PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120721
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120721
Hearth Market size was valued at USD 9,078.1 Million in 2021, growing at a CAGR of 12.7% from 2022 to 2028.
A hearth is a stone or brick-lined fireplace, either without or with an oven, that is primarily used for both heating and cooking food in current or historical usage. A hearth has long been an essential component of a home, serving as its primary focal point and the main point of importance. In the past, a fireplace was frequently situated in the middle of the hallway, and the smoke would rise to a smoke hole through the room. Later, chimneys were erected and such hearths were moved to the side of the room. A hearth is also a vital component of the fireplace in terms of design. Hearths are used in a variety of industries, including institutional, hospitality, commercial, and domestic ones. Outdoor and indoor hearths are installed in recreational facilities including cafes, bars, restaurants, and hotels to offer patrons comfort and luxury as well as to enhance the aesthetic appeal of the space. In order to give guests a better dining experience, some establishments also add outside grilling and barbecuing equipment. The installation of hearths for patient comfort is another area of interest for hospitals.
During the forecast period, the main factor driving the growth of the hearth market is the huge rise in the installation of eco-friendly hearths, including electric hearths, for both commercial and residential reasons. Adoption of modern fireplace technology, which uses electric fuel-type fireplaces as the most common source of energy and provides people with large fireplaces and stoves. The hearth market will grow sustainably as a result. Due to their greater efficiency and lower maintenance and installation costs, electric hearths are more in demand than alternative fuels in the hearth market. The use of other non-conventional fuel types of the hearth, such as wood and gas, has been restricted thanks to the installation of electric hearths, providing a sustainable energy source for the next generation. Due to consumer attention being drawn to aesthetically pleasing home decor, it is projected that the market for hearth will increase even more. Along with being a popular component of home decor, fireplace items are also regarded as efficient space heaters. Designer hearths are currently in high demand on the market and are the primary focus of manufacturers. Customers who are interested in using beautiful hearths to beautify their homes may find these products intriguing. The fact that hearths are practical, need little upkeep, and are inexpensive to construct is increasing demand for them on a global scale.
The Global Hearth Market is segmented on the basis of Product, Placement, Application, and Region. The market is divided into three categories based on type: Indoor Hearth, Outdoor Hearth, and Portable Hearth. The outdoor hearth segment is expected to dominate the market during the forecast period. Outdoor hearths come in a variety of styles. They make the yard, patio, or deck into a welcoming sanctuary. By warming the area to suitable temperatures, outdoor hearths can help prolong the usage of outdoor space in colder areas. The aesthetic appeal of an outdoor hearth is its most significant feature. As they connect the backyard to the house, these are typically used in gardens, and front and back yards of homes. An outdoor fireplace improves the appearance of the entire backyard, makes the patio more cozy and private, and adds interest to the home's and backyard's surroundings. Given that it enhances the value of the area and would be advantageous upon resale, it is a wise investment to take into account.
The global market for Hearth is made of a number of both international and local producers, making it a fairly competitive sector in the world. Some of the leading strategies adopted by corporations to expand their market share include new product launches, agreements, distribution network development, R&D spending, and mergers and acquisitions. For instance, In May 2022, Montigo launched a minimalist residential gas fireplace, the DRL3613 DelRay Linear which is efficient in enhancing the overall ambiance of the space. In April 2022, Stove Builder International (SBI) completed the acquisition of the assets of England's Stove Works (ESW). This acquisition enabled SBI to add production capacity in the US. Moreover, in May 2020, Hearthstone Stoves launched its first eco-friendly fireplace product named TruHybrid stoves.
The scope of this report covers the market by its major segments, which include as follows: