Hearth Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMEP2600 | Last Updated On: Nov 08 2022 | Available Formats

> Global Hearth Market is Expected to reach a high CAGR of 4% By 2029: DataM Intelligence

Global Hearth Market is segmented By Product (Fireplace, Insert, Stove), By Fuel (Electricity, Gas, Pallets, Wood, Others), By Installation (Indoor, Outdoor, Portable, Wood), By Technology (Direct Vent Technology, Intermittent Pilot Ignition System, Smart Home Integration, Zone Heating Technology, Others), By Application (Commercial, Residential, Hospitality, Institutional), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022 - 2029

 

Market Overview

[150 Pages Report] The Global Hearth Market is expected to grow at a high CAGR of 4% during the forecasting period (2022 - 2029).

Hearth Market - Strategic Insights

Metrics

Details

Market CAGR

 4%

Segments Covered

By Product, By Fuel, By Installation, By Technology, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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The hearth is the fireplace lined with bricks, with or sometimes without an oven. Also, it is used both for heating and food preparation. The hearth is a vital part of a home as well as the main attribute for many decades. In earlier times, the hearth was used to cook food along with heating items. It was also used for processing stones, faunal, floral tools, and wood.

Technologies such as combined heat and power (CHP) provide a variety of possible residential benefits. It fulfills all of a household's heating and hot water needs, along with producing electricity for home use. Besides, one may sell the excess electricity to the power grid, thus facilitating the implementation of new energy-saving technology.

In certain nations, the government gives the owners of CHP plant tax benefits. According to Hearth, Patio, Barbeque Association (HPBA), nearly 3.4 million hearth appliances were shipped in 2017 of which 2.7 million were gas-fueled models.

Market Dynamics:

Although coal, electricity, wood, and pellets are the traditional heating fuels in hearths, the use of solar energy as a fuel is a growing trend on the market, since it generates more energy than conventional fuel. Photovoltaic solar panels are used in heating applications for both residential and commercial spaces. Using solar space-heating systems in home heating applications will reduce the monthly energy costs significantly.

In the United States, the solar investment tax credit is among the most important federal policy tools for promoting renewable energy deployment. In addition to state incentives, the solar health sector benefited from generous government subsidies with a 30 percent federal tax credit. This continues to fuel growth in the fireplace market for hearths.

The global hearth market is projected to be heavily affected by the policies that governments across the globe are implementing. Due to market emphasis on attractive home decoration, demand for hearth is expected to further escalate. As well as being a popular home decor, Hearth products are also known as efficient space heaters. The demand for designer hearths is currently in high demand on the market and is also the manufacturers' main target. These items are enticing clients who look forward to decorating their homes with elegant hearths.

Segment Analysis

The global hearth market is segmented into product, fuel, installation, technology, and application. Based on the product, the market is segmented into the fireplace, insert, and stove.

Based on the fuel, the market is segmented into electricity, gas, pallets, wood, and others. Based on the installation, the market is segmented into indoor, outdoor, and portable. Based on the technology, the market is segmented into direct vent technology, intermittent pilot ignition system, smart home integration, zone heating technology, and others. Based on the application, the market is segmented into commercial, residential, hospitality, and institutional.

The electric hearth is a heating system used for the heating of a space or office during the cold periods in residential and commercial buildings. Due to its lower energy consumption and higher performance production, electric fireplaces are increasingly being adopted nowadays.

Besides, electric hearths are more convenient and safe to use as they work with the assistance of an electrical switch. The heat & flames are created directly by using electricity in the electric fireplace, which removes both chimney construction and smoke generation.

In the current scenario, customers' shifting preference from traditional to the electric hearth is largely due to the advantages that they bring. For example, electric hearths are pollution-free, compact, inexpensive & simpler to use, and their maintenance costs are lower than hearth that require wood and gas.

Besides, electric hearth manufacturers offer creative items such as stand-alone, wall-mounted, table-top, wall or table inserts, and stove style, which is also one of the key factors responsible for the steady growth of the electric hearth market during the forecast period.

Geographical Presentation

By region, the Hearth market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. North America accounted for a majority share of the hearth market in 2019, in terms of both volume and value.

The growing number of independent houses is expected to increase hearth demand growth in North America and Europe area. Besides, the increasing use of heat as a luxury showpiece among the high-income population, coupled with the availability of a wide variety of heat, is also expected to foster growth in the market. In a survey conducted in 2017 by Hearth, Patio & Barbecue Association, over a third of hearth owners were considering remodeling in the next one or two years.

Increasing home automation coupled with rising demand for smoke-less hearth is projected to deliver huge growth opportunities for the hearth industry. Moreover, rising demand for portable heat and increasing manufacturers' emphasis on tapping emerging markets across developed regions by promoting their brand is expected to further fuel hearth market growth over the upcoming years.

There is a strain on the real estate sector because of the adverse effects of the Corona-virus (Covid-19) pandemic. Governments around the globe have introduced national lockdowns which have triggered dramatic changes in consumer spending. People are now reluctant to increase their use of non-essential goods to minimize global demand for the hearth. During 2020-2021 these factors are expected to dampen demand for the global hearth market.

Frequently Asked Questions

What is the Projected CAGR value of the Hearth Market?

Hearth Market is expected to grow at a CAGR of 4% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the  Hearth Markett during 2022-2029.

Which is the fastest growing region in the Hearth Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period. 

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