Global Market for Hearth is Anticipated to grow at a Significant Pace i.e., USD 8 Billion during the Forecast Period 2021-2027
The global hearth market is anticipated to register a 5.1% CAGR during the forecast period 2021-2027. The increased prominence of modern designed hearth products, rising adoption of pellets and biomass fuel-based hearths, increased demand for aesthetically alluring fireplaces, mounting implementation in non-residential applications like hotels, cafes, etc., increased usage of hearths in and around houses to counter extreme cold weather will propel the growth of the global hearth market. A hearth is a useful choice for room heating because it helps to reduce electricity expenses when compared to other space heating systems. Indoor, outdoor, or portable hearths can be used for commercial, residential, and other purposes. Also, modern fireplaces have become more efficient and electrified, leading to the creation of new hearth types. Thus, hearths are cost-effective, require minimal maintenance, and are easy to install is driving up demand around the world.
HNI Corporation paid roughly $30 million to acquire Trinity Hearth and Home's assets in October 2021.
COVID-19 had an impact on the operations of hearth manufacturers, businesses of suppliers, and distributors. In the short run, the fall in export shipments and poor domestic demand for hearth products in contrast to pre-COVID-19 levels is likely to have a negative impact on hearth demand.
Browse 73 market data Tables and 45 Figures spread through 220 Pages and in-depth TOC on " Hearth Market by Fuel Type (Wood Type, Pellet Type, Gas Type, and Electricity Type), by Product (Fireplace, Stove, and Insert), by Design (Traditional Hearth and Modern Hearth), by Vent Availability (Electronic Ignition and Standard Pilot Ignition), by Application (Residential, Commercial, Institutional, and Hospitality), and Region - Global Forecast to 2027"
By fuel type, the electricity hearth segment dominates the market.
The global hearth market is divided into four categories based on fuel type: wood, pellets, gas, and electricity. Electricity Hearth type contributes to the largest share in the global hearth market as they are more efficient, require less maintenance and installation cost, environmentally friendly, resulting in the best option to provide a sustainable energy source.
Global Hearth Market Segmentation Analysis
|
Segment |
Categorization |
Leading Category |
|
Fuel Type |
Wood Type, Pellet Type, Gas Type, Pellet Type and Electricity Type |
Electricity Type (Largest) Pellet Type (High CAGR) |
|
Product |
Fireplace, Stove, and Insert |
Fireplace (Largest) |
|
Design |
Traditional Hearth and Modern Hearth |
Modern Hearth (High CAGR) |
|
Vent Availability |
Electronic Ignition and Standard Pilot Ignition |
Electronic Ignition (High CAGR) |
|
Application |
Residential, Commercial, Institutional, and Hospitality |
Residential (Largest) Hospitality (High CAGR) |
|
Region |
North America, Europe, Asia-Pacific, and Rest of the World |
North America (Largest) Asia-Pacific (Fastest) |
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“Asia-pacific is predicted to witness the fastest growth in the Hearth Market.”
APAC is anticipated to propel the fastest growth in the global hearth market owing to initiatives by the government to encourage the adoption of renewable energy biomass fuels and pellets and the rising number of hearth suppliers and manufacturers in the region. Furthermore, growth in the renewable energy sector will lead to the adoption of biomass fuel-based hearths.
Some of the major players in the global hearth market include HNI Corp., GLEN DIMPLEX GROUP, Stove Builder International, NAPOLEON, Innovative Hearth Products, Pacific Energy, Montigo, GHP Group Inc, Hearthstone Quality Home Heating Products Inc., and BFM Europe Ltd.
Scope of the Report
|
Report Metric |
Details |
|
Market Size Available for the Years in the Study |
2015–2027 |
|
Historical Period |
2015–2020 |
|
Base Year |
2020 |
|
Forecast Period |
2021–2027 |
|
Segments Covered in the Study |
Fuel Type, Product, Design, Vent Availability, Application, and Region |
|
Geographies Covered in the Study |
North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.) |
|
Companies Covered in the Study |
HNI Corp., GLEN DIMPLEX GROUP, Stove Builder International, NAPOLEON, Innovative Hearth Products, Pacific Energy, Montigo, GHP Group Inc, Hearthstone Quality Home Heating Products Inc., and BFM Europe Ltd. |
Global Hearth Market Coverage
Fuel Type Insight and Forecast 2015-2027
- Wood Type
- Pellet Type
- Gas Type
- Electricity Type
Product Insight and Forecast 2015-2027
- Fireplace
- Stove
- Insert
Design Insight and Forecast 2015-2027
- Traditional Hearth
- Modern Hearth
Vent Availability Insight and Forecast 2015-2027
- Electronic Ignition
- Standard Pilot Ignition
Application Insight and Forecast 2015-2027
- Residential
- Commercial
- Institutional
- Hospitality
Geographical Segmentation
Hearth Market by Region
North America
- By Fuel Type
- By Product
- By Design
- By Vent Availability
- By Application
- By Country – U.S., Canada, and Mexico
Europe
- By Fuel Type
- By Product
- By Design
- By Vent Availability
- By Application
- By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
Asia-Pacific (APAC)
- By Fuel Type
- By Product
- By Design
- By Vent Availability
- By Application
- By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Fuel Type
- By Product
- By Design
- By Vent Availability
- By Application
- By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries