Do you want to get fast, super-precise cooking but want don't want to use - or have access to - a full-size oven or a cooktop? Rejoice, for Panasonic has you covered. The Japanese-based company has revealed that it will produce a Countertop Induction Oven for all you budding chefs out there.

Panasonic, also known as Matsushita Electric Industrial Co. Ltd., showed off a prototype of the oven at the International Home and Housewares Show, a small appliances trade show in Chicago, over the weekend. Not only does the oven promise to cook meals at unprecedented speeds, but it will also be the first of its kind - with induction technology usually reserved for larger devices.

The oven doesn't look all too different from an ordinary microwave or toaster oven at first glance, however closer inspection reveals what truly sets the CIO apart from the rest: the induction plate at the bottom of the inside of the device. Induction cooking utilizes magnetic fields between the cooktop surface and cookware to create heat that cooks food quickly and more efficiently than other methods.

Adding to the strength of the device is an infrared broiler in the top of the unit. Either heat source works quite well when used alone, however using them together - especially in a small, enclosed space - allows the CIO to cook meals such as chicken breasts and vegetables in up to 20 minutes.

In essence, the device isn't just suited for budding chefs but also for people short on time with hectic schedules.

"Our new, one-of-a-kind Countertop Induction Oven will change the landscape of the consumer's kitchen. The CIO is an example of innovation at its best. It delivers a quick, yet high-end and healthy cooking experience to consumers in a compact, easy-to-use design," says Lisa Knierim, VP of Panasonic Home Division. 

Panasonic is hoping that the device will become a major player in the home cooking market, and based on reactions from the reveal it very well might be.

However, the time for it to realize its potential isn't for a few months, as Panasonic says the Countertop Induction Oven won't be available in the U.S. and Canada until this fall. In addition, the unit is expected to cost consumers a pretty penny, with Panasonic estimating a price of around $600.

This isn't the first time Panasonic has taken the idea of innovation to new heights. At the International Robot Exhibition in December 2015, Panasonic revealed a robot that can pick tomatoes.