Delray Beach, FL, Oct. 11, 2024 (GLOBE NEWSWIRE) -- The Hearth Market is expected to reach USD 13.4 billion by 2029 from USD 10.9 billion in 2024, at a CAGR of 4.2% during the 2024–2029 period. The major factors driving the market growth of the hearth Industry include rising application in hospitality industry. Additionally, the ongoing technological advancements, rising interest in outdoor hearth products, and visually appealing designs in hearth products provide growth opportunities to the market players.
The increasing demand for home automation is propelled by consumers' desire for convenience, control, and enhanced living experiences within their homes. Integrated hearth products with home automation systems empower users to remotely manage heating settings, schedule operation times, and monitor energy usage via smartphones or other smart devices. Manufacturers embracing advanced home automation capabilities gain a competitive edge. By leveraging the rising demand for home automation, they can distinguish their products in the market, appealing to a broader consumer base.
To know about the assumptions considered for the study
Major Hearth Companies Included:
- HNI Corp. (US),
- Glen Dimplex (Ireland),
- Napoleon (Canada),
- Travis Industries Inc. (US),
- HPC Fire Inspired (US),
- Jøtul (Norway),
- Montigo (Canada),
- Stove Builder International (Canada),
- Innovative Hearth Products (US) and
- Empire Comfort Systems (US).
Hearth Market Segmentation:
Inserts as a product to grow at the highest CAGR in the hearth industry
Fireplaces dominated the market, capturing a major share among hearth appliances, underscoring their enduring popularity and historical significance as one of the oldest types of hearth products. The segment of fireplace inserts is projected to experience significant growth making inserts a versatile solution for modern home heating needs. As one of the oldest modes of heating appliances, government agencies and stove manufacturers are making long-term efforts to minimize concerns related to air pollution, deforestation, and climate change. Consumers increasingly seek both traditional and modern hearth solutions, creating profitable opportunities for manufacturers in various sectors of the hearth industry .
Electricity- based fuel type accounts for the largest market share of the hearth industry
Electric- based hearths have become increasingly popular due to their highly energy-efficiency, ease of installation, ventless system, cost saving and offering ambiance. They provide reliable heat with adjustable settings such as remote-controlled, voice automation and LED lighting systems. The use of wood as a fuel type is experiencing a decline. This decrease can be attributed to increasing environmental concerns, stricter regulations on emissions, and the inconvenience associated with sourcing and storing wood. The growing demand for pellets highlights a shift towards more sustainable and efficient heating options globally.
Europe held the second largest share of the hearth industry
Europe is accounted for the second largest share of the hearth industry. The presence of established several hearth manufacturing companies such as Glen Dimplex (Ireland), Jøtul (Norway), increasing integration in various sectors, government-led initiatives for environment sustainability are the major factors driving the market growth in Europe. North America has a high prevalence of fireplaces and stoves in both residential and commercial properties, holding the largest market share. The hearth industry is growing steadily in regions like South America, and the Middle East & Africa.
Key Market Dynamics:
Opportunity: Rising interest in hearth products within the hospitality industry
The hospitality industry is experiencing a rise in demand for hearths, which are used to improve guest satisfaction, extending outdoor dining, and socializing seasons and maximizing revenue opportunities for hospitality businesses. Outdoor hearth products enable the creation of versatile event spaces for weddings, corporate gatherings, and social events, generating additional revenue streams and offering guests unique and memorable experiences. The emphasis on sustainability and energy efficiency in the hospitality sector further enhances the appeal of hearth products that utilize eco-friendly fuels and technologies. By leveraging these features, hotels and resorts can attract environmentally conscious guests and enhance their green credentials, aligning with evolving consumer preferences for sustainable accommodation options.
Challenge: Competition from alternative heating solutions
Competition from alternative heating solutions presents a significant challenge to traditional hearth products like fireplaces, stoves, and inserts. HVAC systems, heat pumps, and radiant floor heating are among the alternatives impacting the demand for traditional hearth products. These alternative solutions diminish the demand for traditional hearth products, especially in new construction and home renovation projects. Consumers prioritize the convenience, energy efficiency, and versatility offered by alternatives, while builders may opt for integrated systems that align with modern design trends. However, traditional hearth products maintain niche appeal for ambiance, aesthetics, and nostalgic charm. In regions with access to affordable fuel sources, they remain popular for cost-effectiveness and backup heating capabilities during emergencies.
