Hearth Global Market Report 2022

(MENAFN- GlobeNewsWire - Nasdaq)

New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Hearth Global Market Report 2022' -
, Montigo, GHP Group Inc., Glen Dimplex, Stove Builder International (SBI), Hearthstone Quality Home Heating Products Inc., RH Peterson Co., Barbas Bellfires, BFM Europe Ltd., Boley, Stellar Hearth Products Inc, Element4, Hearth Products Controls Co., European Home, and Wilkening Fireplace.
The global hearth market is expected to grow from $12.10 billion in 2021 to $12.72 billion in 2022 at a compound annual growth rate (CAGR) of 5.12%. The hearth market is expected to reach $15.45 billion in 2026 at a CAGR of 4.98%.
The hearth market consists of sales of hearth by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing hearth and related products.A hearth is defined as the floor of a fireplace.
A hearth is a brick or stone-lined fireplace that might have an oven occasionally and is used for heating the room and for cooking or heating water. It is made from a non-combustible material and is used for protecting the floor from sparks, burning logs, radiant heat, and flying embers that may roll out of the fireplace.
The main type of hearths are fireplace, stove, and insert.A fireplace is a framed opening made in a chimney to hold an open fire.
The heat sources for hearth and fireplaces are gas, electricity, wood, and pellet.A stove is a free-standing structure producing heat by burning renewable cord wood or fuel pellets made of condensed biomass materials like wood chips and sawdust.
Inserts are usually a stove, wood or gas that is designed to be inserted into an existing fireplace. The hearths can be indoor, outdoor and portable, and is used for commercial, residential, and other applications.
North America was the largest region in the hearth market in 2020.Asia Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in the hearth market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
The stringent regulations and the government focus to reduce pollution could restrain the hearth market in the forecast period.There are a number of Environmental Protection Agency (EPA) standards like the New Source Performance Standards (NSPS) for residential wood heaters that hearth manufacturers have to comply with in order to reduce pollution and make environmentally responsible products.
The stringent performance standards would require higher engineering budgets and more additional costs which could act as a restraint for the hearth market in the future.
The launch of advanced eco-friendly hearth and related products is gaining significant popularity in the hearth market.Key companies operating in the market are continuously involved in developing new eco-friendly products with advanced features such as low emissions and reduced fuel consumption to meet the requirements of end-users and expand the product portfolio of the company.
For instance, In April 2020, Stove Builder International Inc., a Canada-based family-owned business engaged in designing, building, and marketing residential heating products launched the Everest II wood-burning fireplace under its Osburn brand. The new fireplace offers advantages such as reduced fuel consumption and low emission. In another instance, in May 2020, Hearthstone Stoves introduced TruHybrid stoves, their first eco-friendly fireplace product which features ultra-clean combustion that surpasses 2020 EPA clean air standards and offers high efficiency of up to 30 working hours.
In February 2019, Beckner Clevy Partners and Harbert Management Corporation acquired International Hearth Holdings (IHH) and its business – Innovative Hearth Products (IHP) for an undisclosed amount.The acquisition aimed at the continuous growth of IHP and its business within the remodeling and residential building markets, including hearths.
Both the companies plan to focus on improving the manufacturing process, superior customer service, and new product development through increased efficiencies. IHP is a USA-based manufacturer of outdoor and indoor fireplaces, venting products, gas log sets, inserts, stoves, and accessories for residential use, specialty retail, and industrial markets.
The countries covered in the hearth market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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