Industrial Gas Stove Market - Major Revenue Gains are Expected by 2032
During the years 2023-2033, the global market for industrial gas stoves is anticipated to expand at a CAGR of 3.3%. As of 2023, the market is valued at US$ 8856.84 million, and by 2033, it is anticipated to reach a valuation of US$ 12254.11 million.
Luxury hotels are currently one of the biggest consumers of
industrial gas stoves. According to FMI’s study, the market for luxury hotels
is predicted to expand at a CAGR of 5% during the forecast period. The
industrial gas stove’s large load-sharing burners have assisted parties
participating in the market for luxury hotels in reducing additional costs.
Additionally, because industrial gas stoves are made of
stainless steel and are non-greasy by nature, using them means that less money
will need to be spent on maintenance. During the projected period, this is also
anticipated to boost demand for industrial gas stoves.
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The fact that industrial gas stoves make food preparation
easier and so rank among the most important kitchen appliances continues to be
one of the market’s significant growth factors. The reason is that modern
stoves have thermostat settings that can be changed, making cooking quick and
easy. The sales of industrial gas stoves throughout the anticipated period may
rise as a result.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.
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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,
- Osaka Gas Co., Ltd,
- Selas Heat Technology Company,
- R.W. Beckett Corp,
- SAACKE GmbH, Industrial Combustion IC,
- Wesman Group,
- Striko Westofen,
- Forbes Marshall Pvt. Ltd.,
- QED Combustion,
- Alzeta Corporation,
- Alfa Therm Limited,
- Weishaupt, Enertech GmbH,
- Power Flame (Astec),
- EOGB Energy Products Ltd.
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