DUBLIN--(BUSINESS WIRE)--The "Global 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 - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global hearth market size is estimated to be USD 7.7 billion in 2020 and is projected to reach 9.7 billion by 2025, at a CAGR of 4.7% during the forecast period.
The market has a promising growth potential due to several factors, including the advancement in multicore technology for consumer electronics industry, increasing demand for modern SoC (system on chip) designs, mitigation of the continuously rising chip design cost and expenditure, growing adoption of connected devices for daily use. Moreover, increasing demand for electronics from healthcare industry due to COVID-19, and increasing demand for teleconference instruments amid the COVID-19 pandemic could play a key role in driving the growth of the hearth market.
Traditionally, outdoor hearths were intended for cooking and barbeque purposes; nowadays, these are considered as a style statement for many users
The outdoor hearth segment is projected to grow at the highest CAGR from 2020 to 2025 for hearth market, by placement. Traditionally, outdoor hearths were intended for cooking and barbeque purposes; nowadays, these are considered as a style statement for many users. These are used in residential, commercial, and hospitality settings. The most important aspect of an outdoor hearth is the aesthetic value. Currently, outdoor hearths are available in various designs. This is expected to boost their adoption across various applications during the forecast period.
Unvented hearth is estimated to register higher CAGR growth during forecast period
The unvented hearth segment for hearth market is estimated to register higher CAGR growth during the forecast period, by vent availability. The higher growth rate of unvented hearths is attributed to the increasing demand for electric fireplaces due to their low maintenance, modern design, and esthetic appeal. As they do not require venting, electric fireplaces can be easily installed anywhere inside a house while being energy-efficient and cost-effective. The growing adoption of ventless gas fireplaces is also expected to drive the market growth of unvented hearths.
Europe is projected to become the second fastest geographical market between 2020 and 2025
Europe is projected to grow at the second highest CAGR for hearth market during the forecast period. Many countries in Europe have cold climates. The need for a fireplace in and around homes is significant in this region. There has been a significant growth in the consumption of hearths in this region, which is expected to continue growing in the coming years. The region is witnessing a growing preference for modern, low-cost electric fireplaces among the consumers. This is because the convenience of flicking a switch rather than collecting, piling, and lighting firewood is a winning attribute in the case of electric hearths. The younger generation of fireplace buyers in Europe prefers a quick lighting fireplace that is cleaner and easier to maintain. All these factors are expected to drive the market growth of hearth in Europe.
Market Dynamics
Drivers
- Increasing Demand for Aesthetically Appealing Fireplaces
- Growing Adoption of Hearths in and Around Houses to Counter Extremely Cold Weather
- Availability of Numerous Standard and Customized Hearth Design Options
- Growing Adoption in Non-Residential Applications Such as Hotels, Cafes, and Restaurants
Restraints
- Availability of Alternative Space Heating Technologies
- High Installation and Maintenance Costs of Hearths/Fireplaces
Opportunities
- Replacement of Aging Space Heating Equipment
- Use of Solar Energy as a Substitute Fuel for Hearths
- Shift Toward Home Automation and Increasing Demand for Smokeless Hearths and Technologies
Challenges
- Strict Government Regulations Pertaining to Environment Protection
- Disruption in Supply Chain and Low Demand Amidst COVID-19 Outbreak
Companies Mentioned
- Barbas Bellfires
- BFM Europe Ltd.
- Boley
- Empire Comfort Systems
- European Home
- GHP Group Inc.
- Glen Dimplex
- Hearth Products Controls Company (HPC)
- Hearthstone Quality Home Heating Products Inc.
- HNI Corporation
- Innovative Hearth Products
- Jotul
- Mendota Hearth
- Montigo
- Napoleon Fireplaces
- Nordpeis
- RH Peterson Co.
- Stove Builder International (SBI)
- Travis Industries
- Wilkening Fireplace
For more information about this report visit https://www.researchandmarkets.com/r/mgwosm
