Hearth Industry To See Strong Growth

The global hearth market size is estimated to be US47.7 billion in 2020 and is projected to reach $9.7 billion by 2025, at a compound annual growth rate (CAGR) of 4.7 per cent during the forecast period, says research from ResearchAndMarkets.com. The market has a promising growth potential due to several factors, including the advancement in multicore technology for consumer electronics industry, increasing demand for modern SoC (system on chip) designs, mitigation of the continuously rising chip design cost and expenditure, and growing adoption of connected devices for daily use. Traditionally, outdoor hearths were intended for cooking and barbecue purposes while today they are more often considered a style statement. The outdoor hearth segment is projected to grow at the highest CAGR during the forecast period, with the highest growth forecast for unvented hearths.