Market Overview
The Global "Hearth Market" is expected to grow at a high CAGR of 3.65% during the forecasting period (2021 - 2028).
The hearth is the fireplace lined with bricks, with or sometimes without an oven. Also, it is used both for heating and food preparation. The hearth is a vital part of a home as well as the main attribute for many decades. In earlier times, the hearth was used to cook food along with heating items. It was also used for processing stones, faunal, floral tools, and wood.
Technologies such as combined heat and power (CHP) provide a variety of possible residential benefits. It fulfills all of a household's heating and hot water needs, along with producing electricity for home use. Besides, one may sell the excess electricity to the power grid, thus facilitating the implementation of new energy-saving technology.
In certain nations, the government gives the owners of CHP plant tax benefits. According to Hearth, Patio, Barbeque Association (HPBA), nearly 3.4 million hearth appliances were shipped in 2017 of which 2.7 million were gas-fueled models.
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Market Dynamics:
Although coal, electricity, wood, and pellets are the traditional heating fuels in hearths, the use of solar energy as a fuel is a growing trend on the market, since it generates more energy than conventional fuel. Photovoltaic solar panels are used in heating applications for both residential and commercial spaces. Using solar space-heating systems in home heating applications will reduce the monthly energy costs significantly.
In the United States, the solar investment tax credit is among the most important federal policy tools for promoting renewable energy deployment. In addition to state incentives, the solar health sector benefited from generous government subsidies with a 30 percent federal tax credit. This continues to fuel growth in the fireplace market for hearths.
The global hearth market is projected to be heavily affected by the policies that governments across the globe are implementing. Due to market emphasis on attractive home decoration, demand for hearth is expected to further escalate. As well as being a popular home decor, Hearth products are also known as efficient space heaters. The demand for designer hearths is currently in high demand on the market and is also the manufacturers' main target. These items are enticing clients who look forward to decorating their homes with elegant hearths.
Segment Analysis
– By Product
· Fireplace*
· Insert
· Stove
– By Fuel
· Electricity*
· Gas
· Pallets
· Wood
· Others
Geographical Presentation
By region, the Hearth market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. North America accounted for a majority share of the hearth market in 2019, in terms of both volume and value.
The growing number of independent houses is expected to increase hearth demand growth in North America and Europe area. Besides, the increasing use of heat as a luxury showpiece among the high-income population, coupled with the availability of a wide variety of heat, is also expected to foster growth in the market. In a survey conducted in 2017 by Hearth, Patio & Barbecue Association, over a third of hearth owners were considering remodeling in the next one or two years.
Increasing home automation coupled with rising demand for smoke-less hearth is projected to deliver huge growth opportunities for the hearth industry. Moreover, rising demand for portable heat and increasing manufacturers' emphasis on tapping emerging markets across developed regions by promoting their brand is expected to further fuel hearth market growth over the upcoming years.
There is a strain on the real estate sector because of the adverse effects of the Corona-virus (Covid-19) pandemic. Governments around the globe have introduced national lockdowns which have triggered dramatic changes in consumer spending. People are now reluctant to increase their use of non-essential goods to minimize global demand for the hearth. During 2020-2021 these factors are expected to dampen demand for the global hearth market.
Competitive Analysis
Key players operating in the market are HNI Corporation, Innovative Hearth Products LLC, Travis Industries Inc., Empire Comfort Systems, Inc., Hearth Products Controls Co. among others.
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