Newark, NJ, May 06, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global gas fire table market is expected to grow from USD 63.49 million in 2020 and to reach USD 116.64 million by 2028, growing at a CAGR of 7.9% during the forecast period 2021-2028.
The global sales of gas fire tables are expected to increase as customer spending on building a fun outdoor ambiance grows in both developed as well as developing countries. Gas fire tables have become a common theme for decorating outdoor living spaces in recent years. Gas fire tables are preferred by a number of interior designers. Fire pits and fireplaces were listed as the prevailing outdoor design feature for 2019 by landscape architects polled by the American Society of Landscape Architects. The growing appeal of fire tables is part of a larger movement that is bringing the indoors to the outside. For example, more dining tables, outdoor TVs, and kitchens are being incorporated into the outdoor part of home designs.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the gas fire table market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Also, the gas fire tables are more on the expensive side. Customers with tight budgets may find it difficult to afford the product. This is expected to restrict the market growth.
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Key players operating in the global gas fire table market include Designing Fire, Hearth Products Controls (HPC), Buck Stove, CobraCo, Pleasant Hearth, Landmann, Firepits UK, Warming Trends, Galaxy Outdoor, and UniFlame, among others. To gain a significant market share in the global gas fire table market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Designing Fire and Hearth Products Controls (HPC) are some of the biggest manufacturers and suppliers of gas fire tables in the global market.
Propane segment dominated the market and held the largest market share of 65.4% in the year 2020
Based on product outlook, the global market has been divided into natural gas and propane. Propane segment dominated the market and held the largest market share of 65.4% in the year 2020. The large share of this segment can be attributed to the favorable characteristics of propane-based fire tables, which come with a pre-attached hose. The pre-attached hose has an on & off feature, so the need for water to douse the fire or the waiting time for the fire to extinguish is not present. Propane-based pits can also be used during burn bans in specific areas. Propane fire tables also typically generate less heat than wood-burning fire pits.
Online segment is leading the market and is forecasted to grow at the highest CAGR of 10.1% over the projected timeframe
On the basis of distribution channel, the gas fire table market has been segmented into offline and online. Online segment is leading the market and is forecasted to grow at the highest CAGR of 10.1% over the projected timeframe. Consumer demand for e-commerce sites is projected to grow as a wide variety of goods from domestic and foreign players become available online. The availability of first pieces and exclusive products are expected to drive revenue across business websites. Festive sales, heavy discounts and a broad range of products on e-commerce websites are anticipated to drive sales via company portals. The number of third-party vendors has increased the visibility of consumer goods across a vast consumer base. To reach out to clients, domestic and foreign players are focusing on online portals such as Amazon and Alibaba.
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Regional Segment Analysis of the Gas Fire Table Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global gas fire table market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Europe region accounted for the major market share of 40.9% in the year 2020 and is anticipated to grow throughout the projected period. Consumer demand in this area is largely due to customers spending on propane renovations and replacements, which is driving up demand for high-end goods. On the other hand, the North America region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to the rising consumer preference for fire tables in order to extend outdoor sitting. Outdoor spaces are being treated as if they were indoor rooms by homeowners. Outdoor heating systems take the place of mainstream fireplaces with large seating sets, ornate décor, and outdoor kitchens.
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About the report:
The global gas fire table market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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