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With 4.2% CAGR, Hearth Market Growth to Surpass USD 13.4 billion

06-13-2024 10:42 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

With 4.2% CAGR, Hearth Market Growth to Surpass USD 13.4 billion

The hearth market is estimated to be worth USD 10.9 billion in 2024 and is projected to reach USD 13.4 billion by 2029, at a CAGR of 4.2% during the forecast period. The global hearth market is experiencing significant growth, propelled by the rising integration of hearths in the hospitality sector. Furthermore, increasing demand for outdoor hearths, aesthetically pleasing designs, and advancements in technology are also important factors driving market expansion.

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The emergence of technological advancements in hearths such as home automation systems, automatic shut-off mechanisms, carbon monoxide detectors, built-in sensors, connectivity features, LED lighting systems and sound systems. With advancements in combustion systems, smart thermostats, and automation technology, hearth products can operate more efficiently, reducing energy consumption and lowering heating costs for consumers. As a result, in recent years, market players are also focusing on delivering advanced technologies to provide growth opportunities for the hearth market.

The Electronic Ignition market held the largest market share in the hearth market during the forecast period. Electronic Ignition based hearths are more popular than standing pilot ignition type hearths. Electronic type of ignition is more energy-efficient since it eliminates the need for a continuously burning pilot light. Electronic ignition systems are increasingly popular in modern hearth products due to their efficiency and convenience, aligning with growing consumer demand for environmentally friendly and cost-effective heating solutions. Standing Pilot Ignition system is a traditional ignition method, which is reliable and has been widely used in gas fireplaces and stoves.

The hospitality sector is expected to grow at the highest CAGR of the hearth market during the forecast period. Rising trend of creating cozy and inviting atmospheres in hotels and restaurants, the growing emphasis on enhancing guest experiences, and the increasing popularity of boutique hotels and luxury accommodations that prioritize aesthetic and comfort contribute to the market growth of hearth solutions. Key factors driving this trend are such as allowing for creative and attractive setups that enhance guest experiences, a major draw for guests looking for unique and comfortable dining or relaxation spots, advancements in hearth technology, such as remote-control operation, efficient fuel use, and stylish designs, make these installations increasingly practical and desirable for hospitality businesses. Therefore, as the growing tourism market is a major factor that fuels the adoption hearth products in hospitality application.

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Key players in the hearth market with a strong geographical presence are HNI Corp. (US), Glen Dimplex (Ireland), Napoleon (Canada), Travis Industries Inc. (US), HPC Fire Inspired (US), Jøtul (Norway), Montigo (Canada), Stove Builder International (Canada), Innovative Hearth Products (US) and Empire Comfort Systems (US). These players focus on organic and inorganic growth strategies to strengthen their position in the hearth market.

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