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Hearth Market by Fuel Type, Product, Placement, Design, Application, Fireplace Type, Vent Availability, Ignition Type, Material and Region – Global Forecast to 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Hearth Market by Fuel Type (Wood, Electricity, Gas, Pellet), Product (Fireplaces, Inserts, Stoves), Placement, Design, Application, Fireplace Type, Vent Availability, Ignition Type, Material and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The global hearth market was valued at USD 9.3 billion in 2021 and is projected to reach USD 14.8 billion by 2027, registering a CAGR of 7.7% during the forecast period.

Indoor Hearths: The fastest-growing segment of the hearth market

An indoor hearth offers great warmth during chilly fall and winter nights. This can help reduce heating bills because most indoor fireplaces require little kindling and wood. Also, they are a great interior decoration for indoor spaces because they offer an inviting decor to the overall ambience. These hearths are integrated with different technologies and come in varied shapes and sizes. Apart from the heating efficiency of the hearth, the overall esthetic value and power consumption benefits are also valued by end users. Indoor hearths are in high demand these days.

More and more individuals are installing this product as they learn about the benefits of a high-quality indoor hearth. Indoor hearths are available across a wide price range, targeting different income groups. The easy availability of several types of indoor hearths with varying designs, fuel types (wood, gas, electricity, pellet), costs, and related accessories has further boosted the adoption of indoor hearths.

Modern Hearth: The highest growing design segment in hearth market

The modern hearths segment is projected to grow at the highest CAGR during the forecast period. Modern hearths are equipped with remote controls and the latest technologies to support better fuel efficiency and low emission rates. Lower maintenance and operational costs of modern hearths are also expected to drive their growth compared to traditional hearths.

Modern hearths are better equipped to accommodate the guidelines issued by the regulatory bodies. They are comparatively more fuel- and cost-efficient. Modern hearth designs have gained immense popularity due to their visual and esthetic appeal, low maintenance costs, and energy efficiency. Together, these features are expected to drive the market growth for modern hearths.

North America: The largest region in the hearth market in 2021

North America held the largest share of ~64% of the hearth market in 2021. The market growth in this region is rising predominantly due to the strong presence of key hearth manufacturers such as HNI Corporation, Glen Dimplex, Napoleon, Travis Industries (Axis Industrial Holdings Inc.), and HPC Fire Inspired. These players dominate the global hearth market by focusing on their organic and inorganic growth and delivering hearth products with cost-efficient operations and environment-effective fuel modes. In addition, the cold climate and increasing demand for esthetic appeal and home decoration are some of the key driving factors for the hearth market’s growth in the region.

Market Dynamics

Drivers

  • Increasing Demand for Home Automation
  • Increasing Demand for Esthetically Appealing Fireplaces
  • Growing Adoption of Hearths in and Around Houses to Counter Frigid Weather
  • Availability of Numerous Customized Hearth Designs

Restraints

  • High Installation and Maintenance Costs of Hearths/Fireplaces

Opportunities

  • Growing Demand for Hearth Products in Hospitality Industry
  • Replacing Aging Space Heating Equipment

Challenges

  • Strict Government Regulations Pertaining to Environmental Protection

Companies Mentioned

  • Barbas Bellfires
  • BFM Europe Ltd
  • Boley
  • Empire Comfort Systems
  • European Home
  • FPI Fireplace Products International Ltd.
  • GHP Group Inc
  • Glen Dimplex
  • Hearthstone Quality Home Heating Products Inc.
  • HNI Corporation
  • HPC Fire Inspired
  • Innovative Hearth Products
  • Jotul As
  • Melroy Plumbing & Heating, Inc.
  • Mendota
  • Montigo
  • Napoleon
  • Nordpeis
  • Pacific Energy
  • Rasmussen Gas Logs
  • RH Peterson Co.
  • Stellar Hearth Products
  • Stove Builder International (SBI)
  • Travis Industries (Axis Industrial Holdings)
  • Wilkening Fireplace

For more information about this report visit https://www.researchandmarkets.com/r/fcy2cf

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