Conveyor Oven Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Conveyor oven Market was valued around US$ 100 million in 2020 and is anticipated to cross US$ 130 million by 2027 displaying an CAGR of above 3% over the forecast period (2021-2027). Conveyor ovens are often referred to as continuous ovens and are used for multiple tasks in the kitchen. This type of oven uses a belt to transport foods through a cooking cavity, cook products by blowing hot air from the top and bottom heat sources.

The global conveyor oven market is experiencing significant growth on account of surging demand for various kitchen appliances in the foodservice industry across the globe. The foodservice industries such as hotels, restaurants, and other catering services require efficient and technologically advanced appliances. Also, the increasing demand for these energy-efficient, and technologically advanced products because of the mounting consumer expenditure globally on food products is also propelling the growth of the market. For instance, in 2019, the expenditure on food, drinks, and catering was USD 312 billion in the United Kingdom, as per the Department for Environment Food & Rural Affairs.

Furthermore, the growing technological advancements in the foodservice equipment for food preparation, along with continuous research & development have helped the foodservice industry to make a wide range of innovative baked goods which has encouraged the manufactures to deliver technologically efficient appliances to the clients. Owing to this the conveyor oven market is expected to observe significant growth in the coming years. For example, XLT Conveyor Oven 3870 comprises highly efficient quiet fire burners, removable panels, optical flame sensor technology and comes with triple stacks.

Per capita spending of consumers on food, Worldwide, 2019

Star Manufacturing, Davron Technologies, Wisconsin Oven Corporation, Middleby Corporation, Mahan Oven & Engineering Co. Inc, Lincoln, XLT Inc., International Thermal Systems, Lewco Inc., Zanolli are some of the prominent players operating in the conveyor oven market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and innovative products.

Insights Presented in the Report

“Amongst Power Source, Electric segment holds the major share”

Based on power source, the market is fragmented into gas and electric. The electric segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027F as electric ovens are modern, easy to use more cost-efficient, and less prone to fire. Furthermore, the growth of this segment is also attributed to the growing adoption of electric ovens in pizzerias as these conveyor ovens are great for slow cooking and perfecting food items including pizzas.

“Amongst Technology, Convection segment holds the major share”

Based on technology, the market is fragmented into radiation and convection. The convection segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027F as these ovens are the preferred choice of chefs and bakers as these ovens use fans to circulate the hot air which improves cooking by ensuring evenly heated air and shorter cooking times. However, the radiation segment is also anticipated to grow at a considerable CAGR during the forecast period.

“Amongst End-Use, Industrial segment holds the major share”

Based on the end-use, the market is fragmented into countertop and industrial/heavy. The industrial segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027F. The industrial segment is also further segmented into restaurants, hotels, bakery, food processing, and others. The growth of this segment is attributed to the increase in the number of restaurants and hotels coupled with the increase in deployment of conveyor ovens in various restaurants.

“North America represents one of the largest markets of conveyor oven market”

For a better understanding of the market dynamics of the conveyor oven market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX million in 2020 owing to the thriving market for bakery, confectionery, and convenience food. However, Asia-Pacific is also expected to grow at the highest CAGR during the projected timeframe.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global conveyor oven market were the three major steps undertaken to create and analyze the adoption of conveyor oven in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global conveyor oven market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the conveyor oven through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the conveyor oven market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as power source, technology and end-use. Further country-level analyses were conducted to evaluate the overall adoption of conveyor oven across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the conveyor oven. Further, we conducted factor analysis using dependent and independent variables such as rising demand for conveyor oven in various food industries and restaurants and rapid urbanization. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the conveyor oven sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the conveyor oven market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of conveyor oven across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the conveyor oven market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the conveyor oven market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of power source, technology and end-use of the conveyor oven market.

The main objective of the Conveyor Oven Market Study

The current & future market trends of conveyor oven were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of conveyor oven in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of power source, technology and end-use
• Define and analysis of the regulatory framework for the conveyor oven industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the conveyor oven market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the conveyor oven market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry