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.
Segmentation:
By Type
By Product
By Placement
By Design
By End Users
By Geography
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.
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
- The Netherlands
- Others
- Middle East and Africa
- Asia Pacific
- China
- South Korea
- Thailand
- Japan
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Hearths Market, by Fuel Type
6. Hearth Market, by Product
7. Hearth Market, by Placement
8. Hearth Market, by Design
9. Hearth Market, by End User
10. Hearth Market, by Geography
11. Competitive Environment and Analysis
12. Company Profiles
Companies Mentioned
- FPI Fireplace Products International Ltd
- Montigo
- HNI Corporation
- Empire Comfort Systems
- HPC Fire Inspired
- Pacific Energy
- Innovation Hearth Products
- Napoleon
- Travis Industries
- Hearthstone
Methodology
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