The global industrial gas stove market is expected to grow at a CAGR of 3.3% during the period 2023-2033. The market holds a valuation of US$ 8856.84 million as on 2023, and by 2033, the market is expected to reach a valuation of US$ 12254.11 million by 2033.
At present, the luxury hotels are one of the largest buyers of the industrial gas stove. Based on the research conducted by FMI, the luxury hotel market is expected to grow at a CAGR of 5% during the forecast period. The heavy load sharing burners of the industrial gas stove have helped the stakeholders involved in the luxury hotels market cut extra cost.
Moreover, being made of stainless steel, the adoption of industrial gas stove ensures that not much has to be spent on the maintenance of these stoves owing to their non greasy nature. This as well is expected to increase the demand for industrial gas stove during the forecast period.
However, one of the main drivers of the industrial gas stove market remains the fact that these help in preparing food quicker, which makes them one of the major kitchen appliances. The reason being that these stoves come with adjustable thermostat settings, as a result of which cooking becomes swift and seamless. This might well increase the sales of industrial gas stove during the forecast period.
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Of all the benefits offered, one of the key market drivers for the industrial gas stove remains the fact that these save significant amount of energy. The entire machine operates on the mechanics of heating the food as soon as we turn on the gas and the entire process stops immediately after the knob is turned off. This is expected to increase the industrial gas stove market share.
Thus, the FMI researchers are of the view that, “a surging luxury hotel market, coupled with the ability to save energy is expected to surge the growth of industrial gas stove market during the forecast period.”
Key Takeaways:
- The industrial gas stove market is valued at US$ 8856.84 million as on 2023.
- By 2033, the market is expected to reach a valuation of US$ 12254.11 million.
- The market is expected to grow at a CAGR of 3.3% during the period 2023-2033.
- The US industrial gas stove market is valued at US$ 2258.49 million as on 2023, and is expected to grow at a CAGR of 3.2% during the forecast period.
- The UK market is valued at US$ 540.27 million as on 2023, and is forecasted to grow at a CAGR of 4.8% during the forecast period.
- The China industrial gas stove market is expected to be valued at US$ 1588.35 million by 2033, and is expected to grow at a CAGR of 5.3% during the forecast period.
- The Japan market holds a valuation of US$ 788.26 million as on 2023, and is projected to expand at a CAGR of 5.4% through 2033.
- The South Korea industrial gas stove market is expected to grow at a CAGR of 4.4% through 2033, and by 2033, the market is expected to be valued at US$ 531.31 million.
- Based on the fuel type, the dual fuel segment holds the highest market share, and is anticipated to grow at a CAGR of 3.1% during the forecast period.
- Based on the burner type, the regenerative burner segment holds the highest market share, and is anticipated to grow at a CAGR of 3.3% during the forecast period.
Competitive Landscape
The key players involved in the industrial gas stove market are investing on the Research and Development aspect of the business to develop solutions which would aid in addressing further effective solutions.
Some of the recent developments are:
- In November 2022, Klabin successfully started new gasification plant supplied by ANDRITZ group.
- In November 2022, Mitsubishi Hitachi Power Systems and Indonesia Power jointly investigated cofiring with Hydrogen, Biomass, and ammonia in power plants across Indonesia.
Key Companies Profiled
- ANDRITZ Group,
- Baltur S.p.A,
- Bloom Engineering,
- Wood Group PLC (Foster Wheeler AG),
- Honeywell International Inc. (Maxon),
- Limpsfield Combustion Engineering Ltd,
- Mitsubishi Hitachi Power Systems, Ltd (MHPS),
- Oilon Group,
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Key Segments
By Fuel Type:
- Oil-based
- Gas-based
- Dual Fuel
- Others
By Automation:
- Monoblock
- Duoblock
By Burner Type:
- Regenerative Burner
- High-velocity Burner
- Thermal Radiation
- Customized Burner
- Flat flame Burner
- Line Burner
- Others
By Applications:
- Boilers
- Furnace/Oven/Kiln
- Air Heating or Drying
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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