Press "Enter" to skip to content

At a CAGR 2.09% Global Microwave Ovens Market Size is projected to generate USD 20.74 Billion By 2028

Global Microwave Ovens market was valued USD 16.98 Billion in 2021 and is projected to generate around USD 20.74 Billion by 2028, at a CAGR of 2.09% between 2022 to 2028.

The microwave ovens is also called an electronic oven, an appliance that cooks food by means of high-frequency electromagnetic waves called microwaves. microwave ovens are a relatively small, boxlike oven that raises the temperature of food by subjecting it to a high-frequency electromagnetic field. The microwaves are absorbed by water, fats, sugars, and certain other molecules, whose consequent vibrations produce heat.

The heating thus occurs inside the food, without warming the surrounding air; this greatly reduces cooking time, and baking and other cooking tasks that require hours in a conventional oven can be completed in minutes in a microwave oven. Microwave ovens generate radiation at a frequency of about 2,450 megahertz by means of a magnetron, which is a kind of electron tube.

Read Complete Research @ https://introspectivemarketresearch.com/reports/microwave-ovens-market/

Report Scope:

Report Attribute Details
Market Size In 2021 USD 16.98 Billion
Market Size in 2028 USD 20.74 Billion
CAGR Growth Rate 2.09%
Base Year 2021
Forecast Period 2022 to 2028

Market Dynamics and Factors:

Drivers:

Easy and Convenience Use Aids the Rapid Growth

Restraints:

High-energy Consumption and High-electricity costs

Opportunities:

Emerging E-Commerce Industry Coupled with Increasing Purchasing Power of Consumers

Sample PDF Research Copy @ https://introspectivemarketresearch.com/request/7898

Leading Key Players:

  • Amana
  • Bosch
  • Cuisinart
  • Frigidaire
  • GE
  • Kenmore
  • KitchenAid
  • LG
  • Magic Chef
  • Maytag
  • Oster
  • Panasonic
  • Samsung
  • Sharp
  • Whirlpool and other major players.

North America is projected to account for the highest revenue share throughout the forecast period. Growing demand for the latest tech-enabled products is one of the major growth drivers for the US and Canada markets.

Market Segment by Type:

  • Convection
  • Grill
  • Solo

Market Segment by Application:

  • Commercial
  • Household

Market Segment by Structure:

  • Built-in
  • Counter Top

Market Segment by Region:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Scope of the Microwave Ovens Market

Microwave ovens are much more energy-efficient as compared to conventional ovens. In fact, reheating food in just a few seconds can save up to 80% electricity, but it makes a difference in terms of using the microwave ovens to cook the whole meal. In addition, IOT ovens are growing at a fast pace with the ability to connect to the Internet and smartphones, where users can change cooking settings.

As a result, the tendency of consumers to spend more on smart devices is expected to further increase overall demand. Consumers are more focused on buying new and innovative home appliances, such as microwave ovens with a variety of advanced features.

Impact of COVID-19 on Microwave Ovens Market

COVID-19 outbreak has caused ups and downs in the industry, bringing uncertainty to the business space. This has brought several changes to the market situation. Due to the restriction of human activity, there has been increasing in demand for microwave ovens. This will continue to rise as things come to normalcy with people picking up cooking as a new hobby.

Customized Research Report @ https://introspectivemarketresearch.com/custom-research/7898

Be First to Comment

Leave a Reply

Your email address will not be published.