The underfloor heating market is anticipated to grow at a CAGR of 7.39% during the forecast period to reach a total market size of US$6.303 billion by 2025, increasing from US$4.110 billion in 2019.Underfloor heating is a form of heat radiation from moderately hot elements to control the indoor temperature, thus providing thermal comfort. Moderately hot elements such as walls, floor or overheated panel cover a large area, thus evenly heating the whole target area. Increasing awareness about the benefits such as safety, flexible control, and minimal maintenance and growing demand for renewable energy technologies due to the growing emission of greenhouse gas are some key factors driving the growth of the market. In fact, the emission of greenhouse gas has been increasing globally as the trend of industrialization continues. In fact, the percentage of countries committed to peak their emission is expected to increase from 36% in 2010 to 60% in 2030 (source: Emission Gap Report 2018, United Nations Environment Programme).
Expanding construction activities widen up the growth opportunities
In addition, increasing construction activities in various parts of the world is expected to be one of the prime drivers for the growth of the market during the forecast period. In fact, according to the government of China, the country’s construction industry is increasing by nearly five percent reaching around USD968 billion in 2019. Moreover, in the United States, the construction spending has increased from US$788,322 million in 2011 to US$1,293,982 million in 2018 (source: United States Census Bureau) while a similar trend has been noticed in Europe. Thus, the growing investment in the development of infrastructure and construction projects is expected to continue to drive the growth of the underfloor heating market during the forecast period. Also, roof floors made of stones, tiles or other types are very cold especially during the winter period, and one of the most efficient solutions is to use underfloor heating systems. However, a skilled workforce is required at every level of the value chain which may result in additional cost and may hinder the exponential growth of the market.
Residential segment is growing at a significant rate during the forecast period
By End-user, the residential sector is anticipated to grow at a substantial rate on account of the development of real estate coupled with rising awareness about the benefit associated with underfloor heating. Also, companies are investing heavily to cater to the demand of the residential sector by transforming the internet of things in the underfloor heating systems.
Europe is anticipated to be the big player in the market
Geographically, Europe is expected to hold a significant share in the market owing to extreme cold weather conditions in any part of the region. Growing regulation and government initiatives towards the adoption of underfloor heating systems are driving the market over the forecast period. Also, many countries in the region require heating sources throughout the year and raising awareness about energy efficiency with the growing adoption of renewable energy technology is impacting the overall demand in the region. For instance, heat accounts for nearly one-third of the UK’s greenhouse gas emission and under the climate change act of 2008 country is committed to reducing its annual greenhouse emission by nearly 80% by 2050 has a priority area of electric underfloor heating.
Major players in the underfloor heating market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. For instance, recently Ireland (Offally) based Grant Engineering which is a manufacturer and supplier of a wide range of highly efficient heating products opened a newly expanded facility in Birr focusing on research and development innovation center. The company profiles section in the report details the business overview, financial performance for the past years, key products and services being offered along with the recent developments of these important players in the underfloor heating market.
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