The global market for commercial electric restaurant ranges is poised for substantial growth, with an expected valuation of US$ 44.5 billion by the year 2023. This positive trajectory is driven by a consistent uptick in disposable incomes and sustained economic expansion, laying the groundwork for a projected Compound Annual Growth Rate (CAGR) of 5.6% from 2023 to 2033. Consequently, the market is forecasted to reach an impressive figure of approximately US$ 76.8 billion by 2033.
According to insights gleaned from Future Market Insights, the escalating concerns surrounding energy costs and environmental considerations are pivotal factors fueling the expansion of the commercial electric restaurant ranges market. In this context, electric ranges hold a distinct advantage by virtue of their enhanced energy efficiency when compared to gas ranges. This efficiency translates into long-term cost savings for commercial kitchens. Furthermore, electric ranges exhibit a more environmentally responsible profile, emitting fewer pollutants than their gas counterparts, thus aligning with sustainability goals.
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The increasing demand for energy-efficient and eco-friendly kitchen appliances is one of the primary factors driving the growth of the commercial electric restaurant ranges market. Commercial kitchens are looking for appliances that can help them reduce their energy consumption and environmental footprint as energy costs rise and there is a growing awareness of the need to reduce carbon emissions. Electric ranges are an excellent choice because they use less energy than gas ranges and do not emit harmful pollutants.
Another factor driving market growth is the growing popularity of electric cooking. As more people adopt plant-based and healthier diets, they are looking for cooking methods that are both healthy and sustainable. Cooking vegetables and other plant-based foods requires precise temperature control, which electric cooking provides. Furthermore, electric ranges do not emit the same amount of heat and smoke as gas ranges, making them a safer and more comfortable option for the kitchen.
Additionally, the rise of the foodservice industry is also driving the growth of the commercial electric restaurant ranges market. As more restaurants, cafes, and other foodservice businesses open up, the demand for commercial kitchen appliances is increasing. Commercial electric ranges are becoming more popular as they offer better control over temperature and provide consistent cooking results. Additionally, electric ranges are easier to clean and maintain, which is essential in a busy commercial kitchen.
Key Takeaways from the Market Study:
- Global commercial electric restaurant ranges market was valued at US$ 42.1 Bn by 2022-end
- From 2017 to 2022, the market demand expanded at a CAGR of 3.3%
- The United States is expected to hold the highest market share of 33.4% during the forecast period.
- The Indian market is anticipated to witness a market share of 6.3%
- From 2023 to 2033, commercial electric restaurant ranges services are expected to flourish at a CAGR of 5.6%.
- By 2033, the market value of commercial electric restaurant ranges is expected to reach US$ 76.8 Bn.
- By Type, the Commercial Electric Ranges with Standard Oven segment is expected to constitute a CAGR of 5.4% in 2033.
- On the basis of Application, the Full-Service Restaurants segment is expected to dominate the market with a CAGR of 5.3% in 2033.
The increasing focus on food safety & hygiene, as well as surging technological advancements in the commercial electric restaurant ranges are the major factors that are anticipated to boost the market growth in the near future, remarks an FMI analyst.
Key Players:
- Alto-Shaam, Inc.
- Vulcan
- Garland Group
- Blue Seal Limited
- Lang World
- Rational AG
- Blodgett
- Electrolux AB
- MKN Maschinenfabrik Kurt Neubauer GmbH & Co. KG
- Falcon Foodservice Equipment
- Stove Systems Pty Ltd
- G.S. BLODGETT CORPORATION
- Moffat Group Pty Ltd
- American Range Corporation
- Garland Commercial Industries LLC
- Southbend
- Montague Company
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Key Segments Covered:
Commercial Electric Restaurant Ranges Market by Type:
- Commercial Electric Ranges with Standard Oven
- Commercial Electric Ranges without Standard Oven
Commercial Electric Restaurant Ranges Market by Power Rating:
- 208V
- 240V
- 480V
Commercial Electric Restaurant Ranges Market by Application:
- Quick Service Restaurants
- Full-Service Restaurants
- Hotels
- Other Food Services
Commercial Electric Restaurant Ranges Market by Region:
- North America
- Europe
- Europe
- Latin America
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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