Estimated Growth Potential Of The Hearth Market 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
According to The Business Research Company’s Hearth Global Market Report 2023, The global hearth market is expected to grow from $12.38 billion in 2022 to $12.91 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The market size of the hearth market is expected to grow to $14.51 billion in 2027 at a CAGR of 3.0%.
North America was the largest region in the hearth market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Hearth Market Driver
The hearth market is predicted to rise due to increased usage of hearths, particularly in nations with extremely cold weather conditions. In countries with very freezing weather, a fireplace is a convenient option for heating rooms, and it also helps to cut electricity expenditures when compared to other space heating systems. The top countries with mean temperatures less than 10 degrees Celsius, according to the Tyndall Centre of Climate Change Research, include the United Kingdom, China, Russia, Germany, Ukraine, and Poland. Hearths are frequently used in these countries for heating rooms and cooking in residential areas, cafes, restaurants, and other indoor locations. As a result, chilly weather conditions in various geographies, as well as increasing adoption of a hearth in these places, will drive market expansion.
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Key Hearth Market Segments
The global hearth market is segmented –
1) By Product: Fireplace, Stove, Insert
2) By Fuel Type: Gas, Electricity, Wood, Pellet
3) By Design: Tradtional, Modern
4) By Placement: Indoor, Outdoor, Portable
5) By Application: Commercial, Residential, Other Applications
Hearth Market Prominent Players
Major players in the hearth market are HNI Corporation, Pacific Energy, Empire Comfort Systems Inc., Napoleon Products, FPI Fireplace Products International Ltd., Innovative Hearth Products LLC, Travis Industries Inc., Montigo, GHP Group Inc., Glen Dimplex, Stove Builder International (SBI), Hearthstone Quality Home Heating Products Inc., RH Peterson Co., Barbas Bellfires, BFM Europe Ltd., Boley, Stellar Hearth Products Inc., Element4, Hearth Products Controls Co., European Home, and Wilkening Fireplace.
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Prominent Hearth Market Trend
The introduction of innovative eco-friendly fireplace and related goods is gaining traction in the hearth sector. To address the needs of end-users and increase the company’s product range, key market players are always producing new eco-friendly goods with sophisticated features such as low emissions and lower fuel consumption. For example, Stove Builder International Inc., a family-owned Canadian company that designs, builds, and markets domestic heating equipment, will offer the Everest II wood-burning fireplace under the Osburn brand in April 2020. The new fireplace has benefits such as lower fuel use and emissions. In another case, Hearthstone Stoves debuted TruHybrid stoves in May 2020, their first eco-friendly fireplace product, with ultra-clean combustion that exceeds 2020 EPA clean air regulations and high efficiency of up to 30 working hours.
The Hearth Global Market Report 2023 provides comprehensive insights on the hearth market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the hearth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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