The Hearth Market is forecast to reach $10.5 billion by 2026, growing at a CAGR of 4.3% from 2021 to 2026. The Hearth Market is estimated to witness sustainable growth over the forecast period rapidly due to growing demand from the consumers focusing on decorating homes for enhancing its traditional look and visual appeal. Moreover, hearth items are considered as efficient space heaters and efficient home decors. On the other hand, the increasing popularity of designer hearths in high economic regions is the key focus of the market players in producing these products prompt the expansion of hearth industry over the years to come especially in blast furnaces. Apart from this, hearths are cost-effective, require low maintenance, and incur less deployment costs, thereby steering the market trends. In cold weather countries such as United States, France, Canada, Germany and others increase in demand and are installed in the majority of housing facilities and wastewater treatment plants. Consumers having artistic sense and are eager to decorate their households with visually appealing products search for designer hearths. This will further contribute towards the expansion of Hearth Market over the forecasting years. However, traditional hearths are not eco-friendly, high-cost installations especially of designed hearths and growing environmental sustainability concerns will restrain the Hearth Market growth.
Hearth Market Segment Analysis – By Fuel Type
Electric hearths have dominated the Hearth Market at 52% share in 2020, as they offer benefits that include efficient space heating, along with low emissions. These hearths are more environmentally friendly. Electric hearths are more efficient and require less preservation and installation costs, which turns to increase its demand among the other fuel types of Hearth Market. In Modern Hearth Technology, Electric hearths are majorly installed in Institutional, Hospitality and other commercial services. Due to its eco-friendly nature, Electric Hearths are opted to be the best among other fuel type hearths providing a sustainable energy source and a conventional heating medium for residential and commercial use.
Hearth Market Segment Analysis – By End Use Industry
Residential Hearths hold the largest market in Hearth applications at 34.4% share in 2020. Residential hearth dominates the Hearth Market because of its home- decorating feature. Installation of modern hearth such as Electric hearths primarily boosts up the visual appeal of once residence. Electric hearths eco-friendly feature offers more interest among the users which boosts its market. On the other hand, Traditional hearth installation in various residents also offers traditional texture and a feeling of economic stability by usage if wood type hearths. In cold weather regions such as Greenland, majority of residents have installed traditional hearths mainly comprising of wood type hearth due to lack of electric presence. This also boosts up the Wood type hearth market for residential purposes.
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Hearth Market Segment Analysis – By Geography
North America accounted for being the highest market among all the regions at 36.1% share in 2020. The market growth in this region is predominantly rising due to United States, Greenland, North Canada and others which has the highest installed hearth for commercial as well as residential end use comprising of both modern and traditional hearths. North America followed closely by Europe, is expected to hold a prominent place in the global hearth market owing to the exponential growth of the region because of the increase in use of several types of heating appliances in the houses due to extreme cold weather. Cold climate and the increasing interest among the people towards hearth products related to home decoration is driving the growth in the global hearth market.
Hearth Market Drivers
Rise in Economic Standards Drives Market Growth
Emerging economies in European countries in particular are contributing considerably in Hearth Market especially in Modern Hearth market, thus boosts the development of the global Hearth market. The adoption of both traditional as well as modern hearth in various residential and commercial sectors has improved the market growth in all fuel types. Installation of hearth in both indoor as well as outdoor for making the resident look more visually decorative drives the market in a useful way. Rise in economic standards of many regions such as United States, Canada and other North America regions also boosts the market growth. On the other hand, increasing popularity of designer hearths in high economic regions are the key focus of the market players in producing these products prompt the expansion of hearth industry over the years to come.
Installation of Eco-friendly Hearths
The significant increase in the installation of Eco-friendly hearths such as Electric hearths for commercial as well as residential purposes is the major driver of Hearth Market growth. Adoption of Modern hearth technology in which making use of electric fuel-type hearth is the most conventional source of energy which offers a high capacity fireplace and stove at residents. This provides sustainable growth in the Hearth Market. Electric hearths are more efficient and require less preservation and installation costs, which turns to increase its demand among the other fuel types of Hearth Market. By installation of Electric hearth, the usage of other non-conventional fuel type hearth such as wood, gas has been restrained which offers a sustainable energy source for future generation. Electric hearth also provides pollution free energy source as compared to other fuel types for heat generation in cold weather countries which drives the market in these regions.
Hearth Market Challenges
Impact of Traditional Hearths
One of the major challenges faced by Hearth Market is the high usage of traditional hearth technology in many parts of the low economic as well as cold weather regions. Traditional hearth technology mainly uses wood and gas as their fuels to produce heat which also affect the environment adversely as it also produces smoke in large amount. In cold weather regions where there is no or less electricity availability, the usage of wood and gas produces smokes in large amount as there is large residential use in those regions. Installation of traditional hearths for fireplace and stoves as products. In Asia-Pacific regions such as China and Japan, there is a huge adoption of traditional hearths which has decreased the amount of tree logs as majority of hearths uses wood as fuel thus deteriorating the amount of non-conventional energy source and affecting environmental sustainability.
Hearth Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Hearth Market. The Hearth Market is dominated by major companies such as Hearth Products Controls Co., Hearthstone Stoves, HNI Corporation, Innovative Hearth Products, Jotul AS, Nordpeis, Pacific Energy, Rasmussen Gas Logs and Grills, RH Peterson Co., Stellar Hearth Products, Travis Industries Inc., Wilkening Fireplace Company.
Acquisitions/Technology Launches/Partnerships
In May,2020, Hearthstone Stoves launched their first eco-friendly fireplace product named TruHybrid stoves which burns cleanly and efficiently before and after you engage the catalyst. The system combines primary and secondary combustion with tertiary combustion using a catalyst to take care of any unburned smoke particles and gases.
In March 2019 OpenGate Capital, a global private equity firm, announced that it has completed the acquisition of Jotul Group (Jotul AS), a leading manufacturer of residential stoves and fireplaces, from Ratos AB, a Swedish listed investment company.
Key Takeaways
The Hearth Market is estimated to witness a sustainable growth over the forecast period rapidly due to increasing demand from the consumers focusing on decorating homes for enhancing its traditional look and the visual appeal.
Hearth items are considered as efficient space heaters and efficient home decors and many of them are eco-friendly such as electric hearth.
Traditional Hearths are cost-effective, require low maintenance, and incur less deployment costs, thereby steering the market trends. The installation charge of traditional hearths are comparatively less as compared to the modern hearths.
In cold weather countries such as United States, France, Canada, Germany and others increases in demand and are installed in majority of housing facilities. In these cold regions Hearth market gets boost especially in wood fuel type hearths.
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