CHICAGO, Nov. 11, 2020 /PRNewswire/ -- According to the new market research report "Hearth Market with COVID-19 Impact Analysis by Fuel Type (Wood, Electricity, Gas, Pellet), Product (Fireplace, Insert, Stove), Placement, Design, Application, Fireplace Type, Vent Availability, Ignition Type, Material, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market will grow to USD 9.7 billion by 2025 (forecast year) from USD 7.7 billion in 2020 (estimated year), at a CAGR of 4.7% between 2020 to 2025. The key drivers fueling the growth of this market include increasing demand for aesthetically appealing fireplaces, growing adoption of hearths in and around houses to counter extremely cold weather, availability of numerous standards and customized hearth design options, growing adoption in non-residential applications such as hotels, cafes, and restaurants.
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The fireplace segment to hold the largest market share in 2025
The fireplace segment of the hearth market, by product is estimated to hold the largest market share in 2025. Fireplaces are among the oldest forms of hearth appliances used in many North American and European houses. Historically, fireplaces were used for cooking, heating water for laundry, and other domestic purposes. Modern fireplaces are adopted at a high rate because of their low emission rate, better fuel efficiency, and attractive features. This is expected to drive the market growth of fireplaces in coming years.
The pellet segment to register higher CAGR during the forecast period
The pellet segment of the hearth market, by fuel type, is projected to register the highest CAGR during the forecast period. Pellet-based hearths produce less air pollution and have low heating costs. Some of the other benefits offered by pellet-based hearth include adjustable heating through the use of thermostats, fuel flexibility, ease of operation, and tax credit and related benefits on purchase of pellet stoves, fireplaces, and inserts. These factors together are expected to boost the demand for pellet-based hearth products.
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124 – Tables
52 – Figures
194 – Pages
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North America is projected to hold the largest share of the hearth market in 2025
North America is expected to hold the largest share of the hearth market in 2025. The US is the largest consumer within the North American market, followed by Canada. The colder climates and technological advancements in these countries have enabled them to lead the hearth market. The adoption of advanced technologies is growing rapidly in the US market due to climatic conditions. The large market size for hearths in the US can be attributed to the high adoption of electric and gas fireplaces along with the rapid adoption of alternative fuel-based hearths, e.g., pellet-based hearths. The rapid growth of the market size of hearths in Canada is mainly due to the increasing demand for contemporary style hearth designs among consumers. These developments together are expected to drive the market growth of hearth market in North America.
HNI Corporation (US), Travis Industries (Canada), Napoleon Fireplaces (Canada), Hearth Product Controls Company (HPC), Montigo (Canada), Innovative Hearth Products (IHP) (US), Empire Comfort Systems (US), GHP Group, Inc. (US), Hearthstone Quality Home Heating Products, Inc. (US), Stove Builder International (SBI) (Canada), Glen Dimplex (Ireland), and RH Peterson (US) are the key players in the global hearth market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.
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