Underfloor Heating Market share expected significant growth in revenue during the period 2022-2030
Underfloor heating is a form of central heating which is an effective way to heat your home. It’s a smarter way to generate heat under the flooring. This system incorporates electrical or water systems to gently warm the people and objects in the room. An underfloor heating system can be utilized in bathrooms as it is applicable in smaller areas, while a water underfloor system is more applicable in large spaces. Underfloor heating can be used in residential and commercial buildings.
The global underfloor heating market was valued at USD 4.63 billion in 2021 and is expected to grow at a CAGR of 7.8% during the forecast period.
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Prominent Key Players – Covered in the report:
Amuheat, Danfoss, Emerson Electric Co., Incognito Heat Co., Mitsubishi Electric, Myson, Nexans, Nvent Electric PLC, Rehau, Resideo Technologies Inc, Robert Bosch GmbH, Schneider Electric, Siemens AG, Uponor Corporation, and Warmup
It is the most preferred heating system owing to the benefits such as increased energy-efficiency of UFH, freedom of design, safety & ease of installation, and low maintenance of electric heating systems. These factors are majorly driving the growth of the underfloor market over the forecast years. Also, the rapid development of residential infrastructure and increased consumer investments in comfort and luxury fuel the market growth.
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Underfloor Heating Market: Growth Drivers
The growing investments in real estate and residential infrastructure development across developed as well as developing countries, f is boosting the demand for underfloor heating system in the industry. The rising awareness about energy-efficient cooling systems has escalated the growth of the global underfloor heating market. The increasing demand for cost-effective heating solutions and favorable government initiatives for the adoption of underfloor heating solutions are further expected to accelerate market growth. Surging technological developments and rapid digitalization in underfloor heating are further anticipated to create new opportunities for the underfloor heating market during the forecast period. Moreover, a rise in environmental concerns and a growing number of efficiency standards may boost the underfloor heating market growth.
Underfloor Heating Market: Report Segmentation
Insight by Offering
Based on the offering, the hardware segment witnessed the largest revenue share in the global underfloor heating market. Hardware elements in the underfloor heating system include pipes, distribution units, cables, control interfaces, and sensors. Thus, the increase in demand for hardware components in the industry is one of the primary factors fueling the segment growth in the market.
On the other hand, the service segment is expected to record the highest CAGR over the forecast period owing to the rising demand for services coupled with the requirement for step-by-step installation support for such projects.
Insight by Product
Based on the product, the electric underfloor heating segment is anticipated to generate the highest CAGR over the forecast period as it requires a low cost for installation. The electric solution works on electricity and utilizes flexible, non-corrosive elements compared to hydronic underfloor heating. It also requires a smaller number of components as compared with hydronic underfloor heating.
Geographic Overview: Underfloor Heating Market
Based on geography, North America had the largest revenue share in the global underfloor heating market. This growth can be attributed to the launch of energy efficiency standards, changing lifestyle, and rising demand for space underfloor heating due to the changing environmental conditions. A surge in the number of initiatives taken by the government in the region is further expected to drive market growth. For instance, the U.S. government is providing tax credits for the implementation of efficient hydronic underfloor heating systems.
Furthermore, Europe is expected to witness a considerable growth rate in the global market during the projected period. It is owing to the increasing inclination for energy-efficient buildings that are allowing companies to increase their sales to gain profit. Also, EUHA in Europe encourages the adoption of highly efficient electric systems to decrease emissions.
Recent Developments
- In November 2021, Uponor Corporation acquired Capricorn S.A. to expand its European network of production plants. This acquisition complemented Uponor’s portfolio of surface heating and cooling.
- In June 2021, Warmup Inc. announced a partnership with Concora for a digital experience platform designed specifically for commercial building product manufacturers.
Underfloor Heating Market: By Offering Outlook
- Hardware
- Service
Underfloor Heating Market: By Product Outlook
- Hydronic
- Electric
Underfloor Heating Market: By Installation Outlook
- New Installation
- Retrofit Installation
Underfloor Heating Market: By Application Outlook
- Residential
- Commercial
- Industrial
- Healthcare
- Sports & Entertainment
- Others
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