Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Hearth Market – Forecasted from 2019 to 2026”.
The prime factor driving the growth of the hearth market is the growing tourism industry, rising disposable income accompanied by higher investment in home décor products.
As per the report, the Hearth Market is projected to grow at a CAGR of 4.03% to reach US$5.367 billion by 2026, from US$4.070 billion in 2019.
A hearth is a heating appliance that is used in cold climates to keep the user warm. Hearths have become popular among the people mainly due to the increasing disposable income of the people which has led to increased spending towards aesthetic decors, modern infrastructure, and a better lifestyle. The major threat to the hearth industry is global warming which is drastically changing the Earth’s temperature and is thus creating a small room for the hearth market to grow.
Based on type, the hearth is available in the form of a wood hearth, electric hearth, and gas hearth. The increasing residual problems caused by gas and wood have led to major environmental concerns and a significant shift to the electric hearth.
Based on product, hearths are available in the form of the outdoor hearth, indoor hearth, and portable hearth, and based on placement market provides traditional hearths and modern hearths. While traditional hearths are wood hearths, the growing global warming has led to a significant shift towards modern hearths that emit fewer residuals and are more expensive. Based on the design, hearths are available in the form of stove hearths, fireplace hearths, and insert hearths.
Based on end-user, the hearth market is segmented into commercial, residential, hospitals, etc. The residential sector dominates the market share due to increasing demand for modern infrastructure with the rise in disposable income of people. For commercial use in hotels and restaurants, the growing tourism industry is the major factor. Private Healthcare units and hospitals also use hearths mainly because of expanding infrastructure and investment in them.
Based on geography segmentation, North America and Europe hold a dominating market share majorly due to cold climatic conditions and increasing disposable income of the people which has led to a significant rise in home infrastructure expenditure by them.
As a part of the report, the major players operating in the hearth market, that have been covered are Montigo, HNI Corporation, Napoleon, FPI Fireplace Products International Ltd, Empire Comfort Systems, HPC Fire Inspired, Pacific Energy, Innovation Hearth Products, Travis Industries, and Hearthstone.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/hearth-market
This analytics report segments the hearth market on the following basis
- By Type
- By Product
- By Placement
- By Design
- By End Users
- By Geography
- North America
- South America
- United Kingdom
- The Middle East and Africa
- Asia Pacific
- South Korea
- North America