About Hearth
The hearth is a stone or brick-lined fireplace which is used for heating purpose. It is used for cooking purpose as well as for managing the room temperature in cool places. The major factors driving the growth of the market include cold weather conditions and the rising trend for the home décor. Additionally, modern fireplaces have enhanced efficiency, thus giving rise to the number of hearths. The evidences that hearths are economical in nature, need low maintenance, and installation costs are lifting their demand globally.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 3.7% |
Competition among existing players is due to the Industrial Dust Collector and Air Filtration market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Industrial Dust Collector and Air Filtration and Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
HNI Corporation (United States), Innovative Hearth Products LLC (United States), Travis Industries Inc. (United States), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems, Inc. (United States), Hearth Products Controls Co. (United States), Hearthstone Stoves (United States), Montigo (Canada) and Pacific Energy (Canada) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Hearth market by Type (Fireplace, Stove and Insert), Application (Residential, Commercial, Hospitality and Institutional) and Region.
On the basis of geography, the market of Hearth has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology Type, the sub-segment i.e. Direct Vent Technology will boost the Hearth market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Design Type, the sub-segment i.e. Traditional Hearth will boost the Hearth market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fuel Type, the sub-segment i.e. Wood will boost the Hearth market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Smart Building in Developed Economies and Surging Developments in the Hearth Technologies
Market Growth Drivers:
Requirements for Hearth Products in Cold Regions, Growing Interest for Esthetic and Designer Houses/Restaurants and Increasing Use of Solar Energy as an Alternative Fuel for Hearth Products
Challenges:
High-Cost Technology Leading to Time Constraints in Promoting Hearth Products and Challenges to Bring in Effective Pricing Strategies
Restraints:
Regulations for Environment Protection and Substitutes for Space Heating
Opportunities:
Emergence of Automation Technologies and Home Automation and Advancement in Hearth Technologies and Use of Smoke-Free Fuel
Market Leaders and their expansionary development strategies
In January 2023, TRM Equity II, the Michigan based private equity fund, has acquired substantially all of the assets of Innovative Hearth Products ("IHP"). With production facilities in Russellville, AL, and Auburn, WA, IHP is a leading manufacturer of indoor and outdoor fireplaces, free-standing stoves, gas logs, fireplace inserts, venting products, and accessories for the specialty retail, residential, new construction, and industrial markets.
In July 2023, Hearth Ventures, announces the launch of venture capital fund designed to empower country's creative and cultural sectors. This fund aims to provide strategic investments and comprehensive support to small and medium-sized for-profit enterprises operating within these domains, with a focus on growing off-farm livelihoods in rural India.
The homeless emergency assistance and rapid transition to housing (HEARTH) act was included in a larger piece of legislations. The HEARTH act accomplished the the first comprehensive overhaul of the United States department of housing and urban development(HUD’s).
Key Target Audience
Raw material and equipment suppliers, Original equipment manufacturers (OEMs), Online product distributors, Installers and maintenance service providers, Distributors and retailers, Research organizations, Component integrators and Interior designers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.