Categories: Metal & Construction

Hearth Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Hearth Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hearth Global Market Report 2024, The hearth market size has grown steadily in recent years. It will grow from $12.72 billion in 2023 to $13.1 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to energy efficiency awareness, aesthetic preferences, renovation and home improvement trends, outdoor living popularity, rising disposable income.

The hearth market size is expected to see steady growth in the next few years. It will grow to $14.96 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to environmental sustainability, customization and personalization, e-commerce growth, outdoor living extension, regulatory compliance and safety, climate variability impact. Major trends in the forecast period include customization options for personalized fireplace experiences, incorporation of energy-efficient heating technologies, rise in demand for ventless fireplace solutions, focus on environmentally friendly hearth materials, influence of home renovation and remodeling trends.

Increasing adoption of hearths, particularly in countries with extremely cold weather conditions is expected to drive growth for the hearth market. A hearth is a convenient option for heating in rooms and it also helps in lowering electricity bills as compared to other space heating systems in countries with extreme cold temperatures. According to the Tyndall Centre of Climate Change Research, the top countries where the mean temperature is less than 10 degrees Celsius are the UK, China, Russia, Germany, Ukraine, and Poland. Hearths are widely used in these countries in residential spaces, cafes, restaurants, and other indoor places for heating rooms and cooking. Therefore, cold weather conditions across various geographies and high adoption of a hearth in these areas would boost the market growth in the forecast period.

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The hearth market covered in this report is segmented –

1) By Product: Fireplace, Stove, Insert

2) By Fuel Type: Gas, Electricity, Wood, Pellet

3) By Design: Traditional, Modern

4) By Placement: Indoor, Outdoor, Portable

5) By Application: Commercial, Residential, Other Applications

Major companies operating in the hearth market are increasing their focus on introducing innovative hearths, such as DRL3613 DelRay Linear, to gain a competitive edge in the market. The DRL3613 DelRay Linear is a contemporary and stylish gas fireplace known for its advanced technology and customizable features. It offers a chic and modern heating solution for living spaces. For instance, in May 2022, Montigo, a Canada-based company specializing in manufacturing custom gas fireplaces for residential and commercial spaces, launched the DRL3613 DelRay Linear. This minimalist gas fireplace is perfect for residential use, providing elegance and efficiency at an affordable price point. With a slim 14 ¼” framing depth and 4/7 direct venting, it’s suitable for new construction and retrofit installations. The fireplace has a maximum BTU of 16,000 and a high-efficiency rating of 71.0% for both natural gas and propane.

The hearth market report table of contents includes: