Global Hearth Market is Expected to Grow at a CAGR of 5.1% By 2027

From USD 8 billion in 2021, the Global Hearth Market size will reach USD 10.8 billion by 2027. It will exhibit a 5.1% CAGR during the forecast period. The major factor driving the growth of the global hearth market include rising demand for aesthetically-pleasing fireplaces and considered as convenient and energy-efficient choice for room heating. The increased adoption of hearth to deal extremely cold weather and reducing electricity consumption along with surge in deployment in non-residential places like restaurants, hotels, cafes, resorts, etc. will proliferate the growth of the global hearth market. Moreover, the increased availability of hearth in several standards and can have customized designing options will propel the market growth for heath.

The hearth market may be restrained in the foreseeable period because of strict restrictions and the government's emphasis on pollution reduction. Hearth manufacturers must adhere to a number of Environmental Protection Agency (EPA) criteria, such as the New Source Performance Standards (NSPS) for residential wood heaters, in order to reduce pollution and create environmentally acceptable products.

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The current COVID-19 epidemic is predicted to have a detrimental impact on the global hearth market. Due to a shortage of parts, the entire supply chain was interrupted. In the medium term, the drop in export shipments and slow domestic demand for hearth products, compared to pre-COVID-19 levels, is projected to have a negative impact and slightly stagnant demand for hearth.

Global Hearth Market Segment Analysis

This section of the report provides a comprehensive analysis of segments and sub-segments and offers insight into the leading segment and anticipates segments having the fastest growth.

The Global Hearth Market is segregated based on:

By Fuel Type
• Wood Type
• Pellet Type
• Gas Type
• Electricity Type

By Product
• Fireplace
• Stove
• Insert

By Design
• Traditional Hearth
• Modern Hearth

By Vent Availability
• Electronic Ignition
• Standard Pilot Ignition

By Application
• Residential
• Commercial
• Institutional
• Hospitality

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Competitor Landscape

Key advancements in the Global Hearth industry, as well as organic and inorganic growth approaches, are covered in the research. A number of companies are prioritising new launches, product approvals, and other organic growth tactics such as patents and events. Inorganic growth strategies in the market included acquisitions, partnerships, and collaborations. These efforts have paved the road for industry players to expand their business and client base. The industry players in the inspection management software market are expected to benefit from attractive growth prospects in the future. A list of a few businesses involved in the Global Hearth Market are provided below:

• HNI Corp.
• GLEN DIMPLEX GROUP
• Stove Builder International
• NAPOLEON
• Innovative Hearth Products
• Pacific Energy
• Montigo
• GHP Group Inc
• Hearthstone Quality Home Heating Products Inc.
• BFM Europe Ltd.

FAQ
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• Name some of the prominent industry players in the Report?
• What is the current market and market volume of the Global Hearth Market?
• What are the segments defined in the report?

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