Global Hearth Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
4 Jun, 2021
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.
Global Hearth Market Size And Drivers:
The global hearth market is expected to grow from $11.68 billion in 2020 to $12.10 billion in 2021 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to growing demand for hearth as they are considered a convenient and energy-efficient option for room heating. The hearth market is expected to reach $14.91 billion in 2025 at a CAGR of 5.4%. Increasing adoption of hearths, particularly in countries with extremely cold weather conditions is expected to drive growth for the hearth market.
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Trends In The Global Hearth Market
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.
Global Hearth Market Segments:
The global hearth market is further segmented based on product, fuel type, design, placement application and geography.
By Product: Fireplace, Stove, Insert
By Fuel Type: Gas, Electricity, Wood, Pellet
By Design: Traditional, Modern
By Placement: Indoor, Outdoor, Portable
By Application: Commercial, Residential, Others
By Geography: The global hearth market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the hearth market in 2020.
Read More On The Report For The Global Hearth Market At:https://www.thebusinessresearchcompany.com/report/hearth-global-market-report
Hearth Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides hearth market overviews, analyzes and forecasts market size and growth for the global hearth market, hearth market share, hearth market players, hearth market segments and geographies, hearth market’s leading competitors’ revenues, profiles and market shares. The hearth market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.