Hearth Market Size, Trends & Analysis - Forecasts to 2026 By Type of Fuel (Gas, Electricity, Wood, and Pellet), By Type of Product (Fireplace, Stove, and Insert), By Type of Placement (Indoor Hearth, Outdoor Hearth, and Portable Hearth), By Type of Design (Traditional Hearth and Modern Hearth), By Type of Vent Availability (Electronic Ignition and Standard Pilot Ignition), By Type of Application (Residential, Commercial, Institutional, and Hospitality), By Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
A hearth is defined as a floor area for a fireplace. The various materials used are brick and stone. The hearth is made from a non-combustible element and is produced to preserve your home’s ground from flying ambers and flashes that may roll out of the chimney. COVID19 has impacted every industry and has been prime speculation for the economic slowdown. The hearth industry was affected by the suspended operations of suppliers and distributors. Yet, there was steady consumer demand throughout the lockdown period. Hence, it is competent to predict that the hearth market is about to see a tremendous escalation in the forecast period.
According to the report issued by Global Market Estimates Research & Consultants, the Hearth market is analyzed to register a notable expedition of 4.7% during the forecast period (2020-2026).
High installation costs of hearths and fireplaces are the major restraints of the market whereas the extremely cold weather conditions, adoption in non-conventional applications, and increasing demand for enhancing aesthetics are the major factors enhancing the inclination of the market.
Gas, electricity, wood, and pellet are the various types of fuels contemplated in the global market. The segment to account for the largest market size is the pellet. Biofuels made by compressed organic matter and biomass are called pellets. These can be made by five major components such as agricultural waste, food residues, energy crops, industrial debris & by-products, and virgin lumber. The structure of pellets is dense and has extremely low moisture content. The applications can be seen in cookery, domestic, industrial, and power generation objectives. To aid economic development in countries, there has been a constant expansion of industries and the agriculture sector has led to a boost in waste generation assisting as one of the major factors influencing the enlargement of the market.
Based on the product segment, the market bifurcation can be seen as a fireplace, stove, and insert. The fireplace will be observed to grow upwards in the forecast period. A fireplace is a grate constructed to enhance the ambiance and heat the room during extreme weather conditions. These fireplaces can be fired by charcoal, wood, pellets, coal, coke, and other flammable fuels. Extreme & unbearable cold weather in European and North American countries is expected to function as a driver accentuating the global hearth market.
Based on placement, indoor hearth, outdoor hearth, and portable hearth are the distinct types of hearth placements seen in the hearth industry. An indoor hearth is set to lead the global market within 2020-2026. An indoor hearth is a fireplace placed inside a house, hotel, kitchen, or place of accommodation. The purpose of an indoor hearth is mainly to radiate heat or to cook sumptuous food to improve flavor and aroma. Increasing prevalence towards interior designing to enhance the elegance and ambiance of the accommodation is the prominent propellors of the market.
Types of designs for hearth are traditional hearth and modern hearth respectively. The modern hearth is calculated to account for the largest market size in 2020-2026. It includes neutral colors and subtle features to enhance the features of the place. An increase in power generation has led to the adoption of electricity in all domains including the hearth industry. Hence, it can be considered that electrification of hearths to be one of the contributors to the revenue generation of the market.
Electronic ignition and standard pilot ignition are the vent availabilities for the global hearth market. Electronic ignition is estimated to lead the market in the projection years. The process to use electricity-based tools or instruments to ignite the hearth or fireplace is called electronic ignition. It requires a power line installation or battery connected systems to fire the hearth. The advantage of using this mechanism is to reduce ensure safety and reduce emissions of toxic pollutants in the environment. Increasing emissions of greenhouse gases to feature as the most important sailor for a more high-speed drift of the market.
Commercial, institutional, residential, and hospitality are multiple applications seen in the hearth market. The hospital segment is witnessed a higher CAGR in the forecast period. Expansion in the hotel industry and investments towards the development of the tourism industry are the major drivers influencing the global market.
The regions based on the geographical analysis are North America, the Middle East & Africa, Central & South America, Asia-Pacific, and Europe. Europe has been the anterior region for the precedent years yet, the North American region that includes nations like the US, Canada, and Mexico is regarded to assist soaring expedition during the forecast period. The need for improvement towards conventional hearths, expansion of industries, and extensive expenditures towards hospitality are the notable propellors of the global hearth market.
HNI Corporation, Glen Dimplex, Napoleon Fireplaces, Stove Builder International, Travis Industries, Empire Comfort Systems, and other industries are the dominant players in the global hearth market.
Please note: This is not an exhaustive list of companies profiled in the report.
In July 2020, Valor Fireplaces launched the L3 linear gas fireplace. The dimensions are 66 ¼ inches and also render stacked stone liner media options. For simple installation, the designs used a 6 5/8 inches ventilation system.
In May 2018, Majestic launched a new edition Quartz 42 under the Quartz series. The Quartz series presents an added amplitude of options.
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The Global Hearth Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Hearth Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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