The hearth market was valued at USD 15.72 Billion in 2018 and is expected to reach USD 19.01 Billion by 2023, at a CAGR of 3.87% during the forecast period.
The major growth drivers for the market include factors such as the cold weather conditions in certain countries and the rising interest for esthetically appealing home decor products by customers. With advancements in hearth technologies and use of smoke-free fuel, the market is expected to witness significant growth during the forecast period.
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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.
In the US, the solar investment tax credit is among the most important federal policy mechanisms to support the deployment of solar energy. The solar hearth market has been benefited with a 30% federal tax credit from generous taxpayer subsidies in addition to state incentives. This continues to drive the growth in the hearth fireplace market.
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.
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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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