Hearth Global Market Report 2023: Sector to Reach $11.79 Billion by 2027 at a 6.3% CAGR
DUBLIN, April 14, 2023 /PRNewswire/ — The “Hearth Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global hearth market will grow from $8.41 billion in 2022 to $9.22 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The hearth market is expected to grow from $11.79 billion in 2027 at a CAGR of 6.3%.
Increasing adoption of hearths, particularly in countries with extremely cold weather conditions is expected to drive growth for the hearth market. A hearth is a convenient option for heating in rooms and it also helps in lowering electricity bills as compared to other space heating systems in countries with extreme cold temperatures.
According to the Tyndall Centre of Climate Change Research, the top countries where the mean temperature is less than 10 degrees Celsius are the UK, China, Russia, Germany, Ukraine, and Poland. Hearths are widely used in these countries in residential spaces, cafes, restaurants, and other indoor places for heating rooms and cooking. Therefore, cold weather conditions across various geographies and high adoption of a hearth in these areas would boost the market growth in the forecast period.
The stringent regulations and the government focus to reduce pollution could restrain the hearth market in the forecast period. There are a number of Environmental Protection Agency (EPA) standards like the New Source Performance Standards (NSPS) for residential wood heaters that hearth manufacturers have to comply with in order to reduce pollution and make environmentally responsible products. The stringent performance standards would require higher engineering budgets and more additional costs which could act as a restraint for the hearth market in the future.
The launch of advanced eco-friendly hearth and related products is gaining significant popularity in the hearth market. Key companies operating in the market are continuously involved in developing new eco-friendly products with advanced features such as low emissions and reduced fuel consumption to meet the requirements of end-users and expand the product portfolio of the company.
For instance, in April 2020, Stove Builder International Inc., a Canada-based family-owned business engaged in designing, building, and marketing residential heating products launched the Everest II wood-burning fireplace under its Osburn brand. The new fireplace offers advantages such as reduced fuel consumption and low emission.
In another instance, in May 2020, Hearthstone Stoves introduced TruHybrid stoves, their first eco-friendly fireplace product which features ultra-clean combustion that surpasses 2020 EPA clean air standards and offers high efficiency of up to 30 working hours.
In October 2021, DuraVent, a US-based HVAC and hearth manufacturer, acquired Hart & Cooley from H.I.G. Capital for an undisclosed sum. This acquisition brings together two market leaders for building materials in the industry. The acquisition is in line with DuraVent’s aim to increase its product diversity and better serve its clients by providing a full line of goods, including rooftop products, grilles, and registers. Hart & Cooley is a US-based manufacturer of residential and commercial HVAC products including grilles, registers and diffusers, and venting systems.
North America was the largest region in the hearth market in 2020. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the hearth market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the hearth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
1) By Product: Fireplace; Stove; Insert
2) By Fuel Type: Gas; Electricity; Wood; Pellet
3) By Design: Tradtional; Modern
4) By Placement: Indoor; Outdoor; Portable
5) By Application: Commercial; Residential; Other Applications
Key Topics Covered:
1. Executive Summary
2. Hearth Market Characteristics
3. Hearth Market Trends And Strategies
4. Impact Of COVID-19 On Hearth
5. Hearth Market Size And Growth
6. Hearth Market Segmentation
7. Hearth Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- HNI Corporation
- Pacific Energy
- Empire Comfort Systems Inc.
- Napoleon Products
- FPI Fireplace Products International Ltd.
- Innovative Hearth Products LLC
- Travis Industries Inc.
- GHP Group Inc.
- Glen Dimplex
- Stove Builder International (SBI)
- Hearthstone Quality Home Heating Products Inc.
- RH Peterson Co.
- Barbas Bellfires
- BFM Europe Ltd.
- Stellar Hearth Products Inc.
- Hearth Products Controls Co.
- European Home
- Wilkening Fireplace.
For more information about this report visit https://www.researchandmarkets.com/r/28irhr
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