The Hearth is a stone or brick-lined fireplace used for heating as well as cooking food purposes. It is considered an 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 at US$ 3.7 billion in terms of revenue in 2022 and is predicted to grow at a CAGR of 5.3% during the forecast period (2023 to 2030).
Drivers
Increasing renovation of new houses especially across North America and Europe region is predominantly fueling the market growth of hearth. Increasing spending on remodeling 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 consumers. Thus, a rising focus on the remodeling of the houses is expected to augment the market growth of the hearth. For instance, in May 2022, Montigo an fireplace manufacturer, launched a minimalist domestic gas fireplace, the DRL3613 Del Ray Linear. It provides efficiency and elegance while improving the overall mood of the area.
Market Opportunities
- In the hotel business, there is a growing need for hearth items.
The public space looks amazing with fireplaces in the hospitality sector, which includes hotels, restaurants, clubs, and urban shops. Hospitality fireplaces accentuate the interiors that appeal to guests by illuminating and bringing life to the décor. The hotel's brand is reflected in the decor. Whatever the setting—restaurant, bar, clubhouse, store, or public area—it plays a critical role in the experience that visitors have while there. A remarkable fire tool for enhancing the decor of public spaces is the 3D water vapor fireplace insert. Fireplaces produce a distinctive atmosphere in an original and customized setting. However, absolute safety and usability are two fundamental requirements that must be taken into account for public spaces. The perfectly real cold flames of a water vapor fireplace insert cannot result in any kind of fire, burn, or danger. They are completely secure and may be installed anywhere, especially in public areas, without permission.
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https://www.coherentmarketinsights.com/market-insight/hearth-market-3998
Key Takeaways
On the basis of vent type, direct vent dominated the global hearth market in 2022 with around xx of market share in terms of revenue, followed by vent free and B vent, respectively.
Market Trends
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 is shifting consumer preferences towards purchasing luxurious products for decorating houses, thereby propelling the market growth of the hearth.
Advanced technologies such as combined heat and power (CHP) are 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 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.
Competitive Section
Key players 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.
