Chicago, July 22, 2022 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™. The rise in demand for hearth products is also attributed to the increasing demand for aesthetically appealing fireplaces, increasing demand for home automation, and the availability of numerous standard and customized hearth design options.
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By application: Residential segment to propel market growth
For a residential setup, a hearth is considered more of an esthetic feature, and whether traditional, oversized, or modern-inspired, it adds visual interest to a room and creates a focal point. Hearth products such as fireplaces can help substantially improve the esthetic appeal and overall atmosphere of a living space as they are the areas focal point. Also, adding a modern fireplace, such as an electric hearth, improves the visual attractiveness of a home. In addition, residential hearths are also very prominent to counter cold weather.
Increasing application areas of hospitality segment to accelerate demand for hearth products
After the pandemic, the rise in global travel has increased the demand for better facilities for a comfortable stay, expanding the tourist sector potential, especially in colder weather conditions. Therefore, installing modern fireplaces in restaurants, hotel chains, and cafeterias builds a luxurious experience for customers, which is expected to fuel the growth of the hearth market in hospitality applications.
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185 – Tables
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Europe likely to emerge as the second largest hearth market during forecast period
Europe held the second-largest share of ~23% of the hearth market in 2021. This growth is attributed to the increase in the use of several types of heating appliances in houses due to extreme cold weather. Also, the rising demand for eco-friendly, smart connectivity, weather sensors, and artificial intelligence (AI)-based hearth products is boosting the market in Europe.
HNI Corporation (US); Glen Dimplex (Ireland); Napoleon (Canada); Travis Industries (AXIS Industrial Holdings, Inc.) (US); HPC Fire Inspired (US); Montigo (Canada); Stove Builder International (SBI) (Canada); Innovative Hearth Products (US); Empire Comfort Systems (US); GHP Group Inc (US) are some of the key players in the hearth market.
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