The Hearth Market is forecast to reach $16 Billion by 2025, growing at a CAGR of 4% from 2020 to 2025. The Hearth Market is estimated to witness a sustainable growth over the forecast period due to growing demand from the consumers focusing on decorating homes for enhancing traditional look as well as for visual appeal. Moreover, hearths are considered as efficient space heaters and efficient home decors, cost-effective, require low maintenance, and experience less deployment costs, thereby encouraging the market trends. End users having creative sense who 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 and high-cost installations especially of designed hearths as well as growing environmental sustainability concerns will restrain the Hearth Market.
Hearth Market Segment Analysis – By Ignition Medium
Electric hearths have dominated the Hearth Market, 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 tends to increase its demand among other ignition mediums of Hearth Market.
In Modern Hearth Technology, Electric hearths are majorly installed and are used for Institutional, Hospitality and other commercial facilities. Due to their eco-friendly nature, Electric Hearths are known to be the best fuel type hearths providing a sustainable energy source and a conventional heating medium for residential and commercial use.
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Hearth Market Segment Analysis – By End Use
Residential Hearths hold the largest market in Hearth applications. Residential hearth dominates the Hearth Market because of home- decorating adoption. Installation of modern hearths such as Electric hearths primarily boosts up the visual appeal of one’s residence. Electric hearths’ offers eco-friendly features which promotes more interest among the users which helps in its market growth. Moreover, Traditional hearths or Conventional hearths installation for household use offers an energy-efficient and visual appeal and maintains the economic stability by usage of wood type hearths. In cold weather regions such as Greenland, majority of houses 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.
Hearth Market Segment Analysis – By Geography
North America accounted for the highest market among all the regions by geography. The market growth in this region is predominantly rising due to United States, 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 Europe are contributing considerably in Hearth Market especially in Modern Hearth market, thus boosting 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 of all fuel types. Rise in economic standards of many regions such as United States, Canada and other North America regions also boosts the market growth. Moreover, increasing popularity of designer hearths in high economic regions are promoting the market players in producing these products which will lead in expansion of hearth industry in the forecast period.
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, which promotes usage of electricity as its ignition medium is the most conventional source of energy which offers a high capacity fireplace and stove at houses and for commercial purposes. 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 ignition medium 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 ignition medium for heat generation which drives the market in these regions.
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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 affects 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 as ignition medium is very high but this medium tends to pollute the environment in large quantity. 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 use 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. and Wilkening Fireplace Company.
In May 24,2020, Hearthstone Stoves launched their first eco-friendly fireplace product named TruHybrid stoves which burns cleanly and efficiently before and after the ignition of 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 05,2018 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.
The Hearth Market is estimated to witness a sustainable growth over the forecast period due increasing demand from the consumers focusing on decorating homes for enhancing 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 charges 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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