Northbrook, IL 60062 -- (SBWIRE) -- 04/04/2022 -- The global hearth market is estimated to be USD 7.7 billion in 2020 and projected to reach USD 9.7 billion by 2025; at a CAGR of 4.7%.
Key factors fueling the growth of this market include 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.
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.
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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 register largest market share of the hearth market in 2025
Asia Pacific is projected to register largest market share of the hearth market in 2025. The growing market for pellet-based hearths in South Korea and Japan, coupled with the growing renewable energy sector in China and Japan, has led to the demand for biomass fuel-based hearths. Additionally, the growing tourism sector in the region, mainly in China and India, is expected to boost the demand for hearths used in the hospitality segment. These factors together could lead to the market's growth in the APAC region.
Key Market Players
The hearth market is dominated by a few globally established players such as HNI Corporation (US), Glen Dimplex (Ireland), Stove Builder International (SBI) (Canada), Napoleon Fireplaces (Canada), Empire Comfort Systems (US), and Travis Industries (Canada).