SELBYVILLE, Del. - October 14, 2020 - (Newswire.com)
Global Market Insights, Inc. has recently added a new report on the range hood market which estimates the market valuation for range hood will cross US$ 9.5 billion by 2026. The market is witnessing a high growth owing to the rising food safety & hygiene concerns across the globe. The growing number of hotel & restaurant establishments in Asia Pacific and Europe is driving the range hood market. Hotel & restaurant owners are integrating kitchen hoods to adhere to restaurant hygiene and food safety guidelines issued by the local governments.
The recent outbreak of the COVID-19 pandemic is anticipated to hamper the range hood market growth in 2020. Hotels, restaurants, and cafes have temporarily shut down their operations owing to stringent lockdown regulations. Commercial buyers are postponing their purchase decisions owing to the high cost of range hoods and shortage of capital, hindering market growth. However, the market is expected to witness growth with the revival in economic conditions post-COVID-19 pandemic.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/4421
The ceiling mount range hood segment is witnessing a growth owing to the shifting consumer preference toward the construction of modular kitchens. Ceiling kitchen hoods are majorly designed for modular kitchens where a stove or nob are installed in the middle of the kitchen, allowing multiple people to cook together. These systems are available in a variety of shapes, colors, sizes, and materials, gaining high popularity in modern kitchen setups.
The rising consumer disposable income across China, India, Japan, and South Korea is creating a huge demand for advanced kitchen appliances. Consumers across the region are making large investments in developing modular kitchens and are adopting novel kitchen appliances to enhance home aesthetics. Furthermore, the increasing number of food service providers in Asia Pacific is driving the commercial range hood market growth.
Industry participants are primarily focusing on developing range hoods with enhanced aesthetic features to attract customers and gain a competitive edge in the market. For instance, in March 2019, Faber S.p.A. launched its new black stainless-steel option to its range hood product line. This aided the company to introduce decorative products to customers.
Browse key industry insights spread across 220 pages with 323 market data tables & 25 figures & charts from the report, "Range Hood Market Share & Forecast, 2020 - 2026" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/range-hood-market
Some major findings in the range hood market report include:
- Stringent regulations related to food safety and hygiene are anticipated to drive the global range hood market size. Food service industry players are increasingly adopting these appliances to comply with regulatory norms.
- The demand for wall mount range hood systems is increasing significantly owing to their ability to clean lingering smell or smoke in kitchens. Additionally, these systems are available in customized shapes and sizes, creating a huge demand in commercial applications.
- The residential segment will hold the largest market share in the range hood market owing to the shifting consumer preference toward modern kitchen cleaning appliances over traditional cleaning systems such as fans.
- The demand for range hood systems is rising in North America owing to the implementation of government regulations on hotels & restaurant food safety and hygiene.
- Prominent strategies adopted by range hood market players include geographic expansion to cater to unserved markets. Companies are also laying emphasis on new product launches to accelerate their business growth.
Key players operating in the range hood market include Broan, Inc., Asko Appliances, BSH Group, Elica S.p.A., CaptiveAire Systems, Faber S.p.A, Fotile Overseas Kitchen Appliance, Miele, Inc., KOBE Range Hoods, Panasonic Corporation, Samsung Electronics, Vent-A-Hood, Whirlpool Corporation, Viking Range, LLC, Windster Hoods, and Zephyr Ventilation.
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/range-hood-market
Partial chapters of report table of contents (TOC):
Chapter 3. Range Hood Industry Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 on range hood industry landscape
3.2.1. Global outlook
3.2.2. Regional impact
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. Latin America
3.2.2.5. MEA
3.2.3. Industry value chain
3.2.3.1. Research & development
3.2.3.2. Manufacturing
3.2.3.3. Marketing
3.2.3.4. Supply
3.2.4. Competitive landscape
3.2.4.1. Strategy
3.2.4.2. Distribution network
3.2.4.3. Business growth
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Manufacturers
3.3.3. Distribution channel analysis
3.3.4. End-use landscape
3.3.5. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1.1. North America
3.5.1.2. Europe
3.5.1.3. Asia Pacific
3.5.1.4. Latin America
3.5.1.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Growing numbers of food joints & quick service restaurants across the globe
3.6.1.2. Increasing consumer disposable income in North America is supporting the adoption of range hoods in residential applications
3.6.1.3. Implementation of stringent government regulations pertaining to food safety & hygiene in North America & Europe
3.6.1.4. Rising demand for range hood systems in modular kitchens in Latin America and Europe
3.6.1.5. Growing consumer awareness and product popularity in Asia Pacific
3.6.1.6. Rapid development of residential infrastructure in China, Japan, and Australia
3.6.1.7. Proliferation of kitchen appliances industry in South Africa
3.6.2. Industry pitfalls & challenges
3.6.2.1. High initial cost of advanced range hoods
3.6.2.2. Lack of consumer awareness in small countries
3.6.2.3. Availability of low-cost exhaust systems
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. PESTEL analysis
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https://www.gminsights.com/industry-analysis/home-improvement-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports, along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Original Source: Range Hood Market is Projected to Expand at 3.5% CAGR Through 2026, Says Global Market Insights, Inc.
