Hearth Market is projected to reach $14.39 Billion by 2020 - New Report by MarketsandMarkets
(PRWEB) February 06, 2015 -- The hearth market has witnessed many ups and downs in the past but has observed some stability in the recent past. Despite the challenges in the hearth market and economic slowdown in the Americas, the industry is still showing a growth rate in single digits. Manufacturers in the hearth industry are still setting ambitious goals for themselves by exploring more areas in the end users segments which have been untouched.
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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 Health market generated an estimated revenue of $11.97 billion in 2014 which is expected to reach $14.39 Billion by 2020, at an estimated CAGR of 3.13% between 2015 to 2020.
Browse 90 market data tables and 67 figures spread through 186 pages and in-depth TOC on “Hearth Market”.
http://www.marketsandmarkets.com/Market-Reports/hearth-market-37538589.html
The buyers’ tastes keep on changing with the changing trends. The buyers have become more aware because of the easy availability of information related to hearth products through the internet. In such a tough situation, the companies which can differentiate their products from the others are expected to lead the market. Hearth & Home Technologies, one of the leading heart product manufacturers has been leading the hearth market with the help of its diverse product portfolio.
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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 Hearth Market has been in existence since several years and even centuries. This market underwent a dynamic shift in the 1940s-1950s when many market players came up with innovative products. As a result, this market can be segmented on the basis of style into traditional and modern hearths. In 2014, the traditional hearth held a market share of 64.84% while the rest was accounted for by modern hearths. This industry uses various fuels for combustion; among which gas, electric, and wood are the key fuels. The electric and gas fuel types are expected to spearhead the hearth market.
The overall Hearth Market has been segmented into four major segments-style type, fuels used, products, and geography. All the segments have been separately classified in the report. The Hearth Market is expected to grow by 2020, at an estimated CAGR of 3.13% between 2015 and 2020.
Geographically, the Hearth Market has been segmented into the Americas, Europe, APAC, and Rest of the World. The North American market has the largest market size and is followed by Europe and APAC respectively. North America, which is considered as the key consumer of hearth products, accounted for approximately 60.74% of the total market in 2014.
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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.).
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