The global hearth market size is expected to reach USD 13.4 billion by 2030, according to a new study by Polaris Market Research. The report “Hearth Market Share, Size, Trends, Industry Analysis Report, By Product Type (Stoves, Wall Mounted, Built-in, Fireplace, Inserts, Mentel/Freestanding, and Tabletop); By Fuel Type; By Placement; By Application; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market for hearths is expected to experience tremendous development prospects due to rising home automation and rising demand for smoke-free hearths. In October 2021, Kidde MOON is a line of cutting-edge smart home products from Carrier. The company's entry into China's expanding residential, customer smart home products market is marked by the launch of a new product line that comprises smoke detectors, gas, temperatures, humidity levels, water leak, and motion sensors.
Moreover, throughout the forecast period, the market is anticipated to grow as a result of rising demand for portable hearths and rising manufacturers' focus on untapped markets in developing nations by promoting their brands.
Furthermore, it is projected that the availability of a wide variety of hearths combined with the rising use of hearths as luxurious showpieces among high-income populations will promote market growth. For instance, In June 2021, Galaxy Surfactants Limited announced the introduction of the specialist home healthcare brand "Galaxy Hearth," which is especially targeted at customer demands in the modern world. Galaxy Hearth is similarly built on the primary tenet of pioneering higher sustainability enabling considerations for FMCG firms providing homecare solutions that are often classified as belonging to the laundry category. Another important aspect that is anticipated to boost the market expansion for hearths is the growing number of competitors in the industry.
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Additionally, significant growth prospects are anticipated as hearth usage increases in the hospitality, business, institutional, and residential sectors. The market for hearths is predicted to develop as more public spaces for recreation, including bars, restaurants, cafes, and hotels, implement them widely to improve customer experience and make the space more visually appealing.
Hearth Market Report Highlights
Polaris Market Research has segmented the hearth market report based on product type, fuel type, placement, application, and region:
Hearth, Product Type Outlook (Revenue - USD Billion, 2018 - 2030)
Hearth, Fuel Type Outlook (Revenue - USD Billion, 2018 - 2030)
Hearth, Placement Outlook (Revenue - USD Billion, 2018 - 2030)
Hearth, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Hearth, Regional Outlook (Revenue - USD Billion, 2018 - 2030)