The hearth is a stone or brick-lined fireplace used for heating as well as cooking food purpose. It is considered as important part of the household across North America and Europe. Moreover, it is also used to enhance the interior of the house by offering aesthetic appeal. Nowadays the modern hearth is also available in the market that has enhanced efficiency and also been electrified.
The global hearth market was estimated to be valued more than US$ 3.3 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 3.7% during the forecast period (2020 to 2027).
Increasing renovation of new houses especially across North America and Europe region is predominantly fueling the market growth of hearth. Increasing spending on remodeling of the houses is also expected to propel the market growth of hearth. This is also attributed to the increasing population coupled with the growing disposable income of the consumers. Thus, rising focus on remodeling of the houses is expected to augment the market growth of the hearth.
Increasing launch of the innovative product by major players in order to cater to growing demand around the globe is expected to bring new opportunities to the market of the hearth. For instance, in June 2018, ACR Stoves launched the new range of Electric Stoves at the Hearth & Home exhibition in June 2018. The new range equipped with the most advanced technology featuring 3D holographic technology which creates an incredibly realistic appearance of flames in the front, middle, and back of the fuel bed.
Environmental concerns associated with the excessive use of the hearth as it is used for warming maintaining room temperature purpose is expected to hamper the market growth. It is responsible for emitting hazardous gases as it requires fuel such as coal, wood, natural gas, ethanol, etc. for generating heat. Burning of these fuel release carbon dioxide and carbon monoxide which are hazardous for the environment.
On the basis of vent type, direct vent dominated the global hearth market in 2019 with around 78% of market share in terms of revenue, followed by vent free and B vent, respectively.
Branded products are gaining traction in the market due to the expansion of social media and internet penetration that enable exposure to various luxury products. Key vendors such as HNI Corporation and Innovative Hearth Products are popular for their premium quality hearth products. Increasing visibility of branded products are shifting consumer preferences towards purchasing luxurious products for decorating houses, thereby propelling the market growth of the hearth.
Advance technologies such as combined heat and power (CHP) is gaining popularity as it offers several benefits for residential application. Combined heat and power (CHP) provides all heating and hot water requirement in the residential sector and also generate electricity for domestic purposes. Thus, the growing adoption of combined heat and power (CHP) is expected to bolster the market growth over the forecast period.
Global Hearth Market - Impact of Coronavirus (Covid-19) Pandemic
The recent decline in demand for curtailed housing sales and project launches in the residential sector owing to the lockdown amidst of Coronavirus (Covid-19) Pandemic has caused price changes in the home décor market. This is expected to hamper the growth of the Global Hearth Market, However, the demand is projected to revive after the second quarter of 2021, as the lockdowns are expected to curb by mid-year in 2021.
Key players are operating in the global hearth market are HNI Corporation, Innovative Hearth Products, Empire Comfort Systems Inc., HearthStone Quality Home Heating Products Inc., Travis Industries, Regency Fireplace Products, Napoleon Fireplaces, BFM Europe, and Bigwoods Hearth Products.
Few Recent Developments
By Fuel Type
By Fireplace Type
By Vent Type