Electric Fireplace Market is to reach USD 2722.61 Mn by 2030 creating Opportunities for Customization- Says Stellar Market Research

The Electric Fireplace Market Report offers a comprehensive analysis of the global Electric Fireplace industry, delving into various factors driving its growth, challenges encountered, and emerging trends shaping its trajectory. The report covers a wide range of topics, including market size, important market segments, regional analysis, competitive landscape, and prospects. Through a meticulous research methodology, the report leverages a blend of primary and secondary research techniques, enabling stakeholders to make informed decisions and capitalize on opportunities within the market.

Electric Fireplace Market Scope

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Key Findings of the Report

Growth of Electric Fireplaces Regardless of Volatility in the Gas Market

Modern electric fireplaces are rapidly gaining popularity, revolutionizing home heating and decor with their sleek designs, 100% energy efficiency, and hassle-free installation and operation. Gas prices in the UK have been increasing year on year. According to Gas Infrastructure Europe, the UK has just ten terawatt hours (TWh) of gas available, with the UK's demand at 512 TWh per year, the limited supply leads to soaring prices in a capitalist market where supply dries up and demand remains the same or increases. The invasion of Ukraine has resulted in EU sanctions against Russia, disrupting the supply of many goods, including gas, and causing panic buying. Every time Russia threatens to cut off its gas supply to Europe, the situation worsens. Additionally, Asia and South America are buying more gas, with countries like China, Japan, and South Korea purchasing large quantities of LNG to transition from coal to gas power. While gas has been a relatively reliable and cost-friendly heating solution, its future stability is uncertain. Unlike traditional fireplaces, electric models do not require venting, making them easier and more affordable to install. Additionally, electric fireplaces are more environmentally friendly than their gas counterparts with the widespread adoption of sustainable energy sources like e-NRG bioethanol. They not only reduce carbon footprint but also add an element of eco-luxury to an interior. While traditional fireplace options continue to offer a cozy ambiance, the logistical demands of storing logs and the rising expense have made them less feasible for modern living spaces, where every inch counts in increasingly crowded homes.

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Wall-Mounted Segment Rises the Space-Saving Comfort

Electric fireplaces that are wall-mounted are becoming more popular because of their attractive appearance, practical construction, and simplicity of installation. The appeal of this sector is especially noticeable in cities where space is limited. For instance, wall-mounted fireplaces offer a useful heating option without taking up important floor space in big cities like New York and Tokyo, where the typical apartment size is less than 500 square feet. A wall-mounted unit usually costs between $100 and $500 to install, which is a lot less than the $1,000 to $3,000 needed for a standard wood-burning or gas fireplace. Electric fireplaces also cost around $0.15 an hour to operate, which adds up to about $30 a month for a home with six hours of fireplace use every day. Compared to the monthly operating expenses of wood-burning fireplaces, which may surpass $100 owing to the cost of wood and chimney. Energy-efficient heating components, realistic flame effects, and LED lighting are common features of modern units. The installation of smart home technology enhances consumer appeal by enabling consumers to operate their fireplaces using smartphone applications or voice assistants like Google Home and Amazon Alexa. In addition to enhancing user experience, these technical advancements raise the average selling price of these products, which raises revenue growth. For example, Wall-mounted unit sales increased by 12% in 2023 according to Dimplex, mostly due to high demand in North America and Europe.

Electric Fireplace Market Key Players

Key questions answered in the Electric Fireplace Market are:

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Stellar Market Research a leading Machinery & Equipment research firm, has also published the following reports:

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Electric Capacitor Market: The market was valued at USD 25.00 billion in 2023. Global Electric Capacitor Market size is estimated to grow at a CAGR of 4% over the forecast period.

Electrical Conduit Market: The market was valued at USD 6.94 billion in 2023. The Global Electrical Conduit Market size is estimated to grow at a CAGR of 6.9 % over the forecast period.

Electric Fencing Market: The market size was valued at USD 352.3 Mn. in 2023 and the total market revenue is expected to grow at a CAGR of 6.06% from 2024 to 2030, reaching nearly USD 531.8 Mn. by 2030.

About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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