Rising Application in Residential Sector to Foster Range Hood Market Size by 2026
Increasing concerns regarding food safety and hygiene around the world are driving the range hood market growth. The development of new restaurants and hotels in Europe and the Asia Pacific is fueling product demand. Several restaurant owners are using kitchen hoods in order to follow food safety and restaurant hygiene guidelines put forth by local governments.
Range hoods are generally installed in commercial and residential kitchens for the removal of fumes, heat, smoke, airborne grease, and combustion products. Although the recent COVID-19 pandemic induced lockdown has caused restaurants, hotels, and cafes to shut down operations temporarily, estimates suggest that the range hood industry could grow substantially owing to the revival of the economy after the pandemic.
Given rising significance and demand, firms operating in the range hood market are developing new products that are rigged with advanced features. For instance, in 2018, major electronic goods company, Panasonic Corporation launched its new and enhanced chimney type range hood having modern features including an electronic soft-touch glass panel and a smoke duct adaptor. With such advancements, Global Market Insights, Inc., estimates that the range hood market may record over USD 9.5 billion by 2026.
Based on the product, the range hood market is divided into ceiling mount, wall mount and under a cabinet. Of these, the ceiling mount range hood segment is experiencing significant growth owing to increasing consumer inclination towards modular kitchens. Ceiling kitchen hoods are mainly made for modular kitchens with the nob or stove positioned in the middle of the kitchen, allowing multiple users to cook simultaneously. These hoods are available in various colors, shapes, materials, and sizes, which is boosting their popularity in modern kitchens.
In terms of application, the range hood business is bifurcated into residential and commercial. Out of these, the residential segment is anticipated to register the highest market share over the forecast period on account of the shifting preferences of consumers towards modern, advanced kitchen cleaning appliances over traditional cleaning systems like fans.
From a regional standpoint, the North American range hood market is witnessing increasing demand owing to the implementation of stringent government regulations on food safety and hygiene in hotels and restaurants.
While the global range hood market consists of firms such as Asko Appliances, KOBE Range Hoods, Zephyr Ventilation, Faber S.p.A, Broan Inc., Vent-A-Hood, Viking Range, LLC, Panasonic Corporation, Windster Hoods, CaptiveAire Systems, Fotile Overseas Kitchen Appliance, BSH Group, Samsung Electronics, Elica S.p.A, Miele, Inc., and Whirlpool Corporation. These companies are adopting different business strategies such as new product development and geographical expansions in order to enhance their market position.
Source: Global Market Insights, Inc.