US-headquartered research firm Technavio has predicted a mixed outlook for the commercial kitchen ventilation sector over the next four years.
The company is predicting the market to grow at a CAGR of almost 7% during the forecast period of 2021-2025, equivalent to US$685.74m, indicating a current sector value of around US$9.8bn.
However, Technavio also said that market will witness a negative impact during the forecast period, owing to the widespread growth of the Covid-19 pandemic, suggesting that the firm predicted an even faster expansion before coronavirus hit.
The report offers a detailed analysis of the impact of the Covid-19 pandemic on the commercial kitchen ventilation systems market in optimistic, probable, and pessimistic forecast scenarios.
It has taken into account the impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behaviour; pre- as well as post-Covid-19 market estimates; and a quarterly impact analysis and updates on market estimates.
The document covers products including proximity hoods, wall-mounted canopy hoods and island canopy hoods, with geographical areas covered comprising APAC, Europe, North America, South America and The Middle East and Africa.
As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
The researchers believe the commercial kitchen ventilation systems market is driven by the increasing adoption of demand-controlled kitchen ventilation.
In addition, regulations pertaining to kitchen cleanliness and hygiene are expected to trigger the commercial kitchen ventilation systems market toward further growth.