Chicago, June 12, 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 market 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.
<>To know about the assumptions considered for the study
Major Hearth Companies Include:
Hearth Market Segmentation Analysis:
By Product, Inserts to grow at the highest CAGR in the hearth market during the forecast period.
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 market.
By type, Electricity- based fuel type accounts for the largest market share of the hearth market during the forecast period.
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.
By Region, Europe held the second largest share of the hearth market during the forecast period.
Europe is accounted for the second largest share of the hearth market. 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 market is growing steadily in regions like South America, and the Middle East & Africa.
Top Hearth Companies in the Market are:
HNI Corp. (US) offers hearth products such as gas, electric, wood, and pellet- based fireplaces, stoves, inserts, and accessories. HNI Corp. focuses on both organic and inorganic growth strategies such as product launches and acquisitions to strengthen its position in the hearth market. For instance, in March 2023, the company acquired Kimball International, Inc. (US) to diversify its business by adding a new segment, expanding its product range, customizing its go-to-market strategies, and enhancing its manufacturing capabilities.
Glen Dimplex (Ireland) is a renowned player in the hearth market. It majorly offers fireplaces that options various fuel sources such as electric, gas, and wood. The company focuses on organic growth strategies such as product launches and inorganic growth strategies such as acquisitions to expand their share in the hearth market. For instance, in February 2023, the company launched Clutha ULEB, a product under Masport brand, that represents a category of ultra- low emission burners.
Napoleon (Canada) offers gas, wood, and electric fireplaces, as well as stoves, inserts, and electric log sets. The company focuses on organic growth strategies such as product launches. For instance, in February 2022, the company launches Stylus Cara Elite- electric fireplace that operates on mobile devices through the Napoleon Home IoT software.
Travis Industries, Inc. (US) is a manufacturing company of wood, pellets, and gas stoves, inserts, and fireplaces in North America. The company operates under four different brands named Lopi, Fireplace Xtrordinair, DaVinci Custom Fireplaces, and Fire Garden. The company channels its products exclusively through a robust network of authorized retailers across the United States, Canada, Australia, and China. The company was acquired by AXIS Industrial Holdings, Inc., in 2021.
HPC Fire Inspired (US) offers outdoor and indoor fireplaces components and inserts. The company has a wide range of safety pilot valves, millivolt valves, and remote-control gas fire pit kits, alongside various components for the hearth industry. In 2003, HPC Fire Inspired expanded its offerings with the introduction of Outdoor Fire Products, starting with the manufacturing of fire rings. HPC Fire Inspired focuses on organic growth and inorganic growth strategies such as product launches, expansions, and acquisitions.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com