PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304637
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304637
Underfloor Heating Market size was valued at USD 4,709.3 Million in 2022, expanding at a CAGR of 8.1% from 2023 to 2030.
Underfloor Heating market is expected to witness substantial growth over the forecast period. The market for underfloor heating is expanding as a result of strict building requirements, high levels of comfort, and system flexibility. Underfloor heating systems with loT capabilities and technological improvements in digitalization are anticipated to create market expansion prospects. However, problems with underfloor systems' speed and reactivity can limit the market's expansion. Traditional heating methods require a particular kind of heat source, such as coal, oil, or natural gas, which implies that the cost of the heating is totally based on the cost of the fuel being used. Traditional heating techniques can be effectively replaced by underfloor heating. Radiators and other traditional heating techniques are no longer necessary, freeing up valuable space in a room.
The choice of heat source is also very versatile with underfloor heating; it may work with practically any type of heat source, including electrical, solar, wind, and others. Another benefit of underfloor heating is how much more effectively it heats spaces than conventional techniques like radiators. This is so that radiators can heat the air surrounding them in order to function. Because radiators are typically placed towards the side of a room, they only heat the air in that area. Once this area has been heated by the radiator, the majority of the heat will escape upward and not spread very far to warm the rest of the space. On the other hand, an underfloor heating system warms the space uniformly from below. As a result, the space where the system is situated can be heated with practically all of the heat produced. Radiators must also run at greater temperatures in order to get the necessary outcomes because they are mainly ineffective at warming the rooms they are in. In contrast, underfloor heating systems can function at far lower temperatures while still maintaining the desired amount of warmth. The money used for gas and electricity bills may be saved as a result.
Europe held the largest revenue share in the market for Underfloor Heating components in 2021. Due to Europe's transition to a low-carbon economy and its emphasis on adopting energy efficiency policies, the market in this region is expanding. Additionally, increased insulation levels, pushed by government programmes and regulatory regulations, help to reduce the overall heating load, making underfloor heating a more realistic and effective heating alternative in Europe. For instance, the UK government is providing financial benefits to users of renewable energy systems, and the European Union (EU) has set a goal of zero carbon emissions from buildings by 2050. The underfloor heating market is anticipated to develop at the greatest CAGR throughout the forecast period because to all of these activities.
The Underfloor Heating market is fragmented into the type & component, installation, and application segments. Based on the type & component, Hydronic Underfloor Heating segment is anticipated to dominate the market. By installation, new installation segment is projected to grow at the highest CAGR during the forecast period. By application, residential segment is expected to hold the majority of the market share.
The Underfloor Heating market is highly competitive in nature with the presence of local & international players. Major players in the industry engage in strategic merger & acquisition, partnership, and new product launches to remain competent in the market. For example, in November 2021, Vent Electric launched advanced work packaging and heat mapping capabilities in its software. The software combines integrated heat management system (HMS) design capabilities with the client's 3D plant modeling systems.
The scope of this report covers the market by its major segments, which include as follows: