The underfloor heating market is expected to grow by 2028 owing to its ecological and economic attributes and supporting government policies. The heating systems sub-segment is the most dominant. market in Europe region to see more growth opportunities.
NEW YORK, July 12, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled “Underfloor heating market by Product (hydronic and electric), system (heating system and control system), application (residential, commercial and industrial) and regional analysis (North America, Europe, Asia Pacificand LAMEA): Global Opportunities Analysis and Industry Forecast, 2021-2028″.
According to the report, the global underfloor heating market should exceed $8,240.5 million by 2028 and grow up in a stable CAGR of 7.0% over the period 2021-2028 Time range.
Dynamics of the underfloor heating market
Drivers: Rising demand for eco-friendly and affordable heating systems to reduce energy consumption in buildings and societies is one of the many factors expected to drive the growth of the global underfloor heating market over the forecast period. . Additionally, supportive government incentive programs for the development of energy-efficient cooling and heating systems are also expected to drive the market growth by 2028.
Opportunities: Growing technological advancements such as latest Wi-Fi controlled underfloor heating solutions and easy installation of portable heating systems are expected to provide abundant growth opportunities for the global underfloor heating market during the analysis period.
Constraints: The high installation cost of underfloor heating systems is the major factor that may hinder the growth of the market.
Impact of Covid-19 on the underfloor heating market
The outbreak of the Covid-19 pandemic has had a negative effect on the global underfloor heating market, as have other businesses. Strict lockdowns and social distancing norms imposed by governments around the world have led to severe disruptions in industrial supply chains. Additionally, the implementation of safety protocols to curb the spread of the virus has led to labor shortages in various manufacturing units, leading to production delays and huge revenue losses. Moreover, the outbreak of the pandemic has also led to price fluctuations and a drop in demand for underfloor heating systems due to the closure of various offices.
Segments of the underfloor heating market
The report has divided the underfloor heating market into certain segments on the basis of product, system, application and region.
- By product, the hydronic underfloor heating sub-segment is estimated to hold a dominant market share and register a income from $5,838.9 million during the analysis period. This growth is attributed to the economical and environmentally friendly solutions offered by hydronic underfloor heating systems compared to electric systems. Moreover, since the heat is distributed through the tubes laid underneath, this type of underfloor heating is widely used in large houses and buildings. These factors are expected to propel the growth of the sub-segment by 2028.
- By system, the heating systems sub-segment of the global underfloor heating market is estimated to hold a notable market share and gather a income from $6,652.2 million over the forecast years. This growth is attributed to increasing investments by governments to develop energy efficient underfloor heating systems in societies. Additionally, underfloor heating systems also allow users to control surrounding temperatures which is becoming highly preferable among people, thus enhancing the growth of the market by 2028.
- By application, the residential sub-segment of the global underfloor heating market is expected to gather a income from $5,045.7 million over the period 2021-2028. Growing demand for underfloor heating systems due to climate change and rising awareness for reducing energy consumption are the major factors expected to drive the growth of the sub-segment by 2028. , the growth in renovation and remodeling activities along with the increasing development of new residential complexes is also increasing the inflow of investments for the underfloor heating market.
- By region, the underfloor heating market in the Europe the region is estimated to have the highest market share and fastest growing growth rate with a CAGR of 7.4%. This significant growth rate is attributed to population growth as well as industrialization which has changed Europe climate drastically. This has led to an increase in the demand for underfloor heating systems. Moreover, as these systems are energy efficient and emit less carbon, the preference for these underfloor heating solutions is increasing exponentially among households. These factors are expected to bolster the market growth in this region over the analysis period.
Key Underfloor Heating Market Players:
Some of the major players in the market are
- Electric Mitsubishi
- Thermosoft International
- ESI heating and cooling
- Honeywell International
These players are adopting various business strategies such as mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in July 2021nWinda global provider of electrical connection and protection solutions, announced its acquisition of CIS Global, a leading intelligent rack power distribution provider, to adopt the latter’s innovative solutions, accelerate growth plan of nVent and expand its global reach.
Finally, the report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of key players, and product portfolio. Inquire here for a comprehensive Underfloor Heating Market Report
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