USD 4.70 billion
Report ID: SQMIG20C2037 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 59 | Figures: 77
Underfloor Heating Market size was valued at USD 4.70 billion in 2021 and is poised to grow from USD 5.06 billion in 2022 to USD 8.51 billion by 2030, at a CAGR of 7.7% during the forecast period (2023-2030).
It is widely used in both residential and commercial structures and aids in reducing the amount of power used by heaters. The entire carbon footprint of a building is reduced by underfloor heating since it is 15–20% more energy efficient than conventional techniques. In light of this, it is regarded as the best option for heating homes. The market for underfloor heating is being driven by a number of important factors, including an increase in the level of comfort and flexibility, as well as an increase in the energy efficiency standards being introduced, an increase in the standard of living, an increase in the stringent government regulations, an increase in the extreme climatic conditions, and an increase in the demand for space heating. Additionally, in the time frame covered by the forecast, the market for underfloor heating will see an increase in the deployment of IoT-enabled underfloor heating systems in smart homes, an increase in environmental concerns, a rise in the number of efficiency standards, and a rapid digitalization of underfloor heating. Homes constructed to this standard should release 75% to 80% less CO2 than homes constructed in accordance with current building regulations, according to the UK Department for Business, Energy & Industrial Strategy.
US Underfloor Heating Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.70 billion
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Global Underfloor Heating Market is segmented on the basis of product, offering, installation and region. By product, the market is segmented into hydronic and electric. By offering, market is segmented into hardware and service. by installation, the market is segmented into new and retrofit. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Underfloor Heating Market Analysis by Offering
The hardware industry controlled the world market. Pipes, distribution units, wires, control interfaces, and sensors are typically found as hardware components in underfloor heating systems. As a result, the expansion of this market is primarily driven by the spike in demand for hardware components such as distribution units and pipes & cables for use in hydronic as well as electric systems. Additionally, the growing number of home remodeling projects and the booming real estate industry drive demand for underfloor heating system hardware, propelling the expansion of the global market.
The need for services that ensure the efficient operation of such solutions, on the other hand, is expected to cause the service segment to see the highest CAGR throughout the projected period. Additionally, the demand for detailed installation support for such projects fuels the segment's expansion.
Underfloor Heating Market Analysis by Product
Due to its affordable installation costs, the electric underfloor heating market is predicted to grow at the greatest CAGR during the forecast period. This is due to the fact that the electric solution, as opposed to hydronic underfloor heating, uses fewer parts and flexible, non-corrosive elements and depends on energy for operation.
The hydronic underfloor heating method forces heated water from a boiler via a network of tubes under the floor, radiating heat into the room or space. Furthermore, this kind of technology can be used on a wide range of floor surfaces, including marble, carpet, timber, stone, slate, and almost all types of tiles.
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Due to factors including the adoption of energy efficiency requirements, the rising level of living, and the demand for space underfloor heating as a result of the extreme climatic conditions, North America accounts for the highest share of global market revenue. Additionally, the US federal government and a number of states across the nation are providing tax breaks for the installation of efficient hydronic underfloor heating systems. These regional government programmers are what fuel the expansion of the world market.
Additionally, during the course of the projection period, the global market is expected to rise significantly in Europe. The market is expanding as a result of the region's continued trend of promoting electric underfloor heating systems. In Europe, for instance, EUHA encourages the use of extremely efficient electric systems to cut emissions.
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Underfloor Heating Market Drivers
Comfort and Thermal Performance to Bolster Sales
Underfloor Heating Market Restraints
Limited Retrofit Opportunities to Hinder Market Growth
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Details are provided by rivals in the underfloor heating market competitive landscape. The following information is provided: a company overview, financials, revenue generated, market potential, investment in R&D, new market initiatives, regional presence, company strengths and weaknesses, product introduction, product width and breadth, and application domination. Only the companies' market focus on underfloor heating is addressed in the aforementioned data points.
Top Player’s Company Profiles in Underfloor Heating Market
Underfloor Heating Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global underfloor heating market has been growing steadily due to increasing awareness about energy-efficient heating systems, rising demand for enhanced comfort, and the adoption of sustainable heating solutions. The market size is expected to reach a significant value in the forecast period. These companies focus on product innovation, technological advancements, and strategic collaborations to maintain their market position. They also emphasize expanding their distribution networks and catering to diverse customer needs to gain a competitive edge. The global underfloor heating market is poised for continued growth due to increasing demand for energy-efficient heating solutions, the rise of smart homes, and the construction industry's expansion. The market presents opportunities for both established players and new entrants to capitalize on the growing demand for underfloor heating systems across residential, commercial, and industrial sectors.
|Market size value in 2021||USD 4.70 billion|
|Market size value in 2030||USD 5.06 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Underfloor Heating Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Underfloor Heating Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Underfloor Heating Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQMIG20C2037