CHICAGO, June 5, 2024 /PRNewswire/ — The Hearth Market is expected to reach USD 13.4 billion by 2029 from USD 10.9 billion in 2024, at a CAGR of 4.2% during the 2024–2029 period according to a new report by MarketsandMarkets™. The major factors driving the market growth of the hearth market include rising application in hospitality industry. Additionally, the ongoing technological advancements, rising interest in outdoor hearth products, and visually appealing designs in hearth products provide growth opportunities to the market players.
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Browse in-depth TOC on “Hearth Market”
120 – Tables
65 – Figures
220 – Pages
Hearth Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 10.9 billion
Estimated Value by 2029
$ 13.4 billion
Growth Rate
Poised to grow at a CAGR of 4.2%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Fuel Type, Product, Ignition Type, Placement, Design Vent Availability, Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Competition from alternative heating solutions
Key Market Opportunities
Rising interest in hearth products within the hospitality industry
Key Market Drivers
Growing adoption of home automation
Inserts as a product to grow at the highest CAGR in the hearth market during the forecast period.
Fireplaces dominated the market, capturing a major share among hearth appliances, underscoring their enduring popularity and historical significance as one of the oldest types of hearth products. The segment of fireplace inserts is projected to experience significant growth making inserts a versatile solution for modern home heating needs. As one of the oldest modes of heating appliances, government agencies and stove manufacturers are making long-term efforts to minimize concerns related to air pollution, deforestation, and climate change. Consumers increasingly seek both traditional and modern hearth solutions, creating profitable opportunities for manufacturers in various sectors of the hearth market.
Electricity- based fuel type accounts for the largest market share of the hearth market during the forecast period.
Electric- based hearths have become increasingly popular due to their highly energy-efficiency, ease of installation, ventless system, cost saving and offering ambiance. They provide reliable heat with adjustable settings such as remote-controlled, voice automation and LED lighting systems. The use of wood as a fuel type is experiencing a decline. This decrease can be attributed to increasing environmental concerns, stricter regulations on emissions, and the inconvenience associated with sourcing and storing wood. The growing demand for pellets highlights a shift towards more sustainable and efficient heating options globally.
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Europe held the second largest share of the hearth market in during the forecast period.
Europe is accounted for the second largest share of the hearth industry. The presence of established several hearth manufacturing companies such as Glen Dimplex (Ireland), Jøtul (Norway), increasing integration in various sectors, government-led initiatives for environment sustainability are the major factors driving the market growth in Europe. North America has a high prevalence of fireplaces and stoves in both residential and commercial properties, holding the largest market share. The hearth market is growing steadily in regions like South America, and the Middle East & Africa.
Key Players
The report profiles key players in hearth companies such as 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).
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