The hearth market is estimated to be 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% between 2018 and 2023. Hearths and fireplaces are generally used for space heating purposes. The major factors such as the weather conditions in the cold countries and the growing interest of customers in esthetically appealing home decor products are attributing to the growth of the market. Furthermore, various automation technologies, modern designs, and smoke-free fuel types are providing opportunities for better adoption rate of hearth products.
Currently, advanced hearth appliances with fuel type such as electricity and pellets are gaining popularity. These are efficient, clean, and easy to install and maintain. Also, these are smoke-, fume-, and odor-free, hence environmentally friendly. The concerns of air pollution are driving the vendors and consumers to opt for cleaner fuel-efficient fireplaces. All these are driving the growth of the market.
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The market for hearths based on pellets and electricity is expected to grow at the highest CAGR between 2018 and 2023. The benefits of pellet-based hearths include efficient space heating, along with low emissions, which makes them more environmentally friendly. Pellet-based hearths require low maintenance and installation costs; these produce lesser carbon residues or ash than wood-based hearth products, thus making pellet-based hearths more economical than other hearths.
On the basis of applications, the market for hearths used for institutional applications is estimated to register the highest growth during the forecast period. Study places such as reading room, libraries, and common rooms for hostels provide students the required ambience for academic purposes.
The market for modern hearths are growing 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.
Europe is expected to hold significant market potential in the coming years and is likely to grow at the highest CAGR 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.
