Construction & Industrial

According to a market report by Lucintel, the future of the hearth market looks promising with opportunities in the residential and non-residential market. The global hearth market is expected to grow with a CAGR of 7% to 9% from 2023 to 2028. The major drivers for this market are rise in the need for aesthetically appealing fireplaces and increasing demand for the hearth system inside the hospitality sector. 

In this market, wood, electricity, pellet, and gas are the major segments of hearth market by fuel type. Lucintel forecasts that electricity will remain the largest segment over the forecast period as electric hearths are more effective and requires less installation and maintenance. Additionally, it offers benefits that include efficient space heating along with low emissions and environmentally friendly in nature.

Within this market, residential is expected to remain the largest segment as the visual appeal of a property is increased with the addition of a modern fireplace such as an electric fireplace.

North America will remain the fastest growing region due to the presence of major key companies which are growing their production and distribution across the region.

Hearth Products Control Co., Hearthstones Stove, HNI Corporation, Innovative Hearth Products, Jotul AS, Nordpeis, Pacific Energy, Rasmussen Gas Logs and Grills, RH Peterson Co., and Stellar Hearth Product are the major suppliers in the global hearth market.  

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global hearth market by fuel type, product, design, ignition type, material, fireplace type, placement, vent availability, application, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Hearth Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global hearth market by fuel type, product, design, ignition type, material, fireplace type, placement, vent availability, application, and region, as follows:

Hearth Market by Fuel Type [Value ($B) Shipment Analysis from 2017 to 2028]:

· Wood

· Gas

· Electricity

· Pellet

Hearth Market by Product [Value ($B) Shipment Analysis from 2017 to 2028]:

· Fireplace

· Stove

· Insert

Hearth Market by Design [Value ($B) Shipment Analysis from 2017 to 2028]:

· Traditional Hearth

· Modern Hearth

Hearth Market by Ignition Type [Value ($B) Shipment Analysis from 2017 to 2028]:

· Electronic Ignition

· Standard Pilot Ignition

Hearth Market by Material [Value ($B) Shipment Analysis from 2017 to 2028]:

· Brick

· Granite

· Marble

· Stone

· Slate

· Quarry Tiles

Hearth Market by Fireplace Type [Value ($B) Shipment Analysis from 2017 to 2028]:

· Single-Sided Fireplaces

· Multi-Sided Fireplaces

Hearth Market by Placement [Value ($B) Shipment Analysis from 2017 to 2028]:

· Indoor

· Outdoor

· Portable

Hearth Market by Vent Availability [Value ($B) Shipment Analysis from 2017 to 2028]:

· Vented Hearth

· Unvented Hearth

Hearth Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:

· Residential

· Non-Residential

Hearth Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:

· North America

· Europe

· Asia Pacific

· The Rest of the World

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers the following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the hearth market by fuel type (wood, electricity, pellet, and gas), product (fireplace, stove, and insert), design (traditional hearth and modern hearth), ignition type (electronic ignition and standard pilot ignition), material (brick, granite, marble, stone, stale, and quarry tiles), fireplace type (single-sided fireplaces and multi-sided fireplaces), placement (indoor, outdoor and portable), vent availability (vented hearth and unvented hearth), application (residential and non-residential) and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?