The global Commercial Induction Cooktops Market size is expected to be valued at USD 22 Billion in 2033 and exhibit immense growth at a CAGR of 5.6% in the forecast period from 2023 to 2033.
An increasing number of non-residential development projects across the globe is anticipated to drive the sales of commercial induction cooktops in future years. As per FMI, the global commercial induction cooktops market is likely to reach USD 12.3 Billion in 2022.
| Attribute | Details |
|---|---|
| Commercial Induction Cooktops Market Estimated Base Year Value (2022) | USD 12.3 Billion |
| Commercial Induction Cooktops Market Expected Market Value (2023) | USD 12.74 Billion |
| Commercial Induction Cooktops Market Anticipated Forecast Value (2033) | USD 22 Billion |
| Commercial Induction Cooktops Market Projected Growth Rate (2023 to 2033) | 5.6% CAGR |
Commercial induction cooktops take up less space and energy, as compared to electric or gas cooktops. These are also more durable and efficient. These can easily convert electrical energy into heat and transfer the same to the cookware.
Demand for commercial induction cooktops is likely to surge at a rapid pace in the upcoming years backed by their ability to reduce the overall cooking time, save energy, and provide an even heat distribution.
These do not heat up the stovetop, but only the cookware. Thus, dust and dirt do not affect the heating process negatively. The emergence of various cutting-edge products equipped with novel features is projected to augment the sales of commercial induction cooktops in the assessment period.
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FMI reported that the global commercial induction cooktop market was valued at a CAGR of around 3.5% due to the growing number of hotels and restaurants across the globe. A CAGR of around 5.6% is predicted for induction cooktop revenue over the forecast period, 2023 to 2033.
Precision temperature control and quick response times make induction cooktops safe and allow chefs to cook more precisely. Commercial kitchens that prioritize employee well-being and efficient cooking processes may decide to purchase your cooktops based on their safety features.
Global expansion could provide significant growth opportunities for a business, especially in areas with high demand for modern kitchen equipment and energy efficiency. With advances in material science, induction cooktop surfaces could become even more efficient and durable, thus improving their performance and longevity.
Adding an interactive touchscreen to the cooktop surface could provide step-by-step cooking instructions, video tutorials, and measurements of ingredients. As a result, the kitchen staff would be able to follow recipes more accurately, creating a more immersive cooking experience.
The rising adoption of energy-efficient kitchen appliances and rapid urbanization are some of the major factors that are likely to push the commercial induction cooktops market growth in the evaluation period. Increasing prices of conventional cooking fuel and rapidly changing lifestyles of people are also anticipated to bode well for the global market.
Moreover, the surging number of eateries and fast food restaurants across the globe on the back of rising disposable income and the busy lifestyles of consumers is set to drive the market. Increasing investments by various real estate companies in the development of commercial infrastructure is another vital factor that is estimated to fuel growth.
With their cool surface and automatic shut-off when cookware is removed, induction cooktops are already considered safer than gas and electric stoves. As technology advances, even more, sophisticated safety features may be incorporated, like real-time overheat detection, spill detection, and fire detection.
Machine learning and artificial intelligence could play a major role in future commercial induction cooktops. Based on historical data and user preferences, these technologies can help chefs make cooking decisions, suggest recipes, and adapt cooking techniques.
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The requirement of high initial investments for the installation of specialized cookware in commercial spaces may hamper the commercial induction cooktops market size in the future. Compared to conventional gas cooktops, modern induction cooktops are expensive. Thus, not many people living in emerging economies can invest in these.
Commercial kitchens are gradually shifting toward induction cooktops, though the change may take time to materialize. Gas and electric cooktops, which are more widely available and more affordable as compared to induction cooktops, may pose a threat to induction cooktops. The lack of reliable or adequate electricity infrastructure could pose a challenge to induction cooktops.
Especially in regions where gas and electric cooktops remain dominant cooking technologies, consumers may not be familiar with induction cooktops' benefits and features.
Europe is expected to procure the largest commercial induction cooktops market share in the forthcoming years. This growth is attributable to the increasing adoption of technologically advanced induction cooktops in hotels and restaurants across the United Kingdom, Italy, and Germany.
The presence of numerous market participants in these countries is likely to drive growth. These key players are increasingly focusing on employing cutting-edge technologies and offering new features, such as stunning LED displays, accurate temperature control, slider control, and four cooking zones to attract more customers.
This factor is also expected to augur well for the Europe market.
A significant portion of the global commercial induction cooktop market is currently concentrated in the Asia-Pacific region. As urbanization continues to grow and consumer disposable income increases, the region's demand for energy-efficient cooking appliances grows. Leading induction cooktop manufacturers and vendors in the region have also helped the market expand.
The ever-increasing population and rising spending power of consumers in India, China, and Japan are anticipated to accelerate the Asia Pacific commercial induction cooktops market growth. Surging preferences for contemporary appliances in restaurants and canteens are also expected to push the regional market.
The increasing number of educational and healthcare institutions across the Asia Pacific is driving the rapid development of canteens. Also, the growing number of shopping malls and office buildings in urban areas is likely to augment the market.
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A wide variety of cooking styles can be accommodated by an induction cooktop, including boiling, frying, simmering, and sautéing. The versatility of induction technology and its ability to support a wide variety of menu items can be demonstrated.
Kitchens in commercial buildings often have limited space. The compact footprint of countertop induction cooktops allows businesses to maximize their kitchen layouts. Their ability to conserve space must be emphasized.
A countertop induction cooktop is usually flat and does not have an open flame or burner, making it a much easier appliance to clean. The ease with which the unit can be cleaned and the reduced amount of downtime between tasks will be highlighted.
Nowadays, consumers tend to favor companies that adopt sustainable practices over those that do not adopt them, especially in an environmentally conscious society. Cooktops with induction technology consume less energy and produce less waste heat than traditional stovetops. As a result of all these factors, the demand for commercial induction cooktops is expected to rise.
A commercial induction cooktop can be found in a variety of sizes and power levels. Due to the fact that kitchens are becoming larger, induction cooktops are expected to be in high demand.
With the increase in demand for quick services and various controls and features, the demand for commercial induction cooktops is expected to grow. Commercial induction cooktops are easy to clean and maintain, which is expected to grow in demand.
Induction cooktops are becoming more energy efficient, which results in significant cost savings over time. Induction cooktop demand is expected to grow as budget considerations and cost-effective models become more popular in the market.
Growing demand for warranty and support services from brands is expected to grow demand for commercial induction cooktops in the market. Installing and ventilating the induction cooktop more easily and effectively is expected to generate a higher demand for commercial induction cooktops.
Some of the renowned companies present in the global commercial induction cooktops market include Panasonic Corporation, CookTek, The Vollrath Company, LLC, Garland Group, Elecpro, APW Wyatt, Equipex, True Induction, Globe Food Equipment Co., Lincat Limited, Buffalo, Fisher & Paykel Appliances Limited, ELAG Products GmbH, Dipo Induction, Admiral Craft Equipment Corp., Hatco Corporation, and Spring USA among others.
The global market is highly fragmented with the presence of a large number of international and domestic companies. The majority of these key players are striving to generate more share in the market. They are mainly focusing on launching innovative products and investing huge sums in research and development activities to gain a competitive edge.
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 12.74 billion |
| Market Forecast Value in 2033 | USD 22 billion |
| Global Growth Rate | 5.6% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | MT for Volume and USD billion for Value |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, Poland, Czech, Republic, Romania, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Kay Segments Covered | Number of Hobs, Type of Installation, End User, Region |
| Key Companies Profiles | Panasonic Corporation; CookTek; The Vollrath Company, LLC; Garland Group; Elecpro; APW Wyatt; Equipex; True Induction; Globe Food Equipment Co.; Lincat Limited; Buffalo; Fisher & Paykel Appliances Limited; ELAG Products GmbH; Dipo Induction; Admiral Craft Equipment Corp.; Hatco Corporation; Spring USA |
| Customization & Pricing | Available Upon Request |
The commercial induction cooktops market is expected to reach USD 12.74 billion in 2023.
Commercial induction cooktops consumption is predicted to reach a CAGR of 5.6% from 2023 to 2033.
Commercial induction cooktops market revenue grew at a CAGR of around 3.5% between 2018 and 2022.
The European region is expected to lead the global production of commercial induction cooktops.
The United States, India, Germany, the United Kingdom, and China are expected to drive the market for commercial induction cooktops.
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 Number of Hobs 5.1. Single Hob 5.2. Double Hob 5.3. Multi Hob 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type of Installation 6.1. Countertop 6.2. Drop-In 6.3. Floor-Standing 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 7.1. Restaurants 7.2. Hotels 7.3. Canteens 7.4. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 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. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Panasonic Corporation 18.2. CookTek 18.3. The Vollrath Company, LLC 18.4. Garland Group 18.5. Elecpro 18.6. APW Wyatt 18.7. Equipex 18.8. True Induction 18.9. Globe Food Equipment Co. 18.10. Lincat Limited 18.11. Buffalo 18.12. Fisher & Paykel Appliances Limited 18.13. ELAG Products GmbH 18.14. Dipo Induction 18.15. Admiral Craft Equipment Corp. 18.16. Hatco Corporation 18.17. Spring USA 19. Assumptions & Acronyms Used 20. Research Methodology
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Commercial Induction Cooktops Market
