Dublin, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The "Global Hearth Market (2021-2026) by Application Type, Fuel Type, Product Type, Placement Type, Design Type, Vent Availability Type, Technology Type, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Hearth Market is estimated to be USD 13.35 billion in 2021 and is expected to reach USD 16.65 billion by 2026, growing at a CAGR of 4.52%.
The key factors driving the Global Hearth Market are surging demand for aesthetically-pleasing fireplaces. The growing adoption in dealing with extremely cold weather with a reduction in electricity consumption and growing adoption in non-residential places such as hotels, cafes, restaurants, and resorts are the factors driving the market's growth. Also, the availability of Hearths in numerous standards and customizable designing options will fuel the market's growth.
On the other hand, the considerable cost required for setting up the fireplaces includes the cost of vent, flue, wiring installation and chimney, high maintenance cost, lengthy manufacturing process, and availability of alternative technologies for space heating will restrict the growth of the market.
Furthermore, strict rules and regulations imposed by the government for environmental protection are challenges in the market's growth. Moreover, increasing solar power/energy usage such as photovoltaic solar panels over other substitute fuels for hearths, replacing aging equipment. Space heating and shifting demand towards adoption of home automation with smokeless hearths and technologies such as electric hearths are the factors creating potential opportunities for the market to grow soon.
Market Segmentation
The Global Hearth Market is segmented further based on Application Type, Fuel Type, Product Type, Placement Type, Design Type, Vent Availability Type, Technology Type, and Geography.
- By Application Type, the market is classified into Residential, Commercial, Institutional, and Hospitality.
- By Fuel Type, the Hearth market is classified into Gas, Electricity, Wood, and Pallet.
- By Product Type, the Hearth market is classified into Fireplace, Stove, and Insert.
- By Placement Type, the Hearth market is classified into Indoor Hearth, Outdoor Hearth, and Portable Hearth.
- By Design Type, the Hearth market is classified into Traditional Hearth and Modern Hearth.
- By Vent Availability Type, the Hearth market is classified into Electronic Ignition and Standard Pilot Ignition.
- By Technology Type, the Hearth market is classified into Direct Vent Technology, Intermittent Pilot Ignition System, Zone Heating Technology, Smart Home Integration, and Others.
- By Geography, Asia Pacific is projected to lead the market.
Recent Developments
- Valor Fireplaces launched the L3 linear gas fireplace. The fireplace measures 66 inches and offers stacked stone liner media options. The efficient design uses a 6 5/8 inches ventilation system for easy installation. - 5th July 2020
- Napoleon Fireplaces collaborated with Ayla Networks (US), a leading provider of Internet of Things (IoT) platform-as-a-service (PaaS) for smart home device manufacturers and service providers, to connect the Ayla platform with its product offering, initially with select fireplace products. This collaboration helped Napoleon demonstrate a commitment to rapid product innovation and a superior connected product experience. - 10th March 2020
Companies Profiled
- Acadia Hearth, Inc.
- Barbas Bellfires
- BFM Europe Ltd.
- Boley
- Element4
- Empire Comfort Systems
- European Home
- GlenDimplex
- GHP Group, Inc.
- Hearthstone Quality Home Heating Products, Inc.
- Hearth Products Controls Company
- HNI Corporation
- Innovative Hearth Products
- Jotul AS
- Kemwell Fire International Limited
- La Nordica Extraflame
- MCZ Group S.p.A.
- Mendota Hearth
- Montigo
- Napoleon Fireplaces
- NIBE Industries AB
- Nordpies
- Pacific Energy
- Rasmussen Gas Logs and Grills
- RH Peterson Co.
- Spartherm Feuerungstechnik GmbH
- Stove Builder International
- Travis Industries
- United States Stove Company, Inc.
- Valore Fireplaces
- Wilkening Fireplace Co.
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Hearth Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
- The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report also contains the competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.
Report Highlights
- A complete analysis of the market, including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
For more information about this report visit https://www.researchandmarkets.com/r/qf1uy7
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