Panasonic has developed the first-ever countertop induction oven that includes several benefits including energy-efficiency, high-safety, and rare pre-heating. It provides many features of a full-size oven but is approximately the size of a microwave oven so it fits in a small enclosed space. It can also cook complete meals in 20 minutes or less.

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The Japanese electronics giant introduced the new compact oven at the International Home & Hardwares Show, according to Gizmodo. It is being held from March 5 to 8 in Chicago.  

Most induction ovens built until now have been big units that are the size of a standard stove, which is much larger than Panasonic's microwave-size countertop oven.

Induction cooking works by using magnetic induction to heat a ferrometal (iron alloy with high percentage of other elements) pan or cooking vessel. This differs from other cooking methods including the use of flames or electricity such as for stovetops or toasters.

Induction passes alternating current (AC) through a copper wire located underneath a cooking pot. That creates an electro-magnetic field that heats up the cooking container.

One big benefit of inductive cooking is that it cooks food very quickly. Besides that it uses less energy and does not require a long pre-heat time.  

Panasonic's goal is to have a big impact on the home-cooking market. For example, its mini oven includes an interior plate that heats to different temperatures for various types of food.

The mini induction oven will ship in October but there have been no official announcements about pricing, according to Engadget. That means people will not be able to use the device this summer for barbecue ribs, steaks, or chicken. The new induction oven will reportedly have a price tag of about $600.

Panasonic is headquartered in Osaka, Japan and was founded in 1918. It was originally known as Matsushita Electric Industrial Co., Ltd until it became Panasonic Corporation in 2008.

The company started as a seller of duplex lamp sockets and later added bicycle lamps to its product line. After World War II Panasonic started to produce radios, appliances, and bicycles. In the following decades it started selling TV sets in the United States and expanded the brand to Europe in 1979.