Hearth Market Size, Share & Growth

Updated on : October 29, 2024

Hearth Market Size 

The global hearth market size is estimated to be worth USD 10.9 billion in 2024 and is projected to reach USD 13.4 billion by 2029, Growing at a CAGR of 4.2% during the forecast period from 2024 to 2029. Increasing adoption of hearth products in commercial and hospitality sectors, surging deployment of hearths in outdoor spaces are some of the major factors driving the market growth globally.

Hearth Market Forecast to 2029

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Hearth Market Growth & Dynamics

Driver: Growing adoption of home automation

The increasing demand for home automation is propelled by consumers' desire for convenience, control, and enhanced living experiences within their homes. Integrated hearth products with home automation systems empower users to remotely manage heating settings, schedule operation times, and monitor energy usage via smartphones or other smart devices. Manufacturers embracing advanced home automation capabilities gain a competitive edge. By leveraging the rising demand for home automation, they can distinguish their products in the market, appealing to a broader consumer base.

Restraint: High installation and maintenance costs of hearths

The hearth market share faces significant challenges due to the burdensome costs associated with both installation and ongoing maintenance. These hurdles impede market growth and consumer adoption of hearths and fireplaces, despite their benefits in providing warmth and ambiance to homes. High upfront costs constitute a major obstacle for consumers considering hearth installations. From purchasing the equipment to hiring professional installers and ensuring compliance with building codes, the initial investment can be substantial.

Opportunity: Rising interest in hearth products within the hospitality industry

The hospitality industry is experiencing a rise in demand for hearths, which are used to improve guest satisfaction, extending outdoor dining, and socializing seasons and maximizing revenue opportunities for hospitality businesses. Outdoor hearth products enable the creation of versatile event spaces for weddings, corporate gatherings, and social events, generating additional revenue streams and offering guests unique and memorable experiences. The emphasis on sustainability and energy efficiency in the hospitality sector further enhances the appeal of hearth products that utilize eco-friendly fuels and technologies. By leveraging these features, hotels and resorts can attract environmentally conscious guests and enhance their green credentials, aligning with evolving consumer preferences for sustainable accommodation options.

Challenge: Competition from alternative heating solutions

Competition from alternative heating solutions presents a significant challenge to traditional hearth products like fireplaces, stoves, and inserts. HVAC systems, heat pumps, and radiant floor heating are among the alternatives impacting the demand for traditional hearth products. These alternative solutions diminish the demand for traditional hearth products, especially in new construction and home renovation projects. Consumers prioritize the convenience, energy efficiency, and versatility offered by alternatives, while builders may opt for integrated systems that align with modern design trends. However, traditional hearth products maintain niche appeal for ambiance, aesthetics, and nostalgic charm. In regions with access to affordable fuel sources, they remain popular for cost-effectiveness and backup heating capabilities during emergencies.

Hearth Ecosystem

The prominent players in the hearth market size are HNI Corp. (US), Glen Dimplex (Ireland), Napoleon (Canada), Travis Industries, Inc. (US), and HPC Fire Inspired (US). These companies perform organic and inorganic growth strategies to expand themselves globally by providing advanced products of hearths.

Hearth Market Share 

Vented hearth segment is projected at the highest CAGR in the hearth market during the forecast period.

Unvented hearths have a lower market share primarily due to concerns about indoor air quality, as unvented hearths release combustion by-products directly into the living space. Despite the lower initial cost and easier installation, the potential health risks and regulatory challenges associated with unvented hearths make them less favorable among consumers. Key factors for growth of vented hearths include their ability to effectively channel combustion gases outside, which enhances indoor air quality, their efficiency in heating larger spaces, and their compliance with stringent safety and environmental regulations.

Gas- based fuel type accounts for the second highest CAGR of the hearth market during the forecast period.

Gas fireplaces and stoves are favored for their efficiency, convenience, and clean-burning characteristics. Known for providing a consistent and controllable heat source at the push of a button, these units can be fueled by either natural gas or propane. Modern gas hearths emit zero smoke, venting waste gases outside and improving indoor air quality. Electric- based hearths have become increasingly popular due to their highly energy-efficiency, ease of installation, ventless system, cost saving and offering ambiance. The use of wood as a fuel type is experiencing a decline. The growing demand for pellets highlights a shift towards more sustainable and efficient heating options globally.

Hearth Market Regional Analysis

Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The Asia Pacific market is expected to register the highest CAGR during the forecast period. The increasing integration of hearth products in the hospitality segment is primarily fueling the market growth in Asia Pacific. The rising adoption of the hearth industry in varying demands, preferences, and economic condition that influence market dynamics. Europe is also expected to drive the growth of hearth products. 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.

Hearth Market by Region

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Top Hearth Companies - Key Market Players:

The major players in the hearth companies are

• HNI Corp. (US),
• Glen Dimplex (Ireland),
• Napoleon (Canada),
• Travis Industries, Inc. (US), and
• HPC Fire Inspired (US).  These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and expansions to strengthen their position in the market.

Hearth Market Report Scope :

Hearth Market Highlights

The study segments the heart market based on product type, fuel type, placement, design, ignition type, vent availability application, fireplace type, material, and region at the regional and global level.

Recent Developments in Hearth Industry : 

• In March 2023, the company acquired Kimball International, Inc. (US) to diversify its business by adding a new segment, expanding its product range, customizing its go-to-market strategies, and enhancing its manufacturing capabilities.
• In February 2023, the company launched Clutha ULEB, a product under Masport brand, that represents a category of ultra- low emission burners.
• In February 2022, the company launches Stylus Cara Elite- electric fireplace that operates on mobile devices through the Napoleon Home IoT software.
• In 2003, HPC Fire Inspired expanded its offerings with the introduction of Outdoor Fire Products, starting with the manufacturing of fire rings.
• In March 2020 the company launched the innovative Universal Gas Orifice, capable of accommodating both Natural Gas (NG) and Liquid Propane (LP) with a single orifice, a versatile solution enables seamless conversion between the two gases directly onsite, eliminating the need for disassembly.  

Frequently Asked Questions (FAQs):

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