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Hearth Market: Warmth and Style for Modern Homes
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According to The Business Research Company's, The hearth market size has grown steadily in recent years. It will grow from $12.72 billion in 2023 to $13.1 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to energy efficiency awareness, aesthetic preferences, renovation and home improvement trends, outdoor living popularity, rising disposable income.
The hearth market size is expected to see steady growth in the next few years. It will grow to $14.96 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to environmental sustainability, customization and personalization, e-commerce growth, outdoor living extension, regulatory compliance and safety, climate variability impact. Major trends in the forecast period include customization options for personalized fireplace experiences, incorporation of energy-efficient heating technologies, rise in demand for ventless fireplace solutions, focus on environmentally friendly hearth materials, influence of home renovation and remodeling trends.
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Market Drivers and Trends:
Increasing adoption of hearths, particularly in countries with extremely cold weather conditions is expected to drive growth for the hearth market. A hearth is a convenient option for heating in rooms and it also helps in lowering electricity bills as compared to other space heating systems in countries with extreme cold temperatures. According to the Tyndall Centre of Climate Change Research, the top countries where the mean temperature is less than 10 degrees Celsius are the UK, China, Russia, Germany, Ukraine, and Poland. Hearths are widely used in these countries in residential spaces, cafes, restaurants, and other indoor places for heating rooms and cooking. Therefore, cold weather conditions across various geographies and high adoption of a hearth in these areas would boost the market growth in the forecast period.
The launch of advanced eco-friendly hearths and related products is gaining significant popularity in the hearth market. Key companies operating in the market are continuously involved in developing new eco-friendly products with advanced features such as low emissions and reduced fuel consumption to meet the requirements of end-users and expand the product portfolio of the company. For instance, in October 2021, GlenDimplex., an Ireland-based consumer electronics company, launched four new outdoor heat products, including the Dimplex Long-Wave Heater (DLW series), as part of its Heatstrip product line. The DLW series is a long-wave heater designed for outdoor use, offering electric radiant heating with infrared waves to heat objects, making it an excellent option for heating outdoor and uninsulated indoor spaces.
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Major Key Players of the Market:
Boley, Glen Dimplex, HNI Corporation, Hearth & Home Technologies, Pacific Energy, Napoleon Products, Innovative Hearth Products LLC, FPI Fireplace Products International Ltd., Regency Fireplace Products, RH Peterson Co., Stove Builder International, Empire Comfort Systems Inc., GHP Group Inc., Valor Fireplaces, Montigo Fireplaces, Hearth Products Controls Co., BFM Europe Ltd. Holdings Limited., Travis Industries Inc., Vermont Castings, Hearthstone Quality Home Heating Products Inc., Harman Stove Company, Rais A/S, Ortal USA Inc, Mendota Hearth, Stellar Hearth Products Inc., Element4 B.V., Barbas Bellfires, European Home, Wilkening Fireplace., Heat & Glo, Escea LIMITED, Stûv America Inc, Town & Country Luxury Fireplaces, FireRock Holdings Ltd, Stellar Hearth Products, Handelsbanken Wealth & Asset Management Limited, Travis Industries Inc., Foyers Fournier Inc., Barbas Bellfires, Spartherm Feuerungstechnik GmbH
Hearth Market 2024 Key Insights:
• The hearth market size is expected to see steady growth in the next few years. It will grow to $14.96 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%.
• Surge In Hearth Adoption Driven By Extreme Weather Conditions And Energy-Efficiency Benefits
• Key Companies Drive Innovation With Eco-Friendly Hearths And Related Products
• North America was the largest region in the hearth market in 2023
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