Underfloor heating market is expected to grow at a CAGR of 7.5% from 2023 to 2028
Chicago, April 05, 2024 (GLOBE NEWSWIRE) -- The global underfloor heating market is expected to grow from USD 5.1 billion in 2023 to USD 7.4 billion by 2028, registering a CAGR of 7.5%. The underfloor heating market has grown steadily due to energy efficiency, comfort, technological advancements, increased awareness, renewable energy integration, construction trends, and regulatory support for energy-efficient solutions.
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*The services segment to be fastest growing market during the forecast period.*
Underfloor heating services encompass installation, repair, and maintenance for residential, commercial, and industrial sectors, whether retrofitted or new installations. High demand, especially driven by infrastructural development in North America and Europe, along with the rising preference for smart homes in Europe, propels market growth..
*Electric underfloor heating is projected to achieve the highest CAGR throughout the forecast period.*
Electric underfloor heating systems find primary application in residential, commercial, and industrial settings. The utilization of components like heating mats in both new and retrofit installations of these systems is on the rise, leading to increased demand for installation, repair, and maintenance services. However, the services market for electric underfloor heating experiences slower growth due to the increasing popularity of DIY systems. Moreover, these systems are easily accessible through online channels, enabling users to install them independently, thus reducing the necessity for professional service providers.
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*In 2022, residential application dominated the underfloor heating market*
The significant expansion of the residential underfloor heating market stems from increased awareness of its benefits. Growing home renovation activities, especially in developed nations, largely contribute to its high growth rate. Underfloor heating, favored for new constructions and increasingly adopted in renovations, benefits from innovative technological advancements. The rising preference for modern design aesthetics further encourages consumers to opt for clean and minimalist heating solutions throughout their homes..
*Europe is expected to grow at the highest CAGR in the underfloor heating market from 2023 to 2028*
In 2022, Europe held the greatest portion of the underfloor heating market. This dominance is attributed to the region's shift toward a low-carbon economy and the implementation of energy efficiency policies. Additionally, stringent regulatory requirements and government initiatives promoting higher levels of insulation have led to a decrease in overall heating demand, thereby enhancing the appeal and practicality of underfloor heating solutions in Europe.
Key players operating in the Isostatic pressing market include Uponor Corporation (Finland), Resideo Technologies Inc. (US), nVent Electric Plc (UK), Warmup (UK), Rehau Ltd (Switzerland), Emerson Electric Co. (US), Robert Bosch Gmbh (Germany), Danfoss (Denmark), Mitsubishi Electric Corporation (Japan), Siemens Ag (Germany), Schneider Electric (France), Incognito Heat Co. (Scotland) in the Underfloor Heating market.
This research report categorizes the overall Underfloor Heating market based on offerings, product type and component, Installation types, applications, and region. This report describes the drivers, restraints, opportunities, and challenges influencing the market’s growth. The value chain analysis, ecosystem, trade analysis, and the competitive landscape of the market leaders have also been included in the report’s scope.
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