Hearth – A Substitute of Aging Space Heating Equipment
The hearth market is was valued at US$4.070 billion in 2019 and will increase to US$5.367 billion by 2026. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 4.03%.
A hearth is a brick or stone-lined fireplace, with or without an oven, which is used for both heating and cooking meals. It has long been an important component of a family's life, and it was typically the most important and central aspect of the home. It is a type of space heating appliance that warms the area in which it is situated in order to keep the user warm during cold weather.
The fact that hearths are becoming increasingly popular in and around homes as a way to combat bitterly cold weather is one of the prime reasons for the increase in the hearth market
People in cold regions, particularly during the winter, spend the majority of their time at home. As a result, it is critical for them to keep their homes warm and cozy. When compared to other space heating systems, a hearth is a convenient option for room heating because it helps to lower electricity bills. Due to the cold climatic conditions, heating devices are widely used in households and other indoor places throughout North America and Europe. Aside from heating rooms, the hearth is also widely used in cold regions for cooking and heating water for laundry and domestic use. Increasing demand for aesthetically beautiful fireplaces, the travel industry's growth, the availability of multiple standards and customizable hearth design alternatives, and expanding use in non-residential applications like hotels, cafes, and restaurants are all driving this market's growth. Furthermore, the replacement of ageing space heating equipment will create further potential chances for the hearth market to grow in the coming years.
Innovative products, partnerships, and agreements between key companies are a major trend in the market, and this trend is projected to bolster the hearth industry's growth. For example, in July 2029, US Stove announced that they had reached an agreement with Anvil Canada to distribute US Stove and Acadia Hearth (a US Stove brand) goods throughout Canada's speciality hearth sector.
Hearthstone Stoves debuted their first eco-friendly fireplace product, the TruHybrid stoves, in May of 2020, which burns cleanly and effectively both before and after the catalyst is engaged. Primary and secondary combustion are mixed, and a catalyst is used to remove any unburned smoke particles and gases.
High installation and maintenance costs of hearths, combined with stringent government regulations pertaining to environmental protection, may act as market restraints
The cost of the flue, vent, or chimney is included in the hearth installation cost. A gas fireplace necessitates the installation of a gas line. Wiring installation is required for an electric fireplace, and ongoing electricity expenditures are also included in the installation fee. The soot build-up in the wood-burning fireplace needs frequent cleaning. Technological advancements, government regulations, environmental standards, and stringent testing and approval requirements can all add to the length of the manufacturing cycle, as well as the cost of bringing a product to market. These difficulties may function as a stumbling block to the global expansion of the hearth market. In addition, for years, the US Department of Energy (DOE) has considered federal regulation of gas fireplace appliances. While the bill specifically seeks to prohibit continuously pilot lights on all vented gas fireplaces, stoves, and inserts, federal regulation of these appliances would necessitate DOE imposing increasingly stringent regulatory requirements over time. Because there are fewer affordable home heating options available, price-conscious consumers will be unable to replace their existing appliances with newer EPA-certified models.
Analysts are forecasting that electric hearths will have a dominant share in the forecast period as they provide benefits such as effective space heating and reduced emissions
By fuel type, the hearth market can be segmented into Wood, Gas, Electricity, and Pellet. Electric fireplaces are less harmful to the environment. In addition, they are more efficient and need less maintenance and installation, resulting in increased demand among the various hearth fuel types. Electric hearths are commonly used in institutional, hospitality, and other commercial settings in modern hearth technology. Electric Hearths are preferred over other fuel-type hearths because of their environmentally friendly nature. They provide a sustainable energy source as well as a traditional heating medium for domestic and commercial use.
By product type, the hearth market can be divided into insert, fireplace, and stove. Because the insert category can be readily transformed into a comfortable and efficient heater to transform inefficient, drained, or zero clearance fireplaces, it is predicted to have a considerable part of the market.
Residential, Institutional, Commercial, and Hospitality are the end-user segments of the market. Due to its home-decorating feature, analysts believe that the residential segment will dominate the hearth market. The addition of a modern fireplace, such as an electric hearth, improves the visual attractiveness of a home. The eco-friendly aspect of an electric hearth attracts more consumers, boosting its market. Historic hearth installation in various residents, on the other hand, provides traditional texture and a sense of economic stability through the use of wood-type hearths. Due to the lack of electricity in cold weather regions such as Greenland, the majority of the population have constructed traditional hearths primarily made of wood. This also helps the home market for wood-burning fireplaces.
During the forecast period, the hearth markets in North America and Europe are predicted to have a dominating share
North America is predicted to increase significantly, owing to the United States, Greenland, northern Canada, and other countries having the greatest installed hearth for commercial and residential end-use, which includes both modern and traditional hearths. The high adoption of electric and gas fireplaces, as well as the rapid acceptance of alternative fuel-based hearths, such as pellet-based hearths, can be ascribed to the enormous market size for hearths in the United States. The increasing desire for contemporary style hearth designs among consumers is driving the rapid expansion of the hearth market in Canada. These improvements are projected to propel the hearth market in the region to new heights. North America is closely followed by Europe, which is predicted to hold a significant position in the global hearth market due to the region's exponential expansion due to an increase in the usage of various types of heating appliances in homes as a result of the region's extreme cold weather. As a result of the cold environment and people's increased interest in hearth goods for home design, the worldwide hearth market is growing.
The hearth market has taken a hit as a result of the coronavirus pandemic's detrimental consequences. Governments all over the world have instituted nationwide lockdowns, causing drastic changes in consumer purchasing. People are now hesitant to spend more money on non-essential items, which has reduced demand for hearths around the world. Furthermore, a halt in the construction industry's operations reduced market demand. Travel restrictions imposed to limit the virus's spread have resulted in fewer tourists traveling between nations and within the country. The hearth market shrank even further as hotels and restaurants closed their doors.
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