(EMAILWIRE.COM, March 17, 2020 ) According to the new research report on "Hearth Market by Fuel Type (Wood, Gas, Electricity, and Pellet), Product (Fireplace, Stove, and Insert), Design (Traditional Hearth, and Modern Hearth), Placement, Application, Technology, and Geography - Global Forecast to 2023", the hearth market, the market is expected to reach USD 19.01 Billion by 2023 from USD 15.72 Billion in 2018, at a CAGR of 3.87% between 2018 and 2023. The market, on the basis of volume, is expected to register a shipment of 7.5 million units by 2023, at a CAGR of 6.22% during the forecast period. The growth of this market is driven by factors such as growing need for space heating products due to extremely cold climatic conditions in certain regions and increasing interest in esthetic home decor products among customers.

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Increasing use of solar energy as an alternative fuel for hearth products

While gas, electricity, wood, and pellets are the standard heating fuels in hearths, the usage of solar energy as a fuel is a growing trend in the market as it produces more energy than the conventional fuel. Photovoltaic solar panels are being installed in both residential and commercial space heating applications. Using solar space-heating systems in home heating applications can significantly reduce monthly energy costs.

In the US, the solar investment tax credit is among the most important federal policy mechanisms to support the deployment of solar energy. The solar hearth market has been benefited with a 30% federal tax credit from generous taxpayer subsidies in addition to state incentives. This continues to drive the growth in the hearth fireplace market.

North America held the largest share of the hearth market in 2017

North America held the largest share of the hearth market in 2017 because of the presence of many key companies in the hearth market expanding their production and distribution across North America. The US and Canada are the major contributors in this region. The extremely cold climate of the region, along with people’s growing interest towards home decor products are the key drivers for the growth of this market in North America.

HNI Corporation (US), Innovative Hearth Products LLC (US), Travis Industries Inc. (US), FPI Fireplace Products International Ltd. (Canada), Napoleon Products (Canada), Empire Comfort Systems, Inc. (US), Hearth Products Controls Co. (US), Hearthstone Stoves (US), Montigo (Canada), and Pacific Energy (Canada) are some of the major players in this market.

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