According to a new report Global Commercial Cooking Equipment Market, published by KBV research, The Global Commercial Cooking Equipment Market size is expected to reach $17.3 billion by 2026, rising at a market growth of 9.7% CAGR during the forecast period. The global commercial cooking equipment market is driven due to unprecedented growth in the hospitality industry and lifestyle changes. Also, growing concern over food safety and growing demand for quick service restaurants over full-service restaurants have had an impact on the market growth.
The ovens segment held the highest market share in 2016. High price and large user base of ovens has been the major factor that led the market adoption of ovens. Growing demand for combi ovens due to ease of usage is the key driver of the market. The Ranges market is exhibiting a CAGR of 8.2% during (2020 - 2026). Additionally, The Broilers/Char Broilers/Grills/Griddles market would showcase a CAGR of 10.2% during (2020 - 2026).
The Quick Service Restaurants market dominated the Global Commercial Cooking Equipment Market by End User 2019, growing at a CAGR of 8.8 % during the forecast period. The Full-Service Restaurants & Hotels market is witnessing a CAGR of 10.5% during (2020 - 2026). Additionally, The Other market would exhibit highest CAGR of 11.2% during (2020 - 2026).
North America would be a dominant region throughout the forecast period. Widespread adoption of commercial cooking equipment installation and growing demand for fast food and ready to cook food would drive the region to the leading region during the forecast period. Asia-Pacific on the other hand, would be the fastest growing market during the forecast period. Thriving tourism sector and substantial investment into the hosspitality sector are some of the major factors that are contributing to the demand for commercial cooking equipment in the region.
Full Report: https://www.kbvresearch.com/commercial-cooking-equipment-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ALI S.P.A, Illinois Tool Works (ITW) Inc., Duke Manufacturing Co. Inc., The Middleby Corporation, Alto Shaam, Inc., Edward Don & Company, Fujimak Corporation, Welbilt, Inc., AB Electrolux, and Rational AG.
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