Hearth Market Competitive Landscape, Growth Factors, Revenue Analysis to 2027 – IndustryARC
Hearth Market is forecast to reach $10.5 billion by 2026, growing at a CAGR of 4.3% from 2021 to 2026
HYDERABAD, TELANGANA, INDIA, September 22, 2022 /EINPresswire.com/ — Hearth Market is forecast to reach $10.5 billion by 2026, growing at a CAGR of 4.3% from 2021 to 2026. The Hearth Market is estimated to witness sustainable growth over the forecast period rapidly due to growing demand from the consumers focusing on decorating homes for enhancing its traditional look and visual appeal. Moreover, hearth items are considered as efficient space heaters and efficient home decors. On the other hand, the increasing popularity of designer hearths in high economic regions is the key focus of the market players in producing these products prompt the expansion of hearth industry over the years to come especially in blast furnaces. Apart from this, hearths are cost-effective, require low maintenance, and incur less deployment costs, thereby steering the market trends. In cold weather countries such as United States, France, Canada, Germany and others increase in demand and are installed in the majority of housing facilities and wastewater treatment plants. Consumers having artistic sense and are eager to decorate their households with visually appealing products search for designer hearths. This will further contribute towards the expansion of Hearth Market over the forecasting years. However, traditional hearths are not eco-friendly, high-cost installations especially of designed hearths and growing environmental sustainability concerns will restrain the Hearth Market growth.
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Key Takeaways:
This IndustryARC report on Hearth Market highlights the following areas –
1. The Hearth Market is estimated to witness a sustainable growth over the forecast period rapidly due to increasing demand from the consumers focusing on decorating homes for enhancing its traditional look and the visual appeal.
2. Hearth items are considered as efficient space heaters and efficient home decors and many of them are eco-friendly such as electric hearth.
3. Traditional Hearths are cost-effective, require low maintenance, and incur less deployment costs, thereby steering the market trends. The installation charge of traditional hearths are comparatively less as compared to the modern hearths.
4. In cold weather countries such as United States, France, Canada, Germany and others increases in demand and are installed in majority of housing facilities. In these cold regions Hearth market gets boost especially in wood fuel type hearths.
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Segmental Analysis :
1. Electric hearths have dominated the Hearth Market at 52% share in 2020, as they offer benefits that include efficient space heating, along with low emissions.
2. Residential Hearths hold the largest market in Hearth applications at 34.4% share in 2020. Residential hearth dominates the Hearth Market because of its home- decorating feature. Installation of modern hearth such as Electric hearths primarily boosts up the visual appeal of once residence.
3. North America accounted for being the highest market among all the regions at 36.1% share in 2020. The market growth in this region is predominantly rising due to United States, Greenland, North Canada and others which has the highest installed hearth for commercial as well as residential end use comprising of both modern and traditional hearths.
Competitive Landscape :
The top 5 players in the Hearth Industry are –
1. Hearthstone Stoves
2. HNI Corporation
3. Innovative Hearth Products
4. Jotul AS
5. Nordpeis
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