Amid the COVID-19 crisis and the looming economic recession, the Hearth market worldwide will grow by a projected US$3 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 2.5%.
The global analysis and forecast periods covered are 2020-2027 (current & future analysis) and 2012-2019 (historic review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Wood, one of the segments analyzed and sized in this study, is forecast to grow at over 2.5% and reach a market size of US$4 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Wood market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 1.5% CAGR. Within Europe, Germany will add over US$65.2 Million to the region's size over the next 7 to 8 years. In addition, over US$75.7 Million worth of projected demand in the region will come from Rest of European markets.
In Japan, the Wood segment will reach a market size of US$133.6 Million by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Hearth market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 5% over the next couple of years and add approximately US$997.7 Million in terms of addressable market opportunity.
Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Hearth market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others:
- Barbas Bellfires
- Empire Comfort Systems
- FPI Fireplace Products International Ltd.
- GHP Group, Inc.
- Hearth Products Controls Co.
- Hearthstone Stoves
- HNI Corporation
- Innovative Hearth Products
- Jotul AS
- Pacific Energy
- Rasmussen Gas Logs and Grills
- RH Peterson Co.
- Stellar Hearth Products
- Travis Industries Inc.
- Wilkening Fireplace Company
Key Topics Covered
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Hearth Market Witnesses Significant Growth Due to its Attributes of Providing Safer Fireplace and Preventing Fire Hazards
- Global Modern Hearth Market: Percentage Share Breakdown of Volume Sales by Leading Players for the Year 2019
- Global Competitor Market Shares
- Hearth Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
- Impact of COVID-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Need for Hearth Products in Europe, North America and Other Cold Regions Worldwide Drives Demand
- Increasing preference for Hearth among Homebuilders Lays Strong Foundation for Growth
- Growing Rate of Esthetic and Designer Buildings: Business Case for Hearth Products
- Emergence of Solar Energy as an Eco-Friendly Alternative in Hearth Products
- Global Solar Energy Market: Revenues in US$ Billion for the Years 2018, 2020, 2022 and 2024
- Shift Towards Home Automation Drives Demand for Automated Hearth Products and Technologies
- Global Home Automation Market: Revenues in US$ Billion for the Years 2018, 2020, 2022 and 2024
- Technology Advancements in Hearth Market Drives Demand
- Strict Regulations for Environment Protection: A Major Hindrance
- Increasing Demand for Space Heaters Poses Challenge
- Product Overview
- Hearth: Introduction
- Hearth by Product Type
- Fireplace Insert
- Hearth by Fuel Type
- Pellet Stove
- Gas Fireplaces
- Electric Fireplace
- Wood Fuel Hearth
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 41
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