Hearth Global Market Report 2023
Major players in the hearth market are HNI Corporation, Pacific Energy, Empire Comfort Systems Inc., Napoleon Products, FPI Fireplace Products International Ltd., Innovative Hearth Products LLC, Travis Industries Inc.
New York, April 11, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hearth Global Market Report 2023" - https://www.reportlinker.com/p06320398/?utm_source=GNW
, Montigo, GHP Group Inc., Glen Dimplex, Stove Builder International (SBI), Hearthstone Quality Home Heating Products Inc., RH Peterson Co., Barbas Bellfires, BFM Europe Ltd., Boley, Stellar Hearth Products Inc., Element4, Hearth Products Controls Co., European Home, and Wilkening Fireplace.
The global hearth market will grow from $8.41 billion in 2022 to $9.22 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hearth market is expected to grow from $11.79 billion in 2027 at a CAGR of 6.3%.
The hearth market consists of sales of firebox, mantel, corbel, and plinth.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A hearth refers to a brick or stone-lined fireplace that might have an oven occasionally and is used for heating the room and for cooking or heating water.It is made from a non-combustible material and is used for protecting the floor from sparks, burning logs, radiant heat, and flying embers that may roll out of the fireplace.
A hearth is defined as the floor of a fireplace.
North America was the largest region in the hearth market in 2020.Asia-Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in the hearth market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of hearths are fireplace, stove, and insert.A fireplace is a framed opening made in a chimney to hold an open fire.
The heat sources for hearth and fireplaces are gas, electricity, wood, and pellet.A stove is a free-standing structure producing heat by burning renewable cord wood or fuel pellets made of condensed biomass materials like wood chips and sawdust.
Inserts are usually a stove, wood or gas that is designed to be inserted into an existing fireplace. The hearths can be indoor, outdoor and portable, and is used for commercial, residential, and other applications.
Increasing adoption of hearths, particularly in countries with extremely cold weather conditions is expected to drive growth for the hearth market.A hearth is a convenient option for heating in rooms and it also helps in lowering electricity bills as compared to other space heating systems in countries with extreme cold temperatures.
According to the Tyndall Centre of Climate Change Research, the top countries where the mean temperature is less than 10 degrees Celsius are the UK, China, Russia, Germany, Ukraine, and Poland.Hearths are widely used in these countries in residential spaces, cafes, restaurants, and other indoor places for heating rooms and cooking.
Therefore, cold weather conditions across various geographies and high adoption of a hearth in these areas would boost the market growth in the forecast period.
The stringent regulations and the government focus to reduce pollution could restrain the hearth market in the forecast period.There are a number of Environmental Protection Agency (EPA) standards like the New Source Performance Standards (NSPS) for residential wood heaters that hearth manufacturers have to comply with in order to reduce pollution and make environmentally responsible products.
The stringent performance standards would require higher engineering budgets and more additional costs which could act as a restraint for the hearth market in the future.
The launch of advanced eco-friendly hearth and related products is gaining significant popularity in the hearth market.Key companies operating in the market are continuously involved in developing new eco-friendly products with advanced features such as low emissions and reduced fuel consumption to meet the requirements of end-users and expand the product portfolio of the company.
For instance, In April 2020, Stove Builder International Inc., a Canada-based family-owned business engaged in designing, building, and marketing residential heating products launched the Everest II wood-burning fireplace under its Osburn brand. The new fireplace offers advantages such as reduced fuel consumption and low emission. In another instance, in May 2020, Hearthstone Stoves introduced TruHybrid stoves, their first eco-friendly fireplace product which features ultra-clean combustion that surpasses 2020 EPA clean air standards and offers high efficiency of up to 30 working hours.
In October 2021, DuraVent, a US-based HVAC and hearth manufacturer, acquired Hart & Cooley from H.I.G. Capital for an undisclosed sum. This acquisition brings together two market leaders for building materials in the industry. The acquisition is in line with DuraVent’s aim to increase its product diversity and better serve its clients by providing a full line of goods, including rooftop products, grilles, and registers. Hart & Cooley is a US-based manufacturer of residential and commercial HVAC products including grilles, registers and diffusers, and venting systems.
The countries covered in the hearth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hearth market research report is one of a series of new reports that provides hearth market statistics, including hearth industry global market size, regional shares, competitors with a hearth market share, detailed hearth market segments, market trends and opportunities, and any further data you may need to thrive in the hearth industry. This hearth market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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