The hearth market was valued at USD 15.02 Billion in 2017 and is expected to reach USD 19.01 Billion by 2023, at a CAGR of 3.87% as per a report by MarketsandMarkets.
How advancement in hearth technologies and use of smoke-free fuel is a good opportunity?
Advanced hearths are available with better fuel types. Gel fireplaces are efficient and are a great source for providing heat. A gel fireplace provides a focal point for a room and can be conveniently turned on with a simple flick of a switch. These fireplaces come in various shapes, sizes, and styles. There is no smoke or odor unlike a wood or gas fireplace. The fuel is a clean-burning mixture of isopropyl alcohol, salt, and water, along with a little thickening agent. These fireplaces can be used both indoors and outdoors.
Ethanol fireplaces are also easy to install and maintain. These are free of smoke, fume, and odor when ignited.
Owing to these benefits over the conventional ones, it is expected that these advanced hearths would be in demand in the near future.
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Why bringing in effective pricing strategies pose a real challenge?
The main challenge for manufacturers is to decide whether to follow their competitors’ pricing strategy or formulate their own strategy. There are players who follow high quality, high-price strategy but have failed to sustain it. This is due to the lack of customer awareness. In the hearth industry, buyers value high-quality products that are safe and reliable, and willing pay more. However, there is a need to explain the benefits and value proposition to the buyers to achieve this goal.
Increasing use of solar energy as an alternative fuel for hearth products
While gas, electricity, wood, and pellets are the standard heating fuels in hearths, the usage of solar energy as a fuel is a growing trend in the market as it produces more energy than the conventional fuel. Photovoltaic solar panels are being installed in both residential and commercial space heating applications. Using solar space-heating systems in home heating applications can significantly reduce monthly energy costs.
Substitutes for space heating
Alternate sources for space heating, such as room heaters and centralized heating systems, are used when the main heating system is inadequate and expensive to install or operate. In such cases, using room heaters is beneficial and serves the purpose.
Technologies such as combined heat and power (CHP) offer a range of potential benefits for residential applications. It fulfills all heating and hot water needs in a household, along with generating electricity for domestic use. Moreover, one can sell the surplus electricity to the power grid, thus encourages the adoption of a unique energy saving technology. In some countries, the government provides tax benefits to the owners of CHP plants.
The value chain of the market includes developers of hearth technologies and associated materials required to manufacture hearth products, manufacturers, raw material providers, and brand customers (manufacturing the end products). HNI Corporation (US), Innovative Hearth Products LLC (US), Travis Industries Inc. (US), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems, Inc. (US), Hearth Products Controls Co. (US), Hearthstone Stoves (US), Montigo (Canada), Pacific Energy (Canada) are some of the major companies operating in the hearth market.
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