Status : Published Published On : Apr, 2022 Report Code : VRSME9117 Industry : Semiconductor & Electronics Available Format : Page : 220
2015
2022

Global Hearth Market – Analysis and Forecast (2021-2027)

Industry Insight 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 Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The global hearth market size is anticipated to grow from USD 10.8 billion by 2027 from USD 8 billion in 2021, registering a CAGR of 5.1% during the forecast period 2021-2027. A hearth is a fireplace floor made from brick or stone, with or without an oven, that is used for both heating and cooking food. The hearth shields the home's floor from flying embers, flames, radiant heat, and burning logs that may fall from the fireplace. For a long time, a hearth was an important part of any household, and it was often the house's most important and central feature. Fireplaces, stoves, and inserts are the three most popular forms of hearths. Hearths are widely adopted in several applications like an institution, commercial, residential, hospitality, etc. Furthermore, cold-weather countries such as the United States, France, Canada, Germany, and others have increased demand for these products, which are now placed in the majority of housing complexes and wastewater treatment plants.

Hearth Market Highlights

The COVID-19 outbreak has had an adverse impact on the global hearth industry owing to disruption in the supply chain, the shutdown of production facilities, and disruption in global exports and shipments. This has resulted in a decline in sales of consumer products including hearth products.

Market Segmentation

Insight by Fuel Type

Based on fuel type, the global hearth market is segmented into wood type, pellet type, gas type, and electricity type. The pellet type is anticipated to have a high CAGR during the forecast period 2021-2027 as they produce less air pollution and have reduced heating cost. Adjustable heating via thermostats, fuel flexibility, ease of operation, and tax credits and related benefits on the purchase of pellet stoves, fireplaces, and inserts are only a few of the other advantages offered by the pellet-based hearth. Thus, a combination of these factors is projected to increase demand for pellet-based hearth products.

Insight by Product

Based on product, the global hearth market is classified into the fireplace, stove, and insert. The fireplace contributes to the highest market share owing to reduced emission, is highly fuel-efficient, and has attractive and appealing features, resulting in propelling the growth of the segment.

Insight by Design

Based on the design, the global hearth market is bifurcated into traditional hearth and modern hearth. The modern hearth is anticipated to have a high CAGR during the forecast period 2021-2027 owing to the increased awareness about its visual appeal. Modern hearths come with remote controls and cutting-edge technology to improve fuel efficiency and reduce emissions. Modern hearths are predicted to grow at a faster rate than conventional hearths due to lower maintenance and operational costs.

Insight by Vent Availability

Based on vent availability, the global hearth market is bifurcated into electronic ignition and standard pilot ignition. The electronic ignition category is anticipated to have a high CAGR during the forecast period as it enhances the heating efficiency of the hearth and offers safety features along with additional functionality, resulting in the growth of the global hearth market. Furthermore, in many parts of North America, hearth makers should provide devices with an electronic ignite mechanism. The electronic ignition-based hearth market is predicted to increase internationally as a result of these considerations.

Insight by Application

Based on application, the global hearth market is segregated into residential, commercial, institutional, and hospitality. Residential hearths dominate the market as it provides home decorating aspect and the burgeoning tourism industry will propel the growth of the market. Installation of a modern fireplace, like an electric fireplace, improves the aesthetic appeal of a home. Thus, electric hearths' environmentally friendly aspect and people's curiosity have propelled the global hearth market in the residential segment.

Hospitality application is anticipated to have a high CAGR during the forecast period 2021-2027. Hearths are installed in recreational establishments such as hotels, restaurants, pubs, and cafes for customer comfort and visual appeal. Also, a large number of hotels, bars, pubs, and restaurants are likely to set up hearth products on lawns which will offer customers a good experience when drinking and dining. Thus, hearths with interesting designs add to the mood of such areas. Hospitals also have hearths to create a stress-relieving environment for patients. These all application will drive the growth of teh global hearth industry.

Hearth Market Report Coverage

Report Metric

Details

Historical Period

2015–2020

Base Year Considered

2021

Forecast Period

2021-2027

Market Size in 2021

$8.0 Billion

Revenue Forecast in 2027

$10.8 Billion

Growth Rate

5.1%

Segments Covered in the Report

By Fuel Type, By Product, By Design, By Vent Availability, and By Application

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and Rest of the World

 

Industry Dynamics

Industry Trends

The increased prominence of designer hearths in high-income areas so as to decorate homes with aesthetically appealing products are the trends prevalent in the global hearth market. Hearths are cost-effective, low-maintenance, and have less deployment costs, all of which influence market trends.

Growth Drivers

Factors attributing to the growth of the global hearth market outlook include rising demand to decorate houses to improve the conventional style and visual appeal, rising demand for hearths as they are considered a convenient and energy-efficient option for room heating, increasing espousal of hearths in and around houses to combat exceptionally cold weather, surging choice to customize hearth designs, mounting use in non-residential applications like hotels, restaurants, cafes, bars, etc., and intensifying demand for modern infrastructure in developed and developing nations. Moreover, the availability of various standards and a significant upsurge in the installation of eco-friendly hearths, like electric hearths, for commercial and residential usage will further cushion the development of the global hearth industry. Moreover, the policies established by governments around the world are projected to have a significant impact on the worldwide hearth market. In addition to being a renowned home décor item, hearth products are also considered to be effective space heaters.

Challenges

The availability of substitutes like induction-based room heaters, increased installation and maintenance costs of hearths or fireplaces, lengthy manufacturing process, increased global warming, and traditional hearths are not eco-friendly which will stymie the growth of the global hearth market. Also, strict government laws addressing environmental protection on the use of wood-based hearth products may pose a further impediment to the growth of the hearth sector.

Opportunities

During the timeline period, the replacement of old space heating equipment will create more potential opportunities for the hearth market to grow. Furthermore, as worldwide tourism has grown, so has the demand for better facilities for comfort and a better stay experience, resulting in the expansion of the tourism industry's growth potential, particularly in an area with cold climatic conditions. Technological advancements in the sector provide the market with new opportunities.

Geographic Overview

North America contributes the largest share in the global hearth market owing to the presence of well-established players, increased production and distribution of hearth technology will accelerate the growth in the region.

Europe is anticipated to have a high CAGR during the forecast period owing to the extremely cold weather conditions that require the use of several heating appliances in and around the houses.

Competitive Insight

To increase their market position, the organizations have used both organic and inorganic growth techniques such as product launches and development, collaborations, contracts, expansions, and acquisitions. Existing players have numerous opportunities for entering the hearth industry's value chain. Replacement of aged space heating equipment, use of solar energy as a substitute fuel for hearths, the trend toward home automation, and increased demand for smokeless hearths and technologies are only a few of them.

HNI Corporation paid roughly $30 million to acquire Trinity Hearth and Home's assets in October 2021.

In October 2021, Dimplex North America is thrilled to offer to its outdoor heat lineup by adding new Heatstrip items i.e., the new Long-Wave Heater (DLW series), the Wall-Mount Natural Gas Radiant Heater (DGR32WNG), the Dimplex Infrared Plugin Heater (DIRP), and the Portable Propane Radiant Heater (DGR32PLP). These four new outdoor heat solutions will add to Dimplex's existing outdoor heat portfolio by providing clients with more fuel alternatives, including propane and natural gas, as well as zero-emissions long-wave and plugin infrared heating. The new Heatstrip products are the result of Glen Dimplex Group's expansion, which now owns a majority stake in Thermofilm, an Australian manufacturer and distributor of quality outdoor radiant heating solutions. With a fresh focus on outdoor living, this development comes at the ideal time. Dimplex can now provide North America with the best range of outdoor heating owing to its addition of Heatstrip products.

Travis Industries is a prominent privately owned manufacturer of wood, pellet, and gas stoves, inserts, and fireplaces in America, with four high-quality brands: LopiTM, Fireplace XtrordinairTM, DaVinci Custom FireplacesTM, and Fire GardenTM. These brands are only accessible through a network of over 1,200 authorized merchants in the United States, Canada, Australia, and China.

IHP is a prominent manufacturer of indoor and outdoor fireplaces, fireplace inserts, free-standing stoves, gas log sets, venting devices, and accessories for the specialty retail, new construction, and industrial industries. Their brands include Superior Fireplaces, astria Fireplaces, and Ironstrike.

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.

Hearth Market Size and Market Analysis

Region Covered in the Report

•    North America

- U.S.
- Canada
- Mexico

•    Europe

- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe

•    Asia-Pacific (APAC)

- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific

•    Rest of the World (RoW)

- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries

Frequently Asked Questions

The global hearth market size is anticipated to grow from USD 10.8 billion by 2027 from USD 8 billion in 2021, registering a CAGR of 5.1% 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.
. 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.
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.
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.

Place an order

Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

CONNECT WITH OUR SALES TEAM