The global carving stations market is expected to be worth USD 3.38 billion in 2023. Future Market Insights reports say that the market will expand at a projected to grow at CAGR of 25.2% between 2023 and 2033, totaling around USD 31.99 billion by 2033. Global carving stations market was estimated to be worth USD 2.7 billion in 2022.
Increasing consumer expectation of carving stations market is a crucial factor accelerating the market growth, also increasing profit maximization of the retail stores, increasing consumer expectation for personalization and customization, increasing share of the economy, increase in the demand for carving stations market due to the rising population, rising disposable income, rising competition among the retailers to provide elevated customer experience, increasing government initiatives towards the adoption of technology in North America.
Rise in the carving stations with the expansion of leading retailers in Asia Pacific, rising research and development activities in the market, and rising technological advancements and modernization in the production techniques will further create new opportunities for the carving stations market in the forecast period.
Higher cost of the carving stations market, rise in the initial investments for unorganized retailers, rise in low labor wages and lack of skilled labor force, and rising impact of (COVID-19) pandemic are the major factors among others restraining the market growth, and will further challenge the smart shelf management market in the forecast period
Attributes | Details |
---|---|
Estimated Value (2022) | USD 2.7 billion |
Projected Forecast Value (2023) | USD 3.38 billion |
Projected Forecast Value (2033) | USD 31.99 billion |
Growth Rate | 25.2% CAGR |
Forecast period | 2023 to 2033 |
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Carving stations market grew at a CAGR of 24.7% from 2018 to 2022, as per Future Market Insights, a provider of market research and competitive intelligence. Usage of carving stations across the United States (USA) has increased at a significant rate, with the South USA holding a high share of the USA market.
Rapidly increasing construction and redevelopment activities have led to a rise in the sales of carving stations over the past few years in the USA Carving stations market in the country is primarily dominated by the South USA region, owing to the demand from commercial establishments such as hotels, restaurants, etc. Technology integration with carving stations has also propelled market growth over the past few years.
Adoption of Improved Inventory Management to Make Better Restocking Decisions and Engage in Real-Time Interactions.
Restaurateurs have widened their insights and control due to improved inventory management and digital shelves. Using carving stations, businesses can also monitor inventory levels in-store, helping them manage inventory more effectively and make more informed restocking decisions.
Carving technology allows for automated stock availability tracking and alerts retail establishments when things are running short or have been misplaced from their original location, preventing theft and shrinkage. Carving technology, when connected to the internet, provides important data on customer behavior as well as tips for improving the in-store experience.
Increased Use of Technologies like the Internet of Things (IoT) and Radio Frequency Identification (RFID) in Retail
Carving stations market adoption is driven by smart technologies like IoT and RFID. RFID technology plays an increasingly important role in improving the competitiveness of modern retail enterprises causing the rise of carving retail and high competition among companies.
Demand for the rapid use of RFID in modern retail has increased due to the rise in labor costs and the demand to reduce logistics operational costs. Market has always initially used RFID, and many of them have benefitted from RFID implementation, so when it comes to increasing revenue, cutting costs, improving efficiency, and giving customers a better experience, businesses become more appropriate to use IoT technology.
Inbuilt Data Tags raise Privacy Concerns
Concerns regarding consumer privacy are the factor that is expected to hamper the adoption of carving station technologies. Walmart stopped testing a radio frequency identification (RFID) shelf inventory control system in 2003 before it was installed. In a partnership with Gillette, Walmart tested smart-shelf technology by tracking data on the packaging of Gillette products i.e., Walmart wanted to employ technology to alert store managers about supply shortages and possible theft.
The scheme was said to be opposed by consumer privacy groups because of privacy concerns. Consumers were stoical that product identification tags may be inappropriately used or hacked, allowing information to be tracked from retailers to homes. Walmart's app that allowed consumers to scan things as they removed them from shelves failed in January 2017.
Occurrence of Failure while Installing Carving Shelves
Rising occurrence of failures and complications associated with the installation of technologically advanced carving stations and the high cost associated with advanced carving stations are key factors expected to restrain global market growth to some extent.
Need for Retailers to Build Closer Connections with Customers at the Front of the Store
Industries are using more automation, increasing efficiency, reducing costs, and helping to collect data in a continuously evolving market to be competitive. Carving shelves is said to be one of the leading technologies that capture people’s attention in the world of retail and fulfillment. New opportunities for carving shelves are driving the growth of the radio frequency identification (RFID) market.
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North America is said to Experience a Robust Growth in its Market
North America carving shelves market is expected to witness market growth of 31.6% CAGR during the forecast period. Carving shelves refer to the integrated framework providing superior control and connectivity of hypermarket inventory. Carving shelves are integrated with weight sensors and these sensors send alerts to the back-end system when a product is lifted. Restaurateurs get a lot of information using carving shelves which helps them to improve their customer service. Restaurant sector is assumed to manage customer demands in a better way and offer a superior shopping experience by bringing digitalization into the stores and hypermarkets.
Hotel industry is going through a huge transformation, the retailers currently face a lot of challenges. Hoteliers find it hard to deal with these challenges, including reducing customer loyalty, management of operational efficiency, internal communication gap, ever-changing customer expectations, and employee retention.
Rising trend of e-commerce platforms, customers have various alternatives causing a massive reduction in their dependency on physical stores. Hoteliers are deploying advanced technologies like carving shelves, and internet of things with an aim to reduce the effects of these challenges. There is a high focus on the deployment of IoT for asset management and operation optimization.
Restaurateurs are putting massive investments in emerging opportunities domains like carving shelves, smart checkout, and location-based marketing. Growing adoption of interactive vending machines, contactless payment technologies, and smart kiosks, in retail stores, reveals that restaurateurs aim for new growth possibilities to improve their grip on customers.
Asia Pacific is Said to Have a Lucrative Market Share
Asia Pacific Smart Shelves Market is expected to witness market growth of 24.3% CAGR during the forecast period. Sensor-integrated shelves have more abilities other than arranging for restocking as they can recognize and track missing products. Carving shelves can enhance cost labeling and link to touch screens providing information regarding the product, where this process aids in understanding what merchandise is more appealing to customers and this information can be further utilized to manage the assortment of goods. Carving-shelf systems could become so advanced that hoteliers can customize offers to customers as they consider then reject the goods. Stores could be benefitted from the use of RFID shelf technology as the technology helps in reducing inventory shrinkage by recognizing locations where goods vanish.
Most of the hoteliers have predicted the loss in their businesses. Future of the shelf is expected to be bright, smart, digital, and interactive. Many people have put the investment to upgrade their shelves, both in their new stores and in retrofitting their existing stores as this will enable newer digital formats and active sensing. LED shelf labels can differ in range and size across the complete length of the shelf. China market dominated the Asia Pacific carving shelves market, thereby, achieving a market value of USD 41.5 million. Japan market is showcasing a CAGR of 21%. India’s market is expected to witness a CAGR of 22.3% during the forecast period.
Hot Carving Stations are Said to Dominate the Market
Hot carving stations are said to dominate the market due to ample carving surface area, has removable and stainless steel for ease of cleaning. Utilizes the latest induction technology.
More energy efficient, cleaner, and cost-effective than gas or radiant units. Controls are easy-to-use. Configured with 2 induction warming units: (350 watts) - 2.5 amps max on each unit. 7 warming temperature ranges from 95 to 194 degrees Fahrenheit (35 - 90 degrees Celsius).
Stainless Steel is Said to Dominate the Market
Stainless steel market is expected to increase at a CAGR of 3.2%. Stainless steel carving stations market is the most popular base material owing to its characteristics such as corrosion resistance, fire and heat resistance, hygiene, impact resistance, etc.
Hotels are Said to Dominate the Market
Hotels are projected to drive market growth during the forecast period. Carving shelves sales lies in the commercial category, are expected to reflect a higher CAGR of 6.6% over the next ten years.
Some of the prominent players in the global market are:
Some of the important developments of the key players in the market are:
Report Attribute | Details |
---|---|
Growth Rate | CAGR of 25.2% from 2023 to 2033 |
Market value in 2023 | USD 3.38 billion |
Market value in 2033 | USD 31.99 billion |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | USD billion for Value and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | Product Type, Material, End-User, Region |
Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
Key Companies Profiled | Hatco Corporation; The Vollrath Company LLC; Alto-Shaam Inc.; Duke Manufacturing Co., Inc.; Tomlinson Industries; Federal Industries; Avantco Equipment; Rosseto Serving Solutions; Nemco Food Equipment |
Customization & Pricing | Available on Request |
The expanding market for experience dining and the rise of event catering are two important potentials for the carving station market.
The adoption of modern, modular architecture and the incorporation of energy-efficient heating techniques are current trends in the carving stations market.
The market for carving stations is dominated by the hospitality industry, which includes hotels and high-end restaurants.
Emerging trends include using environmentally friendly materials, integrating digital menu displays, and focusing on compact designs for carving stations market.
Sustainability considerations drive the demand for carving stations built of eco-friendly materials and with low energy use.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Hot carving stations 5.2. Cold carving stations 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 6.1. Stainless steel 6.2. Plastic 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User 7.1. Restaurants 7.2. Hotels 7.3. Catering companies 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Hatco Corporation 16.2. Vollrath Company, LLC 16.3. Alto-Shaam, Inc. 16.4. Duke Manufacturing Co., Inc. 16.5. Tomlinson Industries 16.6. The Vollrath Company, LLC 16.7. Federal Industries 16.8. Avantco Equipment 16.9. Rosseto Serving Solutions 16.10. Nemco Food Equipment 17. Assumptions & Acronyms Used 18. Research Methodology
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