Global Sales of Commercial Kitchen Ventilation System Market Will Grow at a CAGR of 3.9% to Reach a Humungous Revenue Level by Year 2032 End | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The Commercial Kitchen Ventilation System Market is Anticipated to Account for US$ 3621.4 Million by 2032. Commercial Kitchen Ventilation Systems Market Outstanding Performance Analysis by Leading Industry and Forecast to 2032
NEWARK, Del, April 09, 2023 (GLOBE NEWSWIRE) -- The worldwide commercial kitchen ventilation system market is predicted to have a slow compound annual growth rate (CAGR) of 3.9% between 2022 and 2032. However, it is projected to reach a worth of US$ 3,621.4 million by 2032, surpassing the US$ 2,476.1 million it was valued in 2022. This market worldwide will expand steadily in the upcoming years, primarily driven by the fact that they include air exhausts as well as replacement air facilities within the cooking space. Technological advancements in home appliances and growing awareness of hygiene are a few other aspects that bolster the demand for commercial kitchen ventilation systems.
Increased investments in research and development activities for inventing new technologies, a surge in demand for energy-efficient products, a rise in disposable income, and an improvement in living standards are among the key drivers expected to fuel the growth of the commercial kitchen ventilation market. Surging demand for integrated systems will also aid the expansion of the commercial kitchen ventilation system market size.
The current trend of using Demand Controlled Ventilation (DCV) systems are also contributing to the growth of the market. These systems are becoming increasingly preferred, as they allow for adjusting the exhaust fans' speed based on the cooking equipment's load using optical or heat sensors. As a result, energy can be conserved when the equipment is not in use. This factor drives the demand for DCV systems which, in turn, propels the commercial kitchen ventilation system market forward.
The implementation of strict rules about VOC emission, greater awareness of the greenhouse effect, and rising pollution levels all over the world will aid the commercial kitchen ventilation system market growth in the upcoming years. With rising consumer demand for efficient and aesthetic kitchen appliances, the demand for commercial kitchen ventilation systems will also rise. Additionally, the demand for commercial kitchen ventilation systems is projected to be propelled by a rise in the adoption of technologically advanced tools like the Internet of Things devices as well as by the growing popularity of smart features in these systems. These considerations will drive the overall growth of the market. However, factors like the high cost of the equipment will likely hamper the growth of the commercial kitchen ventilation system market.
Key Takeaways:
The introduction of Demand Controlled Ventilation systems will strengthen prospects for the market.
High costs of the equipment will hinder the market growth of commercial kitchen ventilation systems during the assessment period.
In 2022, the commercial kitchen ventilation system market in Europe accounted for 24.1% of the global market share.
Growing demand for energy-efficient technology will drive the commercial kitchen ventilation system market in North America.
The start-up in this market are focusing on product innovation and development.
Britannia Kitchen Ventilation Ltd., Centrotee Sustainable AG, Munters AB, Flakt Woods Group, CaptiveAire Syatems Inc., Greenheck Fan Corporation, Nortek Incorporated, Solar & Palau, and among others, are the significant players in the commercial kitchen ventilation system market profiled in the full version of the report.
In a competitive market, prominent market players are concentrating on product innovation and product certification to gain a competitive edge. These companies also employ various organic and inorganic business strategies to enhance their market position. In a recent development, Halton Group introduced CMW-FMOD- Cold Mist On Demand Hood which lowers air temperature and eliminates grease from the exhausted air.
More Insights Into Commercial Kitchen Ventilation System Market
FMI’s latest report on the global commercial kitchen ventilation market covers historical data from 2014 to 2020 and forecast statistics for 2022 to 2032. This report provides insights into a ten-year sales forecast with an in-depth examination of market drivers, trends, opportunities, and challenges. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented into application type, fan type, and region.
According to the reports, based on region, the commercial kitchen ventilation system market in North America will continue to perform well during the assessment period. The target market in this region held about 27.5% of the overall market share in 2022. Growing demand for energy-efficient products, the emergence of DCV systems, and the activities of key manufacturers will aid the growth of the commercial kitchen ventilation system market in North America. Europe will also exhibit impressive growth while accounting for 21.4% of the global market share in 2022.
Key Segments Profiled in the Commercial Kitchen Ventilation System Market Survey
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