CHICAGO, Aug. 12, 2024 /PRNewswire/ -- The global
underfloor heating market is expected to be valued
at USD 5.3 billion in
2024 and is projected to reach USD 7.6
billion by 2029; it is expected to grow at a CAGR of 7.3 %
from 2024 to 2029 according to a new report by
MarketsandMarkets™. The rising demand for underfloor
heating systems can be attributed to increasing construction
activities, particularly in North
America and Europe, and
government-led efforts to promote renewable energy technologies.
The scope of the underfloor heating market includes two popular
product types, namely hydronic (wet) and electric (dry) system.
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Browse in-depth TOC on "Underfloor Heating
Market"
154 – Tables
55 – Figures
210 – Pages
Underfloor Heating Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 5.3
billion
|
Estimated Value by
2029
|
$ 7.6
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 7.3%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Offering,
Installation Type and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Setup issues associated
with underfloor heating systems
|
Key Market
Opportunities
|
Expanding construction
industry
|
Key Market
Drivers
|
High comfort and
flexibility associated with underfloor heating systems
|
These solutions also ensure compliance with stringent
quality and regulatory standards in applications such as
residential, commercial, industrial and others enhancing product
safety and regulatory adherence. Cost efficiency is achieved
through better resource utilization and predictive maintenance
strategies, contributing to overall cost savings.
The commercial segment to contribute significant share during
the forecast period.
The growth of the commercial segment can be attributed to the
widespread use of HVAC systems in commercial structures and
the growing demand for energy-efficient devices. Moreover,
governments around the globe have made significant investments in
constructing commercial spaces like airports, hotels, and retail
stores, particularly in regions with cold and extreme climates,
which is expected to fuel the growth of the underfloor
heating market.
The hydronic segment projected to grow significantly during
the forecast period.
The hydronic underfloor heating segment is expected to hold a
larger market share in the coming years, while the electric
underfloor heating segment is expected to register the highest CAGR
of during the forecast period. Hydronic systems are commonly used
for large spaces, while electric systems are more cost-effective
and easier to retrofit since they consist of multiple subsystems
that do not require an insulating screed. Electric systems can also
be easily installed in a single room, mainly when wireless
controllers are used to avoid digging into walls. Additionally,
electric systems put less strain on floors, making them easier to
install.
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Europe is expected to grow
significantly throughout the forecast period.
The shift towards a low-carbon economy in Europe has basically raised awareness of
environmental and energy-efficiency issues. Thus, the underfloor
heating industry is growing well in the region. With constant
enhancements in technology and continuous revision of legislation,
underfloor heating systems have moved to the limelight. This
growing focus of hotels, offices, and other organizations on
cutting utility and energy bills through ways of reducing energy
use is also expected to fuel demand for underfloor heating in
Europe.
Key Players
The underfloor heating companies includes significant Tier
I and II players such as Resideo Technologies Inc (US), nVent
Electric Plc (UK), Warmup (UK) Siemens (Germany), Emerson Electric Co. (US),
Mitsubishi Electric Corporation (Japan) and Schneider Electric (US), among
others, are some of the key players in the underfloor heating
market.
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