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.
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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.
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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