A new report says that the global commercial cooking equipment market accounted for $9,105m in 2016 and is expected to reach $11,740m by 2023, registering a CAGR of 3.8% from 2017 to 2023.
The report, by Allied Market Research, on the commercial cooking equipment market’s current trends and top key players (2017-2023) shows that appliances such as combi ovens have gained momentum.
More companies have focused on launching newer, innovative energy-efficient equipment to expand their market shares and acquire new markets, a report says.
This is due to a higher level of safety, time and labor efficiency, and reliability offered by these ovens as compared to conventional ovens.
In addition, over recent years, the adoption of automated foodservice solutions replacing traditional cooking equipment in large kitchens has become more common.
Electricity-based stoves and burners provide energy-efficient solutions to hotels and restaurants.
At present, there is also a notable increase in the demand for processed/frozen fast food due to the rise in demand for readymade food, change in lifestyles, and surge in disposable incomes, which further boost the demand of commercial cooking equipment.
The report features key market players in the value chain such as Illinois Tool Works Inc, Duke Manufacturing Co. Inc, The Middleby Corporation, Alto-Shaam, Edward Don & Company, Fujimak Corporation, Manitowac Company Inc, Rational AG and AB Electrolux.