Hearth products have been primarily used for space heating market since their inception. The hearth market has undergone a phase of transformation leading to the launch of several advanced, efficient, and superior hearth products are in the said market. This overall market has been divided into two segments based on style.
These segments are modern and traditional hearths. In these segments, modern style based hearth leads the market. These products are fuel efficient and attractive in designs. As a result, more number of customers are preferring modern hearths to add aesthetic value to their home and to utilize economical space heating. This market has also been segmented based on the fuel type used. Gas, electric, wood, and others are the fuels which are primarily used in the fireplace market.
Furthermore, the electric and gas fuels are expected to drive the hearth market.
The hearth market is expected to grow at a CAGR of 3.13% between 2015 and 2020. This market is highly influenced by the government policies. Thus, market players are aiming to launch products which are compatible to unconventional fuels such as biomass, in order to comply with government regulations. such products are available across regions especially the North and Latin American countries and Europe. Due to a colder environment and presence of major market players, these regions hold the maximum share of the hearth market.
The major players in the hearth market include Hearth & Home Technologies, Inc. (U.S.), FPI Fireplace Products International Ltd. (Canada), Vermont Casting Group (U.S), Empire Comfort Systems, Inc. (U.S.), Hearth and Home Technologies, Inc. Inc. (U.S.), Travis Industries (U.S.), and Innovative Hearth Products LLC. (U.S.).
