Technavio anticipates a CAGR of 2.99% for the industrial bakery oven market worldwide by 2025, a growth of USD 267.98 m, a study shows. The research outlined a fragmented market, a trend expected to continue over the next three years.“To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments,” the study concluded.
The market growth is driven by higher demand for high-quality bakery products, an increasing expansion of processing plants, standard-compliant technology. Energy consumption remains among the challenges for this type of technology. Tunnel ovens are expected to grow significantly in their market share over the forecast period. The study attributes this growth to factors including their flexibility in the energy resource powering them, their baking efficiency and extended lifespan. The APAC is expected to have the highest market share growth during the forecast period, according to the research.