Hearth Market by Fuel Type (Wood, Gas, Electricity, and Pellet), Product (Fireplace, Stove, and Insert), Design (Traditional Hearth, and Modern Hearth), Placement, Application, Technology, and Geography - Global Forecast to 2023
The hearth market was valued at USD 15.72 Billion in 2018 and is expected to reach USD 19.01 Billion by 2023, at a CAGR of 3.87% during the forecast period.
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Selected Market Dynamics in Hearth Market
Increasing use of solar energy as an alternative fuel for hearth products
While gas, electricity, wood, and pellets are the standard heating fuels in hearths, the usage of solar energy as a fuel is a growing trend in the market as it produces more energy than the conventional fuel. Photovoltaic solar panels are being installed in both residential and commercial space heating applications. Using solar space-heating systems in home heating applications can significantly reduce monthly energy costs.
In the US, the solar investment tax credit is among the most important federal policy mechanisms to support the deployment of solar energy. The solar hearth market has been benefited with a 30% federal tax credit from generous taxpayer subsidies in addition to state incentives. This continues to drive the growth in the hearth fireplace market.
Substitutes for space heating
Alternate sources for space heating, such as room heaters and centralized heating systems, are used when the main heating system is inadequate and expensive to install or operate. In such cases, using room heaters is beneficial and serves the purpose.
Technologies such as combined heat and power (CHP) offer a range of potential benefits for residential applications. It fulfills all heating and hot water needs in a household, along with generating electricity for domestic use. Moreover, one can sell the surplus electricity to the power grid, thus encourages the adoption of a unique energy saving technology. In some countries, the government provides tax benefits to the owners of CHP plants.
The value chain of the market includes developers of hearth technologies and associated materials required to manufacture hearth products, manufacturers, raw material providers, and brand customers (manufacturing the end products). HNI Corporation (US), Innovative Hearth Products LLC (US), Travis Industries Inc. (US), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems, Inc. (US), Hearth Products Controls Co. (US), Hearthstone Stoves (US), Montigo (Canada), Pacific Energy (Canada) are some of the major companies operating in the hearth market.
Scope of the Report:
|
Report Metric |
Details |
|
Report Name |
Hearth market |
|
Base year |
2017 |
|
Forecast period |
20182023 |
|
Units |
Value (USD) |
|
Segments covered |
Type, End User, Offerings, and Region |
|
Geographic regions covered |
North America, APAC, Europe, and RoW |
|
Companies covered |
customers (manufacturing the end products). HNI Corporation (US), Innovative Hearth Products LLC (US), Travis Industries Inc. (US), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems, Inc. (US), Hearth Products Controls Co. (US), Hearthstone Stoves (US), Montigo (Canada), Pacific Energy (Canada) |
Key Target Audience:
- Raw material and equipment suppliers
- Original equipment manufacturers (OEMs)
- Online product distributors
- Installers and maintenance service providers
- Fuel suppliers
- Distributors and retailers
- Research organizations
- Component integrators
- Interior designers
The study answers several questions for the target audience; this primarily includes the market segments to focus on over the next 25 years for prioritizing efforts and investments.
Hearth Market Segmentation
In this report, the market has been segmented on the basis of:Hearth Market, By Fuel Type:
- Wood
- Gas
- Electricity
- Pellet
Hearth Market, By Product:
- Fireplace
- Stove
- Insert
Hearth Market, By Design:
- Traditional Hearth
- Modern Hearth
Hearth Market, By Placement:
- Indoor Hearth
- Outdoor Hearth
- Portable Hearth
Hearth Market, By Application:
- Residential
- Commercial
- Hospitality
- Institutional
Hearth Market, By Technology:
- Direct Vent Technology
- Intermittent Pilot Ignition System
- Zone Heating Technology
- Smart Home Integration
- Others
Hearth Market by Region:
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World (RoW)
Company Profiles: Detailed analysis of major companies in the market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the companys specific needs. The following customization options are available for the report:
- Company Information
Detailed analysis and profiling of additional market players (up to five)
- Industry-Specific Data
Detailed analysis of specific industries and respective use cases or applications
The hearth market is expected to be valued at USD 15.02 Billion in 2017 and is projected to reach USD 19.01 Billion by 2023, at a CAGR of 3.87% between 2018 and 2023.
On the basis of volume, the market is expected to register a shipment of 7.5 million units by 2023, growing at a CAGR of 6.22% during the forecast period. The major growth drivers for the market include factors such as the cold weather conditions in certain countries and the rising interest for esthetically appealing home decor products by customers. With advancements in hearth technologies and use of smoke-free fuel, the market is expected to witness significant growth during the forecast period.
The report covers the market by fuel type, product, design, placement, application, technology, and geography. The electric hearth market is expected to grow at the highest CAGR between 2018 and 2023. The benefits of electric hearths include efficient space heating, along with low emissions, which make them more environmentally friendly. Electric appliances are easier to clean as there are no carbon residues or ash. These are also more economical than other hearths as they require low maintenance and installation costs.
The market for fireplace products is estimated to lead during the forecast period. The fireplaces are among the oldest forms of space heating appliance; hence, they have a major foothold in the market. In the earlier times, these were used for cooking, heating water for laundry, and other domestic purposes. The fireplaces are now mostly used to create a relaxing and comfortable ambience, indoor or outdoor. Modern fireplaces have better heat efficiency and sophistication in design.
The market for modern hearths grows at a higher rate than the traditional ones and is expected to continue during the forecast period. These hearths exhibit various kinds of structures to support different technologies and accommodate various esthetic features. These are also equipped with remote controls and have better fuel efficiency and low emission rate.
The institutional applications are likely to register the highest growth during the forecast period. Study places such as reading room, libraries, common rooms for hostels, provide students the required ambience for academic purposes.
The hearth market in Europe is expected to grow at the highest rate during the forecast period. The major reason for the growing demand for hearth products is its increasing adoption in and around houses to counter the extremely cold weather in Europe. Interior designers also use hearth products owing to the esthetic appeal of fireplaces.
However, the regulations for environment protection, such as those of EPA, and substitutes for room heating, such as induction-based room heaters, are restraining the growth of the market. The high-cost technology leading to time constraints in promoting hearth products poses a major challenge for hearth manufacturers. This report discusses the drivers, restraints, opportunities, and challenges pertaining to the market; analyzes the current market scenario; and forecasts market size till 2023.
HNI Corporation (US), Innovative Hearth Products LLC (US), Travis Industries Inc. (US), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems, Inc. (US), Hearth Products Controls Co. (US), Hearthstone Stoves (US), Montigo (Canada), Pacific Energy (Canada), RH Peterson Co. (US), GHP Group Inc. (US), Wilkening Fireplace (US), Jψtul AS (Norway), Nordpeis (Norway), Rassmussen Gas Logs (US), EuropeanHome (US), Barbas Bellfires (Netherlands), Element4 (Netherlands), and Stellar Hearth Products Inc. (US) are the major companies operating in the hearth market.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 18)
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
Figure 1 Segmentation of the Hearth Market
1.3.2 Years Considered for Study
1.4 Currency
1.5 Stakeholders
2 Research Methodology (Page No. - 21)
2.1 Research Data
Figure 2 Hearth Market: Research Design
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.2 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Key Data From Primary Sources
2.1.2.3 Key Industry Insights
2.1.2.4 Breakdown of Primaries
2.1.3 Secondary and Primary Research
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing Market Size By Bottom-Up Analysis (Demand Side)
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing Market Size By Top-Down Analysis (Supply Side)
Figure 4 Market Size Estimation Methodology: Top-Down Approach
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
Figure 5 Assumptions for Research Study
3 Executive Summary (Page No. - 31)
Figure 6 Hearth Market Size (USD Billion) (20152023)
Figure 7 Electric Hearths to Hold Largest Size of Market By 2023
Figure 8 Market for Inserts to Grow at Highest CAGR Between 2018 and 2023
Figure 9 Market for Modern Hearths to Grow at Highest CAGR Between 2018 and 2023
Figure 10 North America to Dominate Market in 2018
4 Premium Insights (Page No. - 35)
4.1 Attractive Opportunities in Hearth Market
Figure 11 Market to Grow at Moderate Rate Between 2018 and 2023 Owing to Emergence of Automation Technologies and Home Automation
4.2 Hearth Market, By Fuel Type (2018 vs 2023)
Figure 12 Electric Market to Grow at Highest CAGR During Forecast Period
4.3 Market, By Placement (2018 vs 2023)
Figure 13 Market for Outdoor Hearths to Grow at Highest CAGR During Forecast Period
4.4 Market, By Design (2018 vs 2023)
Figure 14 Traditional Hearths to Hold Largest Size of the Market in 2018
4.5 Market in North America, By Fuel Type and Country (2017)
Figure 15 Electric Hearths Held Largest Share of Market in North America, and US to Dominate North American Market in 2017
4.6 Hearth Market, By Application (20172023)
Figure 16 Market for Hearths Used for Institutional Application to Grow at Highest CAGR Between 2018 and 2023
4.7 Hearth Market, By Geography (2017)
Figure 17 North America Held Largest Share of Market in 2017
5 Market Overview (Page No. - 39)
5.1 Introduction
5.2 Market Dynamics
Figure 18 Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Requirements for Hearth Products in Cold Regions
Table 1 Continental Temperature Anomalies, January 2018
5.2.1.2 Growing Interest for Esthetic and Designer Houses/Restaurants
5.2.1.3 Increasing Use of Solar Energy as an Alternative Fuel for Hearth Products
5.2.2 Restraints
5.2.2.1 Regulations for Environment Protection
5.2.2.2 Substitutes for Space Heating
5.2.3 Opportunities
5.2.3.1 Emergence of Automation Technologies and Home Automation
5.2.3.2 Advancement in Hearth Technologies and Use of Smoke-Free Fuel
5.2.4 Challenges
5.2.4.1 High-Cost Technology Leading to Time Constraints in Promoting Hearth Products
5.2.4.2 Challenges to Bring in Effective Pricing Strategies
5.3 Industry Trends
5.4 Value Chain Analysis
Figure 19 Hearth Market: Value Chain Analysis
5.4.1 Research and Development
5.4.2 Component Manufacturing
5.4.3 Hearth Manufacturing and System Integration
5.4.4 Distribution
5.4.5 End User and Post-Sales Service
5.5 Key Industry Trends
Figure 20 Product Development Emerges as Key Trend in Market
5.6 Industrial Technologies and Standards
5.6.1 Industrial Technologies
5.6.2 Standards
5.7 Regulations and Requirements for Masonry Fireplaces and Chimneys
Table 2 Summary of Requirements for Masonry Fireplaces and Chimneys
6 Hearth Market, By Fuel Type (Page No. - 47)
6.1 Introduction
Figure 21 Hearth Market, By Fuel Type
Table 3 Market, By Fuel Type, 20152023 (Thousand Units)
Table 4 Market, By Fuel Type, 20152023 (USD Billion)
6.2 Wood
Table 5 Wood-Based Hearth Market, By Region, 20152023 (USD Million)
Table 6 Wood-Based Market, By Product, 20152023 (USD Billion)
Table 7 Wood-Based Market, By Design, 20152023 (USD Billion)
Table 8 Wood-Based Hearth , By Application, 20152023 (USD Million)
6.3 Gas
Table 9 Gas-Based Hearth Market, By Region, 20152023 (USD Billion)
Figure 22 North America to Hold Largest Size of Gas-Based Hearth Market During Forecast Period
Table 10 Gas-Based Market, By Product, 20152023 (USD Billion)
Table 11 Gas-Based Market, By Design, 20152023 (USD Billion)
Table 12 Gas-Based Market, By Application, 20152023 (USD Billion)
6.4 Electricity
Table 13 Electric Market, By Region, 20152023 (USD Billion)
Table 14 Market, By Product, 20152023 (USD Billion)
Figure 23 Fireplaces Expected to Lead Electric Hearth Market During Forecast Period
Table 15 Electric Market, By Design, 20152023 (USD Billion)
Table 16 Electric Market, By Application, 20152023 (USD Billion)
6.5 Pellet
Table 17 Pellet-Based Market, By Region, 20152023 (USD Million)
Table 18 Pellet-Based Market, By Product, 20152023 (USD Million)
Table 19 Pellet-Based Market, By Design, 20152023 (USD Million)
Figure 24 Market for Modern Hearths Expected to Grow at Higher CAGR During Forecast Period
Table 20 Pellet-Based Market, By Application, 20152023 (USD Million)
7 Hearth Market, By Product (Page No. - 59)
7.1 Introduction
Figure 25 Hearth Market, By Product
Table 21 Market, By Product, 20152023 (USD Billion)
7.2 Fireplace
Figure 26 Market for Modern Hearth Fireplaces to Grow at Highest CAGR During Forecast Period
Table 22 Market for Fireplaces, By Design, 20152023 (USD Billion)
Table 23 Market for Fireplaces, By Fuel Type, 20152023 (USD Billion)
7.3 Stove
Table 24 Market for Stoves, By Design, 20152023 (USD Billion)
Figure 27 Electric Stoves to Hold Largest Size of Market During Forecast Period
Table 25 Market for Stoves, By Fuel Type, 20152023 (USD Billion)
7.4 Insert
Table 26 Market for Inserts, By Design, 20152023 (USD Billion)
Table 27 Market for Inserts, By Fuel Type, 20152023 (USD Billion)
8 Hearth Market, By Design (Page No. - 65)
8.1 Introduction
Figure 28 Hearth Market, By Design
Table 28 Market, By Design, 20152023 (USD Billion)
8.2 Traditional Hearth
Figure 29 Electric Hearths to Hold Largest Size of Traditional Hearth Market During Forecast Period
Table 29 Market for Traditional Hearths, By Fuel Type, 20152023 (USD Billion)
Table 30 Market for Traditional Hearths, By Product, 20152023 (USD Billion)
8.3 Modern Hearth
Table 31 Market for Modern Hearths, By Fuel Type, 20152023 (USD Billion)
Figure 30 Fireplaces to Lead Modern Market During Forecast Period
Table 32 Market for Modern Hearths, By Product, 20152023 (USD Billion)
9 Hearth Market, By Placement (Page No. - 72)
9.1 Introduction
Figure 31 Market, By Placement
Table 33 Market, By Placement, 20152023 (USD Billion)
9.2 Indoor Hearth
Figure 32 Residential Sector to Hold Largest Size of Indoor Market During Forecast Period
Table 34 Indoor Market, By Application, 20152023 (USD Billion)
9.3 Outdoor Hearth
Figure 33 Hospitality Sector to Lead Outdoor Hearth Market During Forecast Period
Table 35 Outdoor Hearth Market, By Application, 20152023 (USD Billion)
9.4 Portable Hearth
Table 36 Portable Hearth Market, By Application, 20152023 (USD Million)
10 Hearth Market, By Application (Page No. - 77)
10.1 Introduction
Figure 34 Hearth Market, By Application
Table 37 Market, By Application, 20152023 (USD Billion)
10.2 Residential
Figure 35 Residential Market for Portable Hearths to Grow at Highest CAGR During Forecast Period
Table 38 Residential Market, By Placement, 20152023 (USD Billion)
Table 39 Residential Market, By Fuel Type, 20152023 (USD Billion)
Table 40 Residential Market, By Region, 20152023 (USD Billion)
10.3 Commercial
Table 41 Commercial Hearth Market, By Placement, 20152023 (USD Billion)
Figure 36 Electric Hearths to Hold Largest Size of Commercial Market During Forecast Period
Table 42 Commercial Market, By Fuel Type, 20152023 (USD Billion)
Table 43 Commercial Market, By Region, 20152023 (USD Billion)
10.4 Hospitality
Table 44 Hospitality Market, By Placement, 20152023 (USD Billion)
Table 45 Hospitality Market, By Fuel Type, 20152023 (USD Billion)
Figure 37 North America to Hold Largest Size of Hospitality Market During Forecast Period
Table 46 Hospitality Market, By Region, 20152023 (USD Billion)
10.5 Institutional
Table 47 Institutional Market, By Placement, 20152023 (USD Billion)
Table 48 Institutional Market, By Fuel Type, 20152023 (USD Million)
Table 49 Institutional Market, By Region, 20152023 (USD Million)
11 Hearth Market, By Technology (Qualitative Study) (Page No. - 87)
11.1 Introduction
Figure 38 Hearth Market, By Technology
11.2 Direct Vent Technology
11.3 Intermittent Pilot Ignition System
11.4 Zone Heating Technology
11.5 Smart Home Integration
11.6 Others
11.7 Market Trends of the Technologies:
12 Geographic Analysis (Page No. - 90)
12.1 Introduction
Figure 39 Hearth Market, By Geography
Figure 40 Market in Russia to Witness A Significant Growth During Forecast Period
Table 50 Market, By Region, 20152023 (USD Billion)
12.2 North America
Figure 41 North America: Snapshot of Hearth Market
Table 51 Market in North America, By Application, 20152023 (USD Billion)
Table 52 Market in North America, By Fuel Type, 20152023 (USD Billion)
Table 53 Market in North America, By Country, 20152023 (USD Billion)
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
Figure 42 Europe: Snapshot of Hearth Market
Table 54 Market in Europe, By Application, 20152023 (USD Billion)
Table 55 Market in Europe, By Fuel Type, 20152023 (USD Billion)
Table 56 Market in Europe, By Country, 20152023 (USD Billion)
12.3.1 UK
12.3.2 Germany
12.3.3 Russia
12.3.4 Rest of Europe
12.4 APAC
Figure 43 APAC: Snapshot of Hearth Market
Table 57 Market in APAC, By Application, 20152023 (USD Billion)
Table 58 Market in APAC, By Fuel Type, 20152023 (USD Billion)
Table 59 Market in APAC, By Country, 20152023 (USD Billion)
12.4.1 China
12.4.2 Japan
12.4.3 South Korea
12.4.4 Rest of APAC
12.5 RoW
Table 60 Market in RoW, By Application, 20152023 (USD Million)
Table 61 Market in RoW, By Fuel Type, 20152023 (USD Million)
Table 62 Market in RoW, By Region, 20152023 (USD Million)
12.5.1 South America
12.5.2 South Africa
13 Competitive Landscape (Page No. - 104)
13.1 Overview
Figure 44 Product Launches and Developments Emerged as Key Growth Strategies Adopted By Companies Between 2014 and 2018
13.2 Key Players in the Hearth Market
Table 63 Top 5 Players in the Market, 2017
13.3 Competitive Situations and Trends
13.4 Competitive Scenario
Figure 45 Market Evaluation Framework: Product Launches & Developments have Fueled Growth and Innovation Between 2015 and 2017
13.4.1 Product Launches and Developments, 20142018
13.4.2 Partnerships, Collaborations, and Agreements, 20142018
13.4.3 Expansions, 20142018
14 Company Profiles (Page No. - 108)
14.1 Key Players
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
14.1.1 HNI Corporation (Hearth & Home Technologies)
Figure 46 HNI Corporation (Hearth & Home Technologies): Company Snapshot
14.1.2 Innovative Hearth Products
14.1.3 Travis Industries
14.1.4 FPI Fireplace Products
14.1.5 Napoleon Products (Wolf Steel LTD.)
14.1.6 Empire Comfort Systems
14.1.7 Hearth Products Controls
14.1.8 Hearthstone Stoves
14.1.9 Montigo
14.1.10 Pacific Energy
14.2 Other Important Players
14.2.1 RH Peterson
14.2.2 GHP Group
14.2.3 Wilkening Fireplace
14.2.4 Jψtul
14.2.5 Nordpeis
14.3 Key Innovators
14.3.1 Rasmussen Gas Logs
14.3.2 Europeanhome
14.3.3 Barbas Bellfires
14.3.4 Element4
14.3.5 Stellar Hearth Products
*Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
15 Appendix (Page No. - 132)
15.1 Insights of Industry Experts
15.2 Discussion Guide
15.3 Knowledge Store: Marketsandmarkets Subscription Portal
15.4 Introducing RT: Real-Time Market Intelligence
15.5 Available Customizations
15.6 Related Reports
15.7 Author Details
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Growth opportunities and latent adjacency in Hearth Market
The hearth market is driven by factors such as growing need for space heating products due to extremely cold climatic conditions in certain regions and increasing interest in esthetic home decor products among customers. What are different assumptions included for market data forecast?
Japan and China are two big market in Asia Pacific for this market. What kind of data have been provided for APAC countries in this study?
I am interested specifically into the Japanese market for this research.
Did you outline market size in USD from the end consumer perspective or from the Manufacturer selling price? Meaning in most cases the manufacturer sells to a distributor or retailer (which you refer to your report) and then ultimately to a consumer (obviously with mark-up at each level). Can you share details on your reserach methodology.
How you compiled the data, did it include the venting/chimney cost as well or just the manufactured appliance (gas stove, wood stove, etc.?)