Dublin, June 20, 2024 (GLOBE NEWSWIRE) -- The "Global Hearth Market by Fuel Type (Electricity, Gas, Wood, Pellet), Product (Fireplaces, Stoves, Inserts), Ignition Type (Electronic Ignition, Standing Pilot Ignition), Placement, Design Vent Availability, Application and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The hearth market is projected to reach USD 13.4 billion by 2029 from USD 10.9 billion in 2024, at a CAGR of 4.2% from 2024 to 2029
The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall hearth market and related segments.
This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.
The major factors driving the market growth of the hearth market include the rising demand for home automation, growing interest in visually pleasing fireplaces, increasing use of hearths in and around houses to combat cold weather, customizing hearth designs offers an abundance of options, and increasing awareness of climate change and environment sustainability.
Moreover, continuous technological advancement in hearth products and growing deployment of hearths in residential, commercial and hospitality industry is expected to provide several growth opportunities for market players in the hearth market.
The major players of hearth market are HNI Corp. (US), Glen Dimplex (Ireland), Napoleon (Canada), Travis Industries, Inc. (US), and HPC Fire Inspired (US) among others.
Outdoor hearths expected to grow at the highest CAGR of the hearth market during the forecast period.
The growing trend for outdoor hearths is attributed to several factors such as the rising popularity of outdoor living spaces, the trend towards backyard entertainment, and the desire for aesthetically pleasing and functional outdoor heating solutions. Indoor hearths hold the largest hearth market share and are likely expected to continue during the forecast period.
Portable hearths, having a smaller market share compared to indoor and outdoor hearths, are becoming increasingly preferred by customers. This shift is due to their versatility and convenience, the ease of installation and mobility, and their suitability for both indoor and outdoor use, making them an attractive option for consumers seeking flexibility in their heating solutions.
Traditional hearths designs are projected to register the largest market share in the hearth market during the forecast period.
Consumers are increasingly adopting modern hearths due to their convenience and advanced features. Modern hearths prioritize functionality and efficiency, often incorporating advanced technology for easy control and enhanced safety. The increasing preference for modern hearths can be attributed to their visual appeal, incorporation of the latest technologies, and low emission rates.
Furthermore, modern hearths are better equipped to meet guidelines issued by regulatory bodies, making them a more sustainable and compliant choice for consumers. Despite traditional hearths holding the largest market share, the adoption rate of traditional hearths is decreasing due to emissions from wood-burning contribute to environmental concerns, leading to government-imposed taxes and regulations and maintenance issues.
North America is expected to account for the largest market share during the forecast period
The growing market for electric-based fireplaces and stoves, outdoor hearths and modern hearths significantly contributes to the market growth of the region. Energy-efficient hearth products with advanced technologies have further propelled the market, offering innovative and efficient heating devices that cater to modern consumer needs. Key players in the hearth market in North America include Napoleon (Canada), HNI Corp. (US), Innovative Hearth Products (US), Empire Comfort Systems (US) and Montigo (Canada).
The report provides insights on the following pointers:
- Analysis of key drivers (rising demand for home automation, growing interest in visually pleasing fireplaces, increasing use of hearths in and around houses to combat cold weather, customizing hearth designs offers an abundance of options, and increasing awareness of climate change and environment sustainability), restraints (hurdles associated with installation and maintenance costs of hearths, and limited access to renewable fuels), opportunities (rising interest in hearth products within the hospitality sector, updating outdates space heating systems, and technological advancements), and challenges (rigorous government regulations for environment protection, and competition from alternative heating solutions) influencing the growth of the hearth market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the hearth market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the hearth market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the hearth market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like HNI Corp. (US), Glen Dimplex (Ireland), Napoleon (Canada), Travis Industries, Inc. (US), and HPC Fire Inspired (US).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 218 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $10.9 Billion |
| Forecasted Market Value (USD) by 2029 | $13.4 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
Company Profiles
- HNI Corp.
- Glen Dimplex
- Napoleon
- Travis Industries Inc.
- HPC Fire Inspired
- Jotul
- Montigo
- Stove Builder International
- Innovative Hearth Products
- Empire Comfort Systems
- GHP Group Inc.
- Hearthstone Quality Home Heating Products Inc.
- RH Peterson Co.
- BFM Europe Ltd
- Wilkening Fireplace
- Nordpeis
- Boley
- European Home
- Barbas Bellfires
- Mendota
- Pacific Energy
- Stellar by Heat & Glo
- FPI Fireplace Products International Ltd.
- Rasmussen Gas Logs
- Melroy Plumbing & Heating, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/8rkmod
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