Smart Oven Market: Overview
The market size for Smart Oven was USD 128.5 million in 2021, and it is projected to grow at a CAGR of 17.5 percent during the forecast period. Unlike a microwave or a grill, mart ovens offer speed and convenience while performing like a regular oven. Smart ovens combine the functions of a microwave with a traditional grill. Smartphones can control smart ovens by connecting them via Bluetooth or Wi-Fi. The ability to operate the oven through a device allows the user to preheat the oven before arriving home. A built-in camera that monitors the cooking process is one of the extra functions offered by certain smart ovens. Depending on the meal, the oven can choose its settings automatically. The adoption of energy-efficient buildings in developing countries is aided by governmental programs for smart buildings, energy efficiency specifications in new construction plans, and industry compliance with energy-efficient standards. It is projected that developments in the Internet of Things (IoT) and artificial intelligence (AI) will present opportunities for industry participants in the smart oven market.
Nevertheless, it is projected that end consumers' risk of security and privacy concerns will restrain the global market's expansion during the forecast period. Increased household appliance purchases are also anticipated to fuel the market shortly. The Federal Reserve Bank of St. Louis estimates that personal consumption expenditures for home appliances increased from US$ 65.20 billion in 2019 to US$ 71.20 billion in 2020. An increasing trend in the smart oven market is the production of intelligent smart ovens. It is also projected to increase demand for these ovens in the upcoming years. Urbanization is accelerating quickly in many nations. Urban dwellers are more likely exposed to new technical developments and product releases (including intelligent ovens). In 2019, 56% of the world's population lived in urban areas, up from 55% in 2018, according to statistics released by the World Bank.
Smart Oven Market: COVID-19 Impact
Global travel bans, a state of lockdown, and delays in supply chains for numerous businesses have all been brought on by COVID-19's impact on various industries worldwide. The semiconductor industry has also been adversely damaged by the ongoing unprecedented event, with a sharp decline in revenues, due to the unpredictability of digital devices. Despite the growing unpredictability, chipmakers, in particular, continue to operate and work on a long-term plan for the semiconductor industry. Due to ongoing commercial stability, many semiconductor manufacturers cooperate with their partners and particular markets. For instance, semiconductor manufacturers continuously work to improve their products' designs and manufacturing processes while putting their employees' health and safety first. The semiconductor sector has felt the necessity to maintain operations for their end users, including medical and healthcare technologies that are working to combat the COVID-19 pandemic, such as artificial intelligence, Industry 4.0, and 5G. The pandemic restrictions hindered the adoption rate of the solutions because semiconductor components are a crucial component of the manufacture of smart ovens.
Smart Oven Market: Drivers
Wireless Options are Readily Available to Drive Market Growth
The Internet of Things (IoT) technologies, sensors, and services connected via a communication network that can be accessed, monitored, and controlled remotely are used to build home systems and appliances in smart homes. A smartphone or portable touchscreen device can control a single system of connected home equipment, including a smart oven, lights, locks, TVs, security cameras, audio speakers, and kitchen appliances. In addition, customers of smart homes frequently ask for lower electricity bills when energy prices rise. Remote-operated appliances can reduce the cost of regulating heating and ventilation systems and other home appliances, saving users' time, energy, and manual labor. Some of the prevalent Ethernet protocols currently used in such devices are BACnet, Z-Wave, ZigBee, Bluetooth, and Wi-Fi. Such wireless energy harvesting technology promotes home automation and energy efficiency in wireless switches and sensors. Due to battery-free wireless devices, wireless solutions in smart homes can provide consumers greater comfort, convenience, and security as well as decreased energy consumption, maximum flexibility, and significant cost savings. As a result, it is easier to integrate a web application or a smartphone app closely with all electrical equipment and sensor interfaces. As a result, the global market for smart ovens is expanding due to the accessibility of wireless technologies.
Increased Spending at Restaurants and More People Buying Household Appliances Driving Market Growth
Businesses that sell food are expanding rapidly as more people choose to eat at these establishments. This directly affects the costs associated with kitchen appliances, such as smart high-speed ovens. This is expected to increase demand for sophisticated commercial ovens, such as conveyor ovens. Additionally anticipated to fuel the industry in the near future is an increase in buying home appliances.
Smart Oven Market: Restraints
Data Safety to Hamper Market Growth
All Internet-connected smart equipment can provide supplementary services to ease daily life and work. However, security risks also increase as more connected household appliances are used. About 75% of connected devices are estimated to be open to various attacks. There are numerous security risks when connecting standalone smart devices like locks, kitchen appliances, and lights. Common security issues and threats against smart home devices include data and identity theft, device hijacking, distributed denial of service (DDoS), and persistent denial of service. As a result, given that the smart home environment is constantly connected to the outside world via the Internet, end users will be concerned about security and privacy, which will restrain the growth of the global smart oven market throughout the forecast period. The high power consumption required for its operation is also arestraint for the growth of the smart oven industry. During the forecast period, growing global concerns about energy conservation are anticipated to be a challenge for smart ovens.
Smart Oven Market: Segment Overview
Residential to Dominate market due to Customers' Busy Schedules and Rapid Urbanisation
Over the forecast period, a sizably big revenue share is anticipated from the residential category. The use of smart ovens and kitchen appliances is steadily increasing due to customers' busy schedules and rapid urbanization. Another element fueling this segment's sales growth, particularly in light of the pandemic, is the growing awareness of healthy eating and nutrition. The usage of smart ovens, which cook food at preset temperatures, is made possible by technological improvements. Self-cleaning features are also available in smart ovens. Automation can increase significantly and improve energy management. One of the main elements boosting the demand for smart ovens and supporting the segment's sales growth is the multitasking ability with the auto-shutdown function.
Built-In Smart Oven To Dominated Market due to its Futuristic Design
The built-in smart oven segment commanded the biggest market share during the forecast period, and it is anticipated that this dominance will continue. The device's smooth, sleek, and futuristic design is responsible for its dominance in the built-in market. The demand for built-in ovens is also projected to increase due to their greater cooking capacity compared to most countertops on the market.
Smart Oven Market: Regional Landscape
North America to Dominate market due to High Standard of Living of People
North America is a key market for smart ovens and is anticipated to contribute significantly to the market in the coming years. Major markets, including Canada, US, and Mexico, are found in North America. The two countries with the highest per capita incomes are the US and Canada. The high standard of living in North America is seen as one of the main factors driving the need for smart ovens. The US is seen as a significant market for smart ovens. The nation quickly adopts a novel and emerging technology.
Furthermore, the nation has some of the lowest import tariffs, enabling a bigger populace to access imported goods like smart devices. The country has also experienced an increase in the number of smart homes, contributing to the increased adoption of smart ovens. In North America, the US enjoys some of the greatest living standards.
Additionally, the country's high employment rate and improving living standards have helped fuel a thriving market for smart ovens. The need for increasingly advanced and intelligent appliances for smart homes is expanding among customers. The market's expansion is primarily driven by remote accessibility and connectivity among various kitchen appliances and gadgets, including lighting, smart smoke sensors, and smart chimneys, among others. Demand for smarter home appliances, such as smart ovens, is also being driven by changing lifestyles and rising money per capita, this all factors are also influencing the growth of the smart oven market.
The market is expanding across Europe. The EU's most populous nation is Germany. Additionally, it is a highly developed technology. Germany is a significant economy globally because of its highly educated and skilled working class. The demand for smart home appliances has increased due to the country's expanding manufacturing industry and the higher middle-class population. The majority of the population of Germany lives in small flats due to the country's high real estate prices, particularly in its metropolitan areas. The number of studio and service apartments has increased throughout the nation. The region now has a greater need for small and smart devices due to the reduced residential sizes.
Global Smart Oven Market: Competitive Landscape
In May 2022, Haier's new AI power oven was introduced. The oven has a sensor for automatic start-up and PreciTaste technology. It is anticipated that the product's introduction will improve its market presence. Moreover, in December 2020, The first smart countertop microwave oven from Sharp Home Electronics Company of America (SHCA) was released. The item has Wi-Fi connectivity and is compatible with Alexa, which allows for hands-free voice instructions.
Smart Oven Market players include Breville Group Limited, Electrolux AB, Panasonic Corporation, LG Electronics Inc, Haier Group, Sharp Corporation, and Samsung Electronics Co. Ltd.
Global Smart Oven Market is Segmented as Below:
By Distribution Channel
Key Elements Included In The Study: Global Smart Oven Market
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