The global Smart Oven Market is experiencing remarkable growth, with a market size of USD 128.5 million in 2021, and it is projected to expand at an impressive CAGR of 17.5 percent during the forecast period. Smart ovens are redefining convenience and efficiency in cooking, seamlessly blending the functionalities of a microwave with those of a traditional oven. These cutting-edge appliances can be controlled via smartphones, using Bluetooth or Wi-Fi connectivity, enabling users to preheat their ovens remotely. Some smart ovens even come equipped with built-in cameras to monitor the cooking process and can automatically select settings based on the meal being prepared.
The rapid adoption of energy-efficient building practices in developing countries, driven by governmental programs promoting smart buildings and energy-efficient construction standards, is poised to further boost the smart oven market. Additionally, advancements in the Internet of Things (IoT) and artificial intelligence (AI) are expected to create new opportunities for industry participants in this burgeoning market.
Despite these promising prospects, concerns about security and privacy among end consumers are anticipated to act as a restraining factor for the global markets expansion during the forecast period. Nonetheless, increased household appliance purchases, exemplified by a notable rise in personal consumption expenditures for home appliances, from USD 65.20 billion in 2019 to USD 71.20 billion in 2020, as reported by the Federal Reserve Bank of St. Louis, are set to fuel the smart oven market.
An emerging trend in the smart oven market is the production of intelligent smart ovens, which is expected to drive demand in the coming years. The swift pace of urbanization worldwide, with 56% of the global population living in urban areas in 2019 according to the World Bank, is exposing urban dwellers to new technological developments and product releases, including intelligent ovens.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on various industries worldwide, affecting global travel, imposing lockdowns, and disrupting supply chains. The semiconductor industry, crucial for smart oven manufacturing, also faced challenges due to the unpredictability of digital device demand. Despite these challenges, chipmakers have persevered by focusing on long-term plans and maintaining operations, particularly in support of technologies combating the pandemic, such as artificial intelligence, Industry 4.0, and 5G. However, the pandemics restrictions did hinder the adoption rate of smart ovens due to their reliance on semiconductor components.
Drivers
Wireless Options Fuel Market Growth: The proliferation of Internet of Things (IoT) technologies and wireless connectivity options, including Bluetooth, Wi-Fi, ZigBee, and more, are driving the smart oven market. These wireless solutions enable remote monitoring and control of home appliances, enhancing convenience, energy efficiency, and cost savings for consumers.
Increased Spending on Restaurants and Home Appliances: The rapid growth of food service businesses, coupled with increased household appliance purchases, is directly influencing the demand for smart ovens. Consumers seeking convenience and efficiency are driving the market, particularly in light of changing lifestyles and increased awareness of healthy eating.
Restraints
Data Safety Concerns: The interconnected nature of smart devices raises security and privacy concerns among end users. With approximately 75% of connected devices vulnerable to various attacks, addressing data and identity theft, device hijacking, and other security threats becomes paramount, potentially limiting the growth of the smart oven market.
High Energy Consumption: The high power consumption required for smart oven operation is a challenge, especially in a global landscape increasingly focused on energy conservation. This concern may pose obstacles to the growth of the smart oven industry.
Segment Overview
Residential Dominates: The residential segment is expected to account for a significant revenue share during the forecast period. The adoption of smart ovens is driven by busy lifestyles, urbanization, and a growing emphasis on healthy eating. Features like preset cooking temperatures and self-cleaning options are boosting demand.
Built-In Smart Ovens Lead: Built-in smart ovens, with their sleek and futuristic design, dominate the market. Their larger cooking capacity compared to countertop models and compatibility with modern kitchen aesthetics contribute to their continued dominance in the market.
Regional Landscape
North America at the Helm: North America is a key market for smart ovens, with the United States and Canada leading the charge. High standards of living, technological adoption, and a growing number of smart homes are driving the demand for smart ovens in the region. The United States, in particular, showcases rapid adoption of emerging technologies.
Europe Shows Promise: Europe is also witnessing growth in the smart oven market, driven by Germanys highly developed technology sector and expanding manufacturing industry. The need for compact and smart appliances in smaller living spaces is contributing to the demand for smart ovens.
Competitive Landscape
Key players in the Smart Oven Market include Breville Group Limited, Electrolux AB, Panasonic Corporation, LG Electronics Inc, Haier Group, Sharp Corporation, and Samsung Electronics Co. Ltd.
In May 2022, Haier introduced a new AI-powered oven with automatic startup sensors and PreciTaste technology, aiming to enhance its market presence. Similarly, in December 2020, Sharp Home Electronics Company of America (SHCA) released the first smart countertop microwave oven with Wi-Fi connectivity and compatibility with voice-controlled assistants like Alexa.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/smart-oven-market
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COMTEX_442467041/2840/2023-10-26T02:15:49
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