Microwave Oven Market Size, Share & Trends Analysis Report By Product, By Application (Commercial, Household), By Structure, By Control Feature, By Price Point, By Wattage, By Capacity, By Distribution Channel, By End-use, By Region, And Segment Forecasts

Microwave Oven Market Size, Share & Trends Analysis Report By Product, By Application (Commercial, Household), By Structure, By Control Feature, By Price Point, By Wattage, By Capacity, By Distribution Channel, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Microwave Oven Market Growth & Trends

The global microwave oven market size is expected to reach USD 16.41 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 3.4% from 2023 to 2030. The rapid pace of technological innovation drives the market. Manufacturers have constantly pushed the boundaries of microwave technology, leading to the development of more efficient and feature-rich appliances. These advancements have not only improved cooking performance but also enhanced user convenience. In November 2022, Whirlpool Corporation announced the acquisition of InSinkErator. This acquisition aims to advance the ongoing portfolio transformation and align with long-term value creation goals.

The changing consumer lifestyles and dietary preferences have also played a pivotal role in driving the market’s expansion. People have led increasingly busy lives, and the demand for quick, convenient, and efficient cooking solutions has surged. Microwave ovens offer a swift and hassle-free way to prepare meals, making them an indispensable tool for time-pressed individuals and families. Furthermore, the growing awareness of health-conscious eating habits has led to an increased focus on steam-cooking and defrosting functionalities in ovens. Manufacturers have responded by incorporating specialized features to cater to these preferences. The rising population in urban areas has led to compact living spaces, which has led to a surge in demand for space-saving and multifunctional appliances, wherein microwave ovens fit this requirement perfectly. Their compact footprint and versatility make them an ideal choice for urban dwellers with limited kitchen space.

The market is experiencing a notable growth curve, propelled by several key technology trends that are reshaping the industry. These trends are revolutionizing how consumers interact with and utilize ovens, enhancing their functionality, convenience, and efficiency. Integration with smart home ecosystems is another significant trend. Manufacturers are developing ovens with Wi-Fi connectivity and compatibility with voice assistants like Amazon Alexa and Google Assistant. This enables users to control and monitor their microwave remotely, offering a new level of convenience and control over cooking processes.

Sensor cooking and adaptive technology represent significant advancements in oven technology, revolutionizing the way food is prepared and cooked. These features enhance the cooking process by allowing the microwave to intelligently adjust settings based on the characteristics of the food being cooked. Sensor cooking involves using sensors within the oven to detect various properties of the food, such as moisture levels, humidity, and temperature. These sensors work in conjunction with sophisticated algorithms to make real-time adjustments to the cooking process. This ensures that food is cooked evenly and to the desired level of doneness. Adaptive technology takes sensor cooking to the next level as it uses Artificial Intelligence (AI) or advanced algorithms to learn and adapt to the cooking behavior of the user over time.

Microwave Oven Market Report Highlights

• Sensor cooking is particularly beneficial for defrosting frozen foods. The sensors can detect the ice level within the food and adjust the defrosting time and power level to ensure a safe and efficient thawing process
• Increasing focus on health-conscious living, ovens are incorporating steam-cooking functionalities. This enables users to prepare healthier meals by preserving more nutrients and minimizing the need for added fats and oils
• Touchscreen displays, intuitive controls, and interactive interfaces are becoming more prevalent in ovens. These features enhance the user experience by providing easy navigation and customization options
• Safety remains a critical concern, particularly in households with children. Modern ovens are equipped with advanced safety features, including child locks, which prevent unintended operation and keep young children safe around the appliance
• Based on product, the convection segment dominated the global market with a revenue share of around 39% in 2022. Convection microwaves use a fan to circulate hot air around the food, resulting in faster and more even cooking
• Based on application, the medium-duty commercial ovens segment dominated the global market in 2022 with a revenue share of more than 44%. These appliances offer fast and efficient cooking solutions for businesses such as cafes, restaurants, and hotels
• Based on price point, the USD 2000 - USD 6000 commercial ovens segment dominated the market in 2022 with a revenue share of more than 34%. This growth can be attributed to several factors, including the increasing demand for quick and efficient food preparation in commercial kitchens

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