displays has become crucial to simplify operational tasks and provide technologically advanced features. Human Machine Interfaces (HMIs) and other displays possess the ability to respond to the changing production demands and closely monitor the production processes, thereby decreasing the downtime and increasing workforce efficiency. A well-designed HMI enables line of sight into the system, which allows the operator to control or maintain the machine and enhance productivity. OLED displays are expected to gain prominence on account of their enhanced picture quality and low power consumption. The technology is widely used in digital signage and display boards to indicate the operational status at factory floors. Solution providers ...
Read more

Fiber Optic Connector Market Is Projected To Witness Growth Based On Increased Demand From Healthcare, Railway,Defense & Aerospace Sector Till 2025:Grand View Research,inc.

The global  fiber optic connector market  is expected to reach USD 5.9 billion by 2025, according to a new report by Grand View Research, Inc. The fiber optics segment is expected to grow, significantly, over the forecast period. Fiber optic connectors have huge potential to be incorporated into a wide range of applications in the healthcare, railway, defense & aerospace, and oil & gas sectors. The technology is under constant R&D and aims to develop low-cost applications and technological solutions for the mass market. The fiber optic technology has gained prominence over the past few years, owing to the persistent research & development activities and the escalating demand from high bandwidth communication and data services. The growing penetration of the fiber optics technology is encouraging manufacturers and suppliers to invest in research & development for developing better products. Researchers are focusing on innovating reliable and cost-e...
Read more

Industrial Microwave Heating Equipment Market Is Witnessing Significant Growth Owing To Increasing Efficiency Of Industrial Microwave Heating Devices 

Image
The global  industrial microwave heating equipment market  size is expected to reach USD 1.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.6% during the forecast period. Increasing adoption of magnetrons and RF solid state amplifiers in various end-use industries such as food, paper, plastic, and wood and derivatives is anticipated to positively affect market growth. These high-efficiency products are poised to witness significant rise in demand in the coming years owing to their long operating life, low maintenance requirements, and low power consumption. Surging demand for RF solid state amplifiers is estimated to drive the overall market. They are likely to replace magnetrons over the forecast period due to benefits they offer, such as enhanced operating life, high precision output power control, frequency tuning, and fast frequency hopping. Moreover, the product has undergone several technological advancements over...
Read more