Hearth Market Growing at the Fastest Rate in North America Region

The report "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 - Global Forecast to 2025", will grow to USD 9.7 billion by 2025 (forecast year) from USD 7.7 billion in 2020 (estimated year), at a CAGR of 4.7% between 2020 to 2025. The key drivers fueling the growth of this market include increasing demand for aesthetically appealing fireplaces, growing adoption of hearths in and around houses to counter extremely cold weather, availability of numerous standards and customized hearth design options, growing adoption in non-residential applications such as hotels, cafes, and restaurants.

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Electronic ignition segment is expected to register the highest CAGR during the forecast period

Electronic ignition segment is expected to register the highest CAGR during the forecast period by ignition type. Employing the electronic ignition system improves the overall heating efficiency of the hearth and increases the safety features and additional functionality (modulation of flame) being offered by it, thus improving the overall performance of the hearth. Also, many regions in North America have made it compulsory for hearth manufacturers to only sell products based on the electronic ignition system. These factors are expected to drive the growth of the electronic ignition-based hearth market globally.

Modern hearth segment is expected to witness higher CAGR growth during the forecast period

The modern hearth segment is expected to witness highest CAGR growth during the forecast period, by design. The higher growth rate of modern hearths is attributed to their visual appeal. Also, modern hearths are equipped with remote controls and the latest technologies to support better fuel efficiency and low emission rate. Lower maintenance and operational costs of modern hearths are also expected to drive their growth in comparison with traditional hearths.

Hospitality segment for hearth is expected to witness higher CAGR growth during the forecast period

The hospitality segment of the hearth market is expected to register higher CAGR growth during the forecast period by application. Recreational places such as hotels, restaurants, bars, and cafes install hearths for customer comfort and aesthetic appeal. The appealing designs of hearths add to the ambiance of such places. Recreational establishments use fireplace hearths to provide warmth. Hearths are also installed in hospitals to provide a stress-reducing atmosphere for patients. A sizeable number of hotels, bars, pubs, and restaurants prefer to set up hearth products in lawns to provide their customers with a good experience while drinking and dining.

North America is projected to hold the largest share of the hearth market in 2025

North America is expected to hold the largest share of the hearth market in 2025. The US is the largest consumer within the North American market, followed by Canada. The colder climates and technological advancements in these countries have enabled them to lead the hearth market. The adoption of advanced technologies is growing rapidly in the US market due to climatic conditions. The large market size for hearths in the US can be attributed to the high adoption of electric and gas fireplaces along with the rapid adoption of alternative fuel-based hearths, e.g., pellet-based hearths. The rapid growth of the market size of hearths in Canada is mainly due to the increasing demand for contemporary style hearth designs among consumers. These developments together are expected to drive the market growth of hearth market in North America.

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HNI Corporation (US), Travis Industries (Canada), Napoleon Fireplaces (Canada), Hearth Product Controls Company (HPC), Montigo (Canada), Innovative Hearth Products (IHP) (US), Empire Comfort Systems (US), GHP Group, Inc. (US), Hearthstone Quality Home Heating Products, Inc. (US), Stove Builder International (SBI) (Canada), Glen Dimplex (Ireland), and RH Peterson (US) are the key players in the global hearth market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.

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This release was published on openPR.