Selbyville, Delaware, United States, September 18 2020 (Wiredrelease) Global Market Insights, Inc –:The range hood market is estimated to garner steady growth owing to rising demand for modern and modular kitchens. Consumers nowadays are willing to spend more on acquiring modern homes settings and systems like modular kitchens. Increasing construction activities has supported the deployment of modular kitchens over recent years.
Modular kitchen manufacturers are opting for designer range hood systems that enhance the overall aesthetics of kitchen spaces. For instance, for making kitchen chimneys more attractive, manufacturers have started to install advanced electronic systems as well as LED lighting in their products. This not only enhances the aesthetic of the system but also benefits users by offering saving on energy bills.
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Regions like Europe and North America are experiencing an exponential rise in demand for ceiling mount range hood chimneys given to mounting customer inclination towards the idea of modular kitchens. These products comprise of stoves or hobs that are installed at the center of the kitchen, enabling easy accessibility. Ceiling mount systems are also available in a wide variety of material, colors, sizes, and shapes. On the basis of these aspects, Global Market Insights, Inc., predicts that the range hood market might touch USD 10 billion by the year 2026.
Slated below are a few of the trends that may drive range hood market size:
Surging demand from commercial sectors-
Range hood systems find noteworthy application in both commercial and residential sectors. The commercial sector is expected to endow a sizable share in the market owing to rapid growth in the hotel and foodservice industry. Over the years, food trucks & trailers have seen an immense surge in popularity. Deployment of such businesses has spurred the adoption of cooker hood systems. These trucks also come with highly modified exhaust systems that can work effectively in smaller spaces.
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Promising growth opportunities across North America-
Governments across North America have started to impose stringent food safety & hygiene norms, which could positively impact industry outlook in the long run. Countries like Canada and the U.S. have turned out to become the most resourceful countries in North America.
Canada is emerging as one of the prominent nations in North America that could be emerge as a lucrative avenue for range hood firms. Factors like high demand for modular kitchens, growing consumer awareness, and steady development in the foodservice industry could benefit regional industry landscape overtime.
Implementation of decisive business strategies-
Prominent industry players like Samsung Electronics, Faber, Panasonic Corp., Broan, Whirlpool, Fotile, and Elica are heavily investing in product development and innovation to enhance their consumer base and competitive edge. Taking June 2020 for instance, Xiaomi launched its first side suction type stove set dubbed MIJIA Smart Kitchen Hood.
Table of contents for this research report@ https://www.gminsights.com/toc/detail/range-hood-market
Report Content:
Chapter 1. Methodology and Scope
1.1. Definitions & forecast parameters
1.1.1. Definitions
1.1.2. Methodology and forecast parameters
1.2. Data Sources
1.2.1. Secondary
1.2.2. Primary
Chapter 2. Executive Summary
2.1. Range hood industry 360° synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Distribution channel trends
2.1.5. Regional trends
Chapter 3. Range Hood Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
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. Increasing numbers of quick service restaurants & food joints across the globe
3.6.1.2. Rising consumer disposable income in the U.S. is supporting the adoption of range hoods in residential applications
3.6.1.3. Implementation of stringent government food safety & hygiene regulations in North America & Europe
3.6.1.4. The growing demand for range hoods in modular kitchens in Latin America and Europe
3.6.1.5. Increasing consumer awareness and product popularity in Asian countries
3.6.1.6. Rapid development of residential infrastructure in China, Japan, and Australia
3.6.1.7. Proliferation of the South African kitchen appliances industry
3.6.2. Industry pitfalls & challenges
3.6.2.1. High initial costs required for advanced kitchen hoods
3.6.2.2. Limited 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. Competitive landscape, 2018
3.9.1. Company market share analysis
3.9.2. Strategy dashboard (New product development, M&A, R&D, Investment landscape)
3.10. PESTEL analysis
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