Dublin, July 16, 2021 (GLOBE NEWSWIRE) -- The "Hearth Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The hearth market is expected to grow at a compound annual growth rate of 4.03% over the analyzed period to reach a market size of US$5.367 billion in 2026 from US$4.070 billion in 2019.
The hearth is space heating appliances that warm the area where it is installed to keep the user warm during the cold climatic condition. The key driver surging the demand for the market is the rising demand for modern infrastructure in developed and developing nations. An increase in global average disposable income along with increasing investment in modern household infrastructure will increase the demand for hearth technology for a better lifestyle.
Further, rising global tourism has evolved the requirement for better facilities for comfort and greater stay experience, increasing the growth opportunities in the tourism industry, particularly in a region with clod climatic conditions. Technological innovation in the industry opens new prospects for the market.
However, threatening global warming along with a rise in the Earth's temperature has drastically changed the climate against the growth of the market. pollution and residual problems caused by gas and wood hearth technology further hinder the market growth.
The growing tourism industry will drive the market growth during the forecasted period.
Based on end-users, the hearth market is segmented into households, commercial, hospitals, and others. Household sectors dominate the market demand for the hearth market and are predicted to sustain their position during the forecasted period. Rising disposable income is accompanied by higher investment in household decor and infrastructure for better living standards and comfort.
Trends of aesthetic home decor further burgess the demand for hearth technology. Moreover, population growth has increased the demand for residential accommodation in the construction industry, which will provide stable growth to the market during the next 5 years.
Commercial application of hearth technology includes installation of the appliance in hotels, restaurants, and cafeterias, for a better stay and leisure experience for the consumers. The burgeoning tourism industry plays a prime role in the commercial hearth demand growth.
Further, in addition to the disposable income that supports tourism, internet penetration has enabled narrowing down the tedious work of research and reduced the expenses through the involvement of intermediaries, giving the tourist more power. The online review and rating systems give tourists clarity upon the service of the hotel/ restaurants and puts pressure on the latter to improve their services.
Hence, the installation of technologically advanced equipment for superior comfort and stay experience will increase the installation of hearth technology. Growing investment and infrastructure development in the healthcare sector pays special attention to the infrastructure of hospitals, especially of private hospitals, which will increase the installation of hearth technology.
The rise in earth temperature will reduce the market for hearth technology
Human excess carbon emission has resulted in a surge in the Earth's temperature which will limit the market for the hearths industry. Data from the National Ocean and Atmospheric Association (NOAA) states that the Earth's temperature is on a rise at an alarming rate.
Electric hearth device is projected to grow at an auspicious rate to rest at a dominating position by 2026
Based on type, the hearth market is divided into gas, electric, wood, and others. Wood hearth devices are the oldest style of hearth appliance. However, the adoption of wood-styled heart devices is predicted to fall notably during the forecasted period. Technological innovation and the launch of new hearth devices will result in this decline. Further, growing deforestation and rising environmental problems restrict the use of wood for heating and other purposes.
These hearth devices emit carbon in a considerable amount, which has raised environmental concerns and a reduction in the use of woods for hearth devices. Gas fuelled hearth will have a considerable market share during the forecasted period. However, the electric type hearth devices are projected to grow at a significant rate to attain a major market. Electric-styled hearth devices are pollution-free, cost and space-efficient, and do not produce any residual, hence will have huge market prospects.
Further, electric-styled hearting devices installed in hotels and restaurants can be operated through remote controllers which further eases their use.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Hearths Market, by Fuel Type
6. Hearth Market, by Product
7. Hearth Market, by Placement
8. Hearth Market, by Design
9. Hearth Market, by End User
10. Hearth Market, by Geography
10.2. North America
10.2.1. United States
10.3. South America
10.4.1. By Country
10.4.4. United Kingdom
10.4.7. The Netherlands
10.5. The Middle East and Africa
10.6. Asia Pacific
10.6.2. South Korea
11. Competitive Environment and Analysis
11.1. Major Players and Strategy Analysis
11.2. Emerging Players and Market Lucrative
11.3. Mergers, Acquisition, Agreements, and Collaborations
11.4. Vendor Competitiveness Matrix
12. Company Profiles
FPI Fireplace Products International Ltd
Empire Comfort Systems
HPC Fire Inspired
Innovation Hearth Products
For more information about this report visit https://www.researchandmarkets.com/r/3uvn7y
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