The latest report suggests that size of the global commercial kitchen appliances will increase to USD 131.77 billion by the year 2027, which means that it will grow at a CAGR of 6.7 percent from 2021 to 2027.
Factoring influencing the growth includes full-service restaurants (FSRs), quick-service restaurants (QSRs), and expansion of tourism and travel. However, other factors that are driving the growth are the development of the railway, drive-though meals, cosmopolitan and fast pacing metros, increasing number of working women, and also an increase in individuals’ disposable income.
Additionally, since the smart kitchen equipment emerged, it has been contributing to the market’s growth, and it is expected to continue doing so in the coming years. Therefore, major market participants are putting all their focus on adopting technological advancements regarding controlling temperature, ventilation, automated maintenance techniques, and equipment cleaning in order to reduce capital and operational time.
Aside from everything, the Internet of Things (IoT) is now ruling the commercial kitchens globally through the integration of kitchen appliances with consumers’ electronic devices. It not only saves time but requires a little effort as well. For example, Monnit Corporation works to design remote monitoring solutions for refrigerators used in commercial kitchens. These refrigerators have built-in temperature and humidity sensors, optimal inventory storage, and monitor cold inventory.
According to the Environmental Protection Agency of the United States, commercial kitchen consumes around 2.5 times greater energy per square foot as compared to any other commercial space. Therefore, increasing concerns about equipment consuming energy and the sudden shift from typical kitchen appliances towards energy-efficient appliances are said to become key contributors to the growth of the industry. Moreover, the increasing number of initiatives taken by the government in order to spread awareness regarding the consumption of energy and increasing the cost of electricity both are also expected to influence the demand for energy-efficient and eco-friendly equipment.