Hearth Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Fuel Type (Gas, Wood, Electric, Others), By Product (Insert, Stove, Fireplace), By Placement (Indoor, Outdoor, Portable), By Design (Traditional, Modern), By End User (Resident, Commercial, Hospitality, Others), And By Geography - Forecasts From 2021 To 2026

Published:  May 2021 Report Code: KSI061610498 Pages: 103

The hearth market is expected to grow at a compound annual growth rate of 4.03% over the analyzed period to reach a market size of US$5.367 billion in 2026 from US$4.070 billion in 2019. The hearth is space heating appliances that warm the area where it is installed to keep the user warm during the cold climatic condition. The key driver surging the demand for the market is the rising demand for modern infrastructure in developed and developing nations. An increase in global average disposable income along with increasing investment in modern household infrastructure will increase the demand for hearth technology for a better lifestyle. Further, rising global tourism has evolved the requirement for better facilities for comfort and greater stay experience, increasing the growth opportunities in the tourism industry, particularly in a region with clod climatic conditions. Technological innovation in the industry opens new prospects for the market. However, threatening global warming along with a rise in the Earth’s temperature has drastically changed the climate against the growth of the market. pollution and residual problems caused by gas and wood hearth technology further hinder the market growth.

The growing tourism industry will drive the market growth during the forecasted period.

Based on end-users, the hearth market is segmented into households, commercial, hospitals, and others. Household sectors dominate the market demand for the hearth market and are predicted to sustain their position during the forecasted period. Rising disposable income is accompanied by higher investment in household décor and infrastructure for better living standards and comfort. Trends of aesthetic home décor further burgess the demand for hearth technology.  Moreover, population growth has increased the demand for residential accommodation in the construction industry, which will provide stable growth to the market during the next 5 years.

Commercial application of hearth technology includes installation of the appliance in hotels, restaurants, and cafeterias, for a better stay and leisure experience for the consumers. The burgeoning tourism industry plays a prime role in the commercial hearth demand growth. Further, in addition to the disposable income that supports tourism, internet penetration has enabled narrowing down the tedious work of research and reduced the expenses through the involvement of intermediaries, giving the tourist more power. The online review and rating systems give tourists clarity upon the service of the hotel/ restaurants and puts pressure on the latter to improve their services. Hence, the installation of technologically advanced equipment for superior comfort and stay experience will increase the installation of hearth technology. Growing investment and infrastructure development in the healthcare sector pays special attention to the infrastructure of hospitals, especially of private hospitals, which will increase the installation of hearth technology. 

The rise in earth temperature will reduce the market for hearth technology.

Human excess carbon emission has resulted in a surge in the Earth’s temperature which will limit the market for the hearths industry. Data from the National Ocean and Atmospheric Association (NOAA) states that the Earth's temperature is on a rise at an alarming rate. Till the 1800s, the Earth's temperature was rising at 0.13degree Fahrenheit per decade, which has doubles post-1800s. The NOAA also states that the average ocean and land temperature in 2020, across the globe, was 1.76degree Fahrenheit above the decade average level. The hearth technology is dominantly installed in regions with extreme cold climatic conditions, to keep the residents warm inside their buildings. With growing temperatures, these areas will receive less cold weather and cold waves, which will decrease the demand for the Hearth market.

Electric hearth device is projected to grow at an auspicious rate to rest at a dominating position by 2026.

Based on type, the hearth market is divided into gas, electric, wood, and others. Wood hearth devices are the oldest style of hearth appliance. However, the adoption of wood-styled heart devices is predicted to fall notably during the forecasted period. Technological innovation and the launch of new hearth devices will result in this decline. Further, growing deforestation and rising environmental problems restrict the use of wood for heating and other purposes. These hearth devices emit carbon in a considerable amount, which has raised environmental concerns and a reduction in the use of woods for hearth devices. Gas fuelled hearth will have a considerable market share during the forecasted period. however, the electric type hearth devices are projected to grow at a significant rate to attain a major market. Electric-styled hearth devices are pollution-free, cost and space-efficient, and do not produce any residual, hence will have huge market prospects. Further, electric-styled hearting devices installed in hotels and restaurants can be operated through remote controllers which further eases their use.

North America and Europe hearth markets will have a dominating share during the forecasted period.

Based on geography, the hearth market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region. North America and European hearth markets are projected to hold dominating position throughout the forecasted period. Cold climatic conditions along with state-of-art infrastructure facilities along with high disposable income will drive the market growth. The Asia Pacific region will also grow at a considerable rate owing to the booming tourism industry.

Covid Pandemic Insights.

The effect of the coronavirus pandemic decreased the market growth of the hearth market. Containment measures adopted by the government resulted in sluggish growth and an increase in unemployment. This shifted the household expenditure towards necessity goods, decreasing expenditure on infrastructure and décor. Further, a halt in operations of the construction industry contracted the market demand.

Travel restrictions implemented to break the virus cycle reduced the tourist visits across countries and within the country. Loss of business by hotels and restaurants further reduced the size of the hearth market.

Hearth Market Scope:

Report Metric Details
 Market size value in 2019  US$4.070 billion
 Market size value in 2026  US$5.367 billion
 Growth Rate  CAGR of 4.03% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Billion
 Segments covered  Type, Product, Placement, Design, End Users, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  FPI Fireplace Products International Ltd, Montigo, HNI Corporation, Empire Comfort   Systems, HPC Fire Inspired, Pacific Energy, Innovation Hearth Products, Napoleon,   Travis Industries, Hearthstone
 Customization scope  Free report customization with purchase

 

Segmentation:

  • By Type

    • Gas

    • Wood

    • Electric

    • Others

  • By Product

    • Insert

    • Stove

    • Fireplace

  • By Placement

    • Indoor

    • Outdoor

    • Portable

  • By Design

    • Traditional

    • Modern

  • By End Users

    • Residential

    • Commercial

    • Hospitals

    • Others

  • By Geography

    • North America

      • USA

      • Canada

      • Mexico

    • South America

      • Brazil

      • Others

    • Europe

      • Germany

      • France

      • United Kingdom

      • Russia

      • Sweden

      • Netherlands

      • Others

    • Middle East and Africa

    • Asia Pacific

      • China

      • South Korea

      • Thailand

      • Japan

      • Others


Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the hearth market?
A1. The global hearth market is expected to grow at a CAGR of 4.03% over the forecast period.


Q2. What is the size of global hearth market?
A2. Hearth Market was valued at US$4.070 billion in 2019.


Q3. Which region holds the largest market share in the hearth market?
A3. North America and European hearth markets are projected to hold dominating position throughout the forecasted period.


Q4. What will be the hearth market size by 2026?
A4. The hearth market is expected to reach a total market size of US$5.367 billion by 2026.


Q5. What factors are anticipated to drive the hearth market growth?
A5. The key driver surging the demand for the hearth market is the rising demand for modern infrastructure in developed and developing nations.

1. Introduction
1.1. Market Definition
1.2. Market Segmentation


2. Research Methodology
2.1. Research Data
2.2. Assumptions


3. Executive Summary
3.1. Research Highlights


4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis


5. Hearth Market, by Fuel Type
5.1. Introduction
5.2. Gas 
5.3. Wood
5.4. Electricity
5.5. Others 


6. Hearth Market, by Product
6.1. Introduction
6.2. Insert
6.3. Stove
6.4. Fireplace 


7. Hearth Market, by Placement
7.1. Introduction
7.2. Indoor
7.3. Outdoor
7.4. Portable 


8. Hearth Market, by Design
8.1. Introduction
8.2. Traditional
8.3. Modern 


9. Hearth Market, by End User
9.1. Introduction
9.2. Residents
9.3. Commercial
9.4. Hospitals
9.5. Others 


10. Hearth Market, by Geography
10.1. Introduction
10.2. North America
10.2.1. United States
10.2.2. Canada
10.2.3. Mexico
10.3. South America
10.3.1. Brazil
10.3.2. Others
10.4. Europe
10.4.1. By Country
10.4.2. Germany
10.4.3. France
10.4.4. United Kingdom 
10.4.5. Russia
10.4.6. Sweden
10.4.7. The Netherlands
10.4.8. Others
10.5. The Middle East and Africa
10.6. Asia Pacific
10.6.1. China
10.6.2. South Korea
10.6.3. Japan
10.6.4. Others


11. Competitive Environment and Analysis
11.1. Major Players and Strategy Analysis
11.2. Emerging Players and Market Lucrative
11.3. Mergers, Acquisition, Agreements, and Collaborations
11.4. Vendor Competitiveness Matrix


12. Company Profiles
12.1. FPI Fireplace Products International Ltd
12.2. Montigo
12.3. HNI Corporation
12.4. Empire Comfort Systems
12.5. HPC Fire Inspired
12.6. Pacific Energy
12.7. Innovation Hearth Products
12.8. Napoleon
12.9. Travis Industries
12.10. Hearthstone 

FPI Fireplace Products International Ltd

Montigo

HNI Corporation

Empire Comfort Systems

HPC Fire Inspired

Pacific Energy

Innovation Hearth Products

Napoleon

Travis Industries

Hearthstone

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