USA, June 10, 2015 (via whattech.com) – According to a new market research report, Hearth Market by Fuel Type (Gas, Wood, Electric and Other), Product (Fireplace, Stove and Inserts) by Style (Traditional and Modern Hearth) & Geography – Global trends and forecasts to 2013 – 2020, the total market generated an estimated revenue of $11.97 billion in 2014 which is expected to reach $14.39 billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 3.13% between 2015 to 2020.
Growth in the hearth market is being driven by the developing countries along with those in North America and Europe. Hearth products are used for space heating especially for domestic purposes. These products are also being used in offices or restaurants to keep the rooms warm. The UK has seen a huge increase in wood burning stoves as of late with HETAS reporting upwards of 160,000 stoves were installed in the UK in 2014. When you compare that to 27 million households in the UK that means that 1 in 169 households bought a stove last year, and there are no signs to show that this will decrease any time soon. Obviously this doesn’t take into account people replacing stoves, or homes with more than one stove, but even still 160,000 stoves installed in the UK alone is an enormous amount and shows the popularity of woodburners today.
The hearth market has been in existence for centuries and underwent a dynamic shift in the 1940s-1950s when many market players came up with innovative products and adapted to the times. As a result, this market can be segmented on the basis of style and split into traditional and modern designs. In 2014, the traditional hearth held a market share of almost 65%, in the UK traditional 5kW stoves are still among the most popular but we are starting to see an increase in more modern hearth appliances, such as contemporary wood stoves, coming to market, with unique designs including 360° panoramic glass, suspended and wall mounted models, today there certainly is a stove for every situation.