August 12, 2022 07:28 ET | Source: Research and Markets Research and Markets
Dublin, Aug. 12, 2022 (GLOBE NEWSWIRE) -- The "Global Hearth Market by Fuel Type (Wood, Electricity, Gas, Pellet), Product (Fireplaces, Inserts, Stoves), Placement, Design, Application, Fireplace Type, Vent Availability, Ignition Type, Material and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering. The global hearth market was valued at USD 9.3 billion in 2021 and is projected to reach USD 14.8 billion by 2027, registering a CAGR of 7.7% during the forecast period.
The rise in demand for hearth products is also attributed to increasing demand for aesthetically appealing fireplaces, increasing demand for home automation, and growing adoption of hearths in and around houses to counter frigid weather. The availability of numerous standard and customized hearth designs fuel the growth of the hearth market. Likewise, the growing demand for hearth products in the hospitality industry is expected to offer lucrative opportunities for the hearth market. Indoor Hearths: The fastest-growing segment of the hearth market An indoor hearth offers great warmth during chilly fall and winter nights. This can help reduce heating bills because most indoor fireplaces require little kindling and wood. Also, they are a great interior decoration for indoor spaces because they offer an inviting decor to the overall ambience. These hearths are integrated with different technologies and come in varied shapes and sizes. Apart from the heating efficiency of the hearth, the overall esthetic value and power consumption benefits are also valued by end users. Indoor hearths are in high demand these days.
More and more individuals are installing this product as they learn about the benefits of a high-quality indoor hearth. Indoor hearths are available across a wide price range, targeting different income groups. The easy availability of several types of indoor hearths with varying designs, fuel types (wood, gas, electricity, pellet), costs, and related accessories has further boosted the adoption of indoor hearths. Modern Hearth: The highest growing design segment in hearth market The modern hearths segment is projected to grow at the highest CAGR during the forecast period. Modern hearths are equipped with remote controls and the latest technologies to support better fuel efficiency and low emission rates. Lower maintenance and operational costs of modern hearths are also expected to drive their growth compared to traditional hearths.
Modern hearths are better equipped to accommodate the guidelines issued by the regulatory bodies. They are comparatively more fuel- and cost-efficient. Modern hearth designs have gained immense popularity due to their visual and esthetic appeal, low maintenance costs, and energy efficiency. Together, these features are expected to drive the market growth for modern hearths. North America: The largest region in the hearth market in 2021 North America held the largest share of ~64% of the hearth market in 2021. The market growth in this region is rising predominantly due to the strong presence of key hearth manufacturers such as HNI Corporation, Glen Dimplex, Napoleon, Travis Industries (Axis Industrial Holding Inc.), and HPC Fire Inspired. These players dominate the global hearth market by focusing on their organic and inorganic growth and delivering hearth products with cost-efficient operations and environment-effective fuel modes. In addition, the cold climate and increasing demand for esthetic appeal and home decoration are some of the key driving factors for the hearth market's growth in the region.
Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary
4 Premium Insights 4.1 Attractive Growth Opportunities in Hearth Market 4.2 Hearth Market, by Vent Availability 4.3 Hearth Market, by Placement 4.4 Hearth Market, by Ignition Type 4.5 Hearth Market, by Application 4.6 Hearth Market, by Region 4.7 Hearth Market, by Country
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increasing Demand for Home Automation 5.2.1.2 Increasing Demand for Esthetically Appealing Fireplaces 5.2.1.3 Growing Adoption of Hearths in and Around Houses to Counter Frigid Weather 5.2.1.4 Availability of Numerous Customized Hearth Designs 5.2.2 Restraints 5.2.2.1 High Installation and Maintenance Costs of Hearths/Fireplaces 5.2.3 Opportunities 5.2.3.1 Growing Demand for Hearth Products in Hospitality Industry 5.2.3.2 Replacing Aging Space Heating Equipment 5.2.4 Challenges 5.2.4.1 Strict Government Regulations Pertaining to Environmental Protection 5.3 Supply Chain Analysis 5.3.1 Revenue Shift and New Revenue Pockets for Players in Market 5.4 Hearth Market Ecosystem 5.5 Technology Analysis 5.5.1 Technology Trends in Hearth Market 5.6 Porter's Five Forces Analysis 5.6.1 Threat of New Entrants 5.6.2 Threat of Substitutes 5.6.3 Bargaining Power of Suppliers 5.6.4 Bargaining Power of Buyers 5.6.5 Intensity of Competitive Rivalry 5.7 Case Study 5.7.1 Floating Hearth 5.7.2 Use of Materials and Furnishings to Achieve Theatrical Feel 5.7.3 Healing Environment for Patients 5.8 Average Selling Price Analysis 5.8.1 Average Selling Price of Hearth Products by Key Players, by Fuel Type 5.8.2 Average Selling Price Trend 5.9 Key Stakeholders and Buying Criteria 5.9.1 Key Stakeholders in Buying Process 5.9.2 Buying Criteria 5.10 Trade Analysis 5.10.1 Import Scenario 5.10.2 Export Scenario 5.11 Patent Analysis, 2012-2021 5.12 Key Conferences & Events, 2022-2023 5.13 Tariffs and Regulatory Landscape 5.14 Regulations and Requirements for Masonry Fireplaces and Chimneys
6 Hearth Market, by Product 6.1 Introduction 6.2 Fireplaces 6.2.1 Fireplaces are Structures to Cook or Get Light and Heat 6.3 Stoves 6.3.1 Modern Wood Stoves are Clean and Efficient with Several Environmental Benefits 6.4 Inserts 6.4.1 Inserts Can be Powered by Gas, Propane, Electricity, Pellet, Wood, and Coal
7 Hearth Market, by Fuel Type 7.1 Introduction 7.2 Wood 7.2.1 Wood is Compatible for Use in Indoor and Outdoor Hearths 7.3 Gas 7.3.1 Modern Gas Hearths are Visually Attractive and Easy to Use 7.4 Electricity 7.4.1 Lower Installation and Maintenance Costs of Electric Hearths Likely to Accelerate Their Demand 7.5 Pellet 7.5.1 Pellet Hearths Can Burn Variety of Materials, Including By-Products of Sawmills
8 Hearth Market, by Placement 8.1 Introduction 8.2 Indoor Hearths 8.2.1 Indoor Hearths are Integrated with Different Technologies and Come in Varied Shapes and Sizes 8.3 Outdoor Hearths 8.3.1 Outdoor Hearths Contribute to Esthetic Value of a Place 8.4 Portable Hearths 8.4.1 Portable Hearths are Fuel-Efficient and Affordable
9 Hearth Market, by Design 9.1 Introduction 9.2 Traditional Hearths 9.2.1 Difficulty in Sweeping Chimneys Increase Maintenance and Operational Costs 9.3 Modern Hearths 9.3.1 Modern Hearths Emit Almost Zero Carbon Dioxide and Carbon Monoxide 9.3.2 Sensors 9.3.3 Burners 9.3.4 Remote Control Systems 9.3.5 Valve Kits 9.3.6 Other Components
10 Hearth Market, by Ignition Type 10.1 Introduction 10.2 Electronic Ignition 10.2.1 Electronic Ignition Systems Require Low Power Input to Work 10.2.2 Intermittent Pilot Ignition (Ipi) 10.2.2.1 Ipi Helps Control Hearth Systems and Increases Overall Energy Efficiency 10.2.3 Hot Surface Ignition 10.2.3.1 Hot Surface Ignition is Considered More Efficient and is More Commonly Used 10.3 Standing Pilot Ignition 10.3.1 Modern Standing Pilot Ignition Systems Come with Remote Control
11 Hearth Market, by Vent Availability 11.1 Introduction 11.2 Vented Hearths 11.2.1 Direct and Power Venting are Replacing Traditional Natural Draft Venting 11.3 Unvented Hearths 11.3.1 Unvented Hearths Consist of Electric Fireplaces or Inserts That Do Not Burn Gases
12 Hearth Market, by Application 12.1 Introduction 12.2 Residential 12.2.1 Heating Efficiency of Hearths Drives Market for Residential Applications 12.3 Commercial 12.3.1 Hearths in Commercial Settings Create a Warm and Inviting Environment 12.4 Hospitality 12.4.1 Hearths are Installed in Hospitals to Provide Stress-Reducing Atmosphere for Patients 12.5 Institutional 12.5.1 Hearths Used in Institutions Provide a Peaceful and Comfort Table Ambience
13 Hearth Market, by Fireplace Type 13.1 Introduction 13.2 Single-Sided 13.2.1 Single-Sided Fireplaces Provide Clear Views and Bold Flames while Being Cost-Efficient 13.3 Multi-Sided 13.3.1 Multi-Sided Fireplaces Provide Even Distribution of Heat Between Spaces
14 Hearth Market, by Type of Material 14.1 Introduction 14.2 Bricks 14.2.1 Bricks are Primarily Used in Fireplace Surrounds 14.3 Granite 14.3.1 Granite Being Highly Durable is Commonly Used in Fireplaces 14.4 Marble 14.4.1 High Heat Resistance Makes Marble Suitable for Use with Variety of Fireplaces 14.5 Stones 14.5.1 Limestone Offers Durability and Heat Tolerance 14.6 Concrete 14.6.1 Concrete is One of the Most Versatile Materials for Hearths 14.7 Slate 14.7.1 Slate Offers High Durability, Attractive Design, and Ease of Cleaning 14.8 Quarry Tiles 14.8.1 Quarry Tiles Help Create Traditional Look for Fireplaces
16 Competitive Landscape 16.1 Overview 16.2 Key Player Strategies/Right to Win 16.2.1 Product Portfolio 16.2.2 Regional Focus 16.2.3 Manufacturing Footprint 16.2.4 Organic/Inorganic Strategies 16.3 Market Share Analysis, 2021 16.4 5-Year Company Revenue Analysis 16.5 Company Evaluation Quadrant 16.5.1 Stars 16.5.2 Emerging Leaders 16.5.3 Pervasive Players 16.5.4 Participants 16.6 Start-Ups/Small and Medium-Sized Enterprises (Sme) Evaluation Matrix 16.6.1 Progressive Companies 16.6.2 Responsive Companies 16.6.3 Dynamic Companies 16.6.4 Starting Blocks 16.7 Company Footprint 16.8 Competitive Situations and Trends 16.8.1 Product Launches 16.8.2 Deals
17 Company Profiles 17.1 Key Players 17.1.1 Hni Corporation 17.1.2 Glen Dimplex 17.1.3 Napoleon 17.1.4 Travis Industries (Axis Industrial Holdings) 17.1.5 Hpc Fire Inspired 17.1.6 Montigo 17.1.7 Stove Builder International (Sbi) 17.1.8 Innovative Hearth Products 17.1.9 Empire Comfort Systems 17.1.10 Ghp Group Inc 17.2 Other Players 17.2.1 Hearthstone Quality Home Heating Products Inc. 17.2.2 Rh Peterson Co. 17.2.3 Bfm Europe Ltd 17.2.4 Wilkening Fireplace. 17.2.5 Jotul As 17.2.6 Nordpeis 17.2.7 Boley 17.2.8 European Home 17.2.9 Barbas Bellfires 17.2.10 Mendota 17.2.11 Pacific Energy 17.2.12 Stellar Hearth Products 17.2.13 Fpi Fireplace Products International Ltd. 17.2.14 Rasmussen Gas Logs 17.2.15 Melroy Plumbing & Heating, Inc.
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