New York, USA, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Market Overview:
According to Polaris Market Research’s study, the hearth market value is expected to grow from USD 9.70 billion in 2023 to USD 14.14 billion by 2032. The market is expected to grow at a CAGR of 4.3% during the projected period.
A hearth is described as a floor area for a fireplace. The different materials utilized are brick and stone. Fireplaces are made of non-combustible materials and are intended to protect the floor of the home from flames flying up the chimney and lightning.
The hearth is also essential in various applications, such as facilitating cooking and regulating indoor temperatures. Furthermore, they are widely used for heating homes in cold regions, which has led to an increase in demand and growth of the hearth market.
Key Insights from Report:
- The evolution of smartphone applications for adjusting and controlling temperatures, Wi-Fi hearths, and similar innovations are driving demand for hearths.
- The hearth market segmentation is primarily based on the product type, placement, design, application, fuel type, material, ignition type, vent availability, and region.
- Based on placement, the indoor sector is expected to dominate the market due to the rising home renovation industry.
- By region, the report provides market insights into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
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Hearth Market Scope:
| Report Attributes | Details |
| Market Size Value in 2023 | USD 9.70 billion |
| Market Size Value in 2024 | USD 10.11 billion |
| Revenue Forecast in 2032 | USD 14.14 billion |
| CAGR | 4.3% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Market’s Growth Drivers:
Modernized Home Decor: Rising urbanization and income levels of individuals are propelling demand for lavish and modernized home décor. There is a growing need for automated hearth technology due to modernization. As a result, smart technology in modern hearths enables users to control heating remotely through smartphones or home automation systems. The hearth market demand is primarily driven by this convenience and integration into smart home ecosystems.
Lavish Hospitality Services: More efficient heaters are becoming more and more in demand as more tourists travel to colder climates. Luxurious, extremely effective heaters are being used by hospitality services to maintain room temperature indoors and to improve the appearance of restaurants and backyards outdoors, which increases hearth market revenue.
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List of Hearth Market Key Players:
- FPI Fireplace International Ltd.(Regency)
- Hearth & Home Technologies
- Glen Dimplex Americas
- Hearthstone Quality Home Heating Products Inc.
- HNI Corp.
- Heat & Glo.
- HPC Fire
- Monessen
- Modern Flames
- Empire Distributing
- Napolean
- SimpliFire
- R.H. Peterson Co.
- Stoll Industries
- Valor Fireplace
- Travis Industries Inc.
Geographical Analysis:
The growing demand for home décor in North America is expected to dominate the hearth market. The market environment in the region is further strengthened by the existence of significant businesses providing their services, such as Travis Industries and Empire Comfort Systems Inc.
Because of government initiatives to replace wood-burning gas fireplaces with electric ones, Europe is predicted to have the fastest compound annual growth rate (CAGR) between 2024 and 2032. Furthermore, the demand for electric hearths is being driven by their remote control capabilities, low maintenance requirements, and ease of installation.
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Market Segmentation:
By Product Type Outlook:
- Stoves
- Wall Mounted
- Built-in
- Fireplace
- Single-sided
- Multisided
- Inserts
- Mentel/Freestanding
- Tabletop
By Fuel Type Outlook:
- Wood
- Gas
- Electricity
- Pellet
By Placement Outlook:
- Indoor
- Outdoor
- Portable
By Application Outlook:
- Residential
- Institutional
- Hospitality
- Commercial
By Design Outlook:
- Traditional / Conventional Hearth
- Modern Hearth
By Ignition Type Outlook:
- Electronic Ignition
- Standing Pilot Ignition
By Vent Availability Outlook:
- Vented Hearths
- Unvented Hearths
By Material Outlook:
- Bricks
- Marble
- Granite
- Stones
- Concrete
- Slate
- Quarry Tiles
By Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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