Analysis of the COVID-19 Impact: Commercial Kitchen Ventilation Systems Market 2020-2024 | Increasing Demand for DCKV Systems to Augment Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 3, 2020--
The new commercial kitchen ventilation systems market Research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201103005487/en/
Technavio has announced its latest market research report titled Global Commercial Kitchen Ventilation Systems Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the commercial kitchen ventilation systems market.Download free report sample
“One of the primary growth drivers for this market is the Increasing Demand for DCKV Systems,” says a senior analyst for the Industrials industry at Technavio.
The rising need for reducing energy costs and increasing regulatory pressures to minimize carbon emissions are expected to boost the adoption of demand-controlled kitchen ventilation (DCKV) systems. DCKV systems can reduce exhaust costs by half and help in making significant energy savings. Market vendors are also focusing on the development of new technologies and modifications to make the DCKV systems more efficient. Although the high cost and installation complexities have hampered the adoption rate of DCKV systems, the rising need for energy efficiency is expected to boost their demand during the forthcoming years. Thus, the increasing demand for DCKV systems will significantly drive commercial kitchen ventilation systems market growth.
As the markets recover Technavio expects the commercial kitchen ventilation systems market size to grow by USD 667.91 million during the period 2020-2024.
Commercial Kitchen Ventilation Systems Market Segment Highlights for 2020
- The commercial kitchen ventilation systems market is expected to post a year-over-year growth rate of 5.03%.
- The growing inclination toward automated systems and the increasing need for energy-efficient products are some of the factors contributing to the growth of the commercial kitchen ventilation systems market.
- Market growth in the wall-mounted canopy hoods segment will be slower than the growth of the market in the proximity hoods segment.
- 38% of the growth will originate from the APAC region.
- The increasing urbanization, growing income levels of the population, and growing foodservice sector will significantly influence commercial kitchen ventilation systems market growth in this region.
- China and India are the key markets for commercial kitchen ventilation systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
- The commercial kitchen ventilation systems market size is expected to accelerate at a CAGR of over 6% during the forecast period.
- The commercial kitchen ventilation systems market is segmented by Product (Wall-mounted canopy hoods, Proximity hoods, and Island canopy hoods), Type (Type I hood and Type II hood), and Geographic Landscape (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Captive-Aire Systems Inc., Daikin Industries Ltd., Dover Corp., Greenheck Fan Corp., Halton Group, Illinois Tool Works Inc., Melink Corp., Spring Air Systems, Systemair AB, and The Middleby Corp.
Register for a free trial today to access 17,000+ market research reports usingTechnavio’s SUBSCRIPTION platform
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com:https://www.businesswire.com/news/home/20201103005487/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY BUILDING SYSTEMS
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 11/03/2020 09:00 PM/DISC: 11/03/2020 09:00 PM