Induction cooking is considered to be one of the most efficient technologies for cooking in both commercial and residential sectors. Commercial induction cooktops work on the principle of magnetic induction, in which the excitation of eddy currents is done in the presence of an oscillating magnetic field. The process is done in a ferromagnetic cookware and by the joules effect, these induced currents can generate and dissipate heat directly in the cooking vessel for cooking. As a result, there is lower heat loss due to inefficient thermal conduction between cookware and heating element. Commercial induction cooktops can transfer 90% of the consumed energy to food. In comparison, traditional electric systems offer only about 74% of thermal efficiency and gas offers only 40% thermal efficiency.
Furthermore, various configurations of commercial induction cooktops, such as single hob, double hob and multi hob commercial induction cooktops, are available in the market, catering to various requirements. Additionally, based on the type of installation, there are mainly three types of commercial induction cooktops available in the market: countertop, drop-in and floor-standing commercial induction cooktops. The configuration may differ according to the end users in the commercial sectors. The prime end users of commercial induction cooktops are restaurants, hotels, canteens, etc.
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Commercial Induction Cooktops Market: Dynamics:
The continuously growing population is creating demand for new technologies which are energy efficient and more reliable. Commercial induction cooktops are more efficient and reliable cooking equipment and according to the Electric Power Research Institute (EPRI), they have a thermal efficiency of 90%. These is expected to be the prime factor contributing to the robust growth of commercial induction cooktops during the forecast period.
Furthermore, petroleum based energy sources, such as LPG gas, are limited and growing awareness about the use of clean energy in the cooking process is driving the market of commercial induction cooktops. The improving compatibility of commercial induction cooktops with multi hob function will lead to decent opportunities for growth in the global market of commercial induction cooktops.
However, the high initial cost of commercial induction cooktops, requirement for induction compatible products for cooking and easy availability and high penetration of gas cooktops are anticipated to be some of the challenges for the growth of commercial induction cooktops market.
Commercial Induction Cooktops Market: Segmentation:
The Commercial induction cooktops market can be segmented on the basis of number of hobs, type of installation, end use and region.
On the basis of number of hobs, the global commercial induction cooktops market is segmented into:
- Single Hob Commercial Induction Cooktops
- Double Hob Commercial Induction Cooktops
- Multi Hob Commercial Induction Cooktops
On the basis of type of installation, the global commercial induction cooktops market is segmented into:
- Countertop Commercial Induction Cooktops
- Drop-In Commercial Induction Cooktops
- Floor-Standing Commercial Induction Cooktops
On the basis of end user, the global commercial induction cooktops market is segmented into:
Commercial Induction Cooktops Market: Regional Outlook:
The Asia Pacific region is expected to be the most lucrative market for commercial induction cooktops owing to growing urbanization and increasing demand for new alternative for cooking processes. Emerging countries such as, China, India, Japan, etc., are projected to observe significant growth in the market of commercial induction cooktops due to growing number of restaurants and hotels. In Europe, the growing popularity of commercial induction cooktops is projected to drive the market of commercial induction cooktops in the region.
The growing demand for multifunction cooktops from the commercial sector in North America anticipated to drive the commercial induction cooktops market in the region. Latin America and Middle East & Africa also expected to register decent growth in the commercial induction cooktops market.
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Commercial Induction Cooktops Market: Market Participants:
Some of the market participants in the global commercial induction cooktops market are:
- Panasonic Corporation
- The Vollrath Company, LLC
- Garland Group
- APW Wyatt
- True Induction
- Globe Food Equipment Co.
- Lincat Limited
- Fisher & Paykel Appliances Limited
- ELAG Products GmbH
- Dipo Induction
- Admiral Craft Equipment Corp.
- Hatco Corporation
- Spring USA