Press release
North America Hearth Market Size Share Growth Trends and Forecast Analysis
The North America Hearth Market size was valued at US$ 4.12 billion in 2023 and is projected to reach US$ 7.33 billion by 2031; it is expected to grow at a CAGR of 7.5% during 2023-2031.Get Exclusive Sample PDF @: https://www.businessmarketinsights.com/sample/BMIRE00030325?utm_source=OpenPr&utm_medium=10640
Hearth products include freestanding stoves, fireplaces, fireplace inserts, and masonry heaters. These products are widely used in North America for space heating and offer an aesthetic appearance for residential buildings. In North America, energy is majorly utilized for space heating in residential buildings. According to the US Environmental Protection Agency Organization, space heating accounted for ~42% of the energy usage in the residential sector. Furthermore, in the US, homeowners spend ~US$ 73 for energy-related expenditures on space heating. Energy-efficient hearth products are able to reduce energy consumption by 60%-65% depending upon the hearth product used. According to Hearth, Patio & Barbecue Association, in 2021, more than 8.5 million gas-fired fireplaces have been installed in US households.
Analysis of the Top Market Players:
1. SBI - International Stove Manufacturer Inc.
2. Glen Dimplex Europe Holdings Limited
3. GHP Group Inc.
4. Pacific Energy Fireplace Products
5. FPI Fireplace Products International Ltd.
6. HNI Corporation
7. Wolf Steel Ltd
8. Empire Comfort Systems, Inc.
9. Travis Industries, Inc.
10. Innovative Hearth Products
In this report, the market has been segmented on the basis of:
Fuel Type (Gas, Electric, Wood, and Pellet)
Product Type (Vented and Unvented)
Application (Residential and Commercial), and Country
Access full Report Description, TOC, Table of Figure, Chart, etc. @: https://www.businessmarketinsights.com/reports/north-america-hearth-market
Due to the growing demand for innovative energy-efficient space heating solutions, several key players are involved in product development. Manufacturers are launching hearth products with improved insulation, advanced combustion technologies, and eco-friendly fuel options to meet consumer preferences and regulatory requirements. For instance, in February 2022, Napoleon launched Ascent BX, a gas fireplace for space heating. This product is the expansion of the Napoleon's Ascent Linear Hearth Series, which is available in 36-inch and 42-inch models.
According to the Hearth, Patio & Barbecue Association (HPBA), about one-third of the residential population in North America planned to purchase new indoor and outdoor hearth appliances in 2022. Also, approximately 95% of the population in the US used space heating solutions. Consumers in North America are expanding their homes with innovative space heating solutions to incorporate in the backyard kitchens. Thus, increasing demand for energy-efficient solutions for space heating across residential and commercial buildings drives the North American hearth market.
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