As we step into the future, the industrial gas stove market is poised for substantial growth, with predictions pointing towards a moderate but consistent Compound Annual Growth Rate (CAGR) of 3.3% between 2023 and 2033. This anticipated expansion is expected to elevate the market’s value from the current US$ 8.86 Billion in 2023 to an impressive US$ 12.25 Billion by 2033.
Industrial gas stoves have firmly established themselves as indispensable tools within heavy industries. These stoves are not merely appliances; they are the fiery heart of manufacturing operations, essential for achieving the precise temperature output and fire intensity required for various processes.
The surge in demand for industrial gas stoves can be attributed to a multitude of factors, with global consumerism playing a pivotal role. As the world’s appetite for products continues to grow, industries are under constant pressure to optimize their manufacturing processes. Industrial gas stoves provide a reliable and efficient source of thermal energy, enabling manufacturers to meet these demands with precision.
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Presently, luxury hotels emerge as prominent purchasers within the industrial gas stove market. According to comprehensive research by FMI, the luxury hotel sector anticipates a commendable growth trajectory, poised at a notable CAGR of 5% throughout the forecast duration. The integration of heavy load sharing burners within industrial gas stoves has proven advantageous for stakeholders engaged in the luxury hotel industry, effectively streamlining operational expenses.
Furthermore, the utilization of stainless steel in the fabrication of industrial gas stoves offers an additional advantage, mitigating the need for extensive maintenance due to their inherently non-greasy properties. This attribute is anticipated to amplify the demand for industrial gas stoves over the stipulated forecast period.
Significantly, a prime driver bolstering the industrial gas stove market lies in their ability to expedite cooking processes, thus positioning them as pivotal kitchen appliances. This stems from their inclusion of adaptable thermostat settings, a feature that expedites cooking procedures with seamless precision. This advantageous characteristic holds the potential to substantially elevate the sales of industrial gas stoves within the forecast duration.
Key Highlights:
- The industrial gas stove market holds a current valuation of US$ 8856.84 million in 2023.
- Anticipated growth is projected to lead the market to a valuation of US$ 12254.11 million by 2033.
- The market is set to exhibit a steady CAGR of 3.3% during the period spanning 2023-2033.
- In the United States, the industrial gas stove market is presently valued at US$ 2258.49 million in 2023, with an estimated growth at a CAGR of 3.2% across the forecast duration.
- The UK market is currently valued at US$ 540.27 million in 2023 and is predicted to experience a robust CAGR of 4.8% during the forecast period.
- Foreseen for China, the industrial gas stove market is poised to attain a valuation of US$ 1588.35 million by 2033, underpinned by an anticipated CAGR of 5.3% throughout the forecast timeframe.
- 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.
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
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Key Segments Covered:
By Fuel Type:
- Oil-based
- Gas-based
- Dual Fuel
- Others
By Automation:
- Monoblock
- Duoblock
By Burner Type:
- Regenerative Burner
- High-velocity Burner
- Thermal Radiation
- Customized Burner
- Flat flame Burner
- Line Burner
- Others
By Applications:
- Boilers
- Furnace/Oven/Kiln
- Air Heating or Drying
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Author:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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