Press release
Underfloor Heating Market is Envision to Surpass US$8.39 Billion at 6.9% CAGR by 2030
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Underfloor heating is a form of central heating and cooling that achieves indoor climate control for thermal comfort using hydronic or electrical heating elements embedded in a floor. The rise in awareness regarding the prospects of underfloor heating is expected to open up opportunities for the market. Governments across the globe are promoting sustainable ways to meet zero carbon emission targets. This fuels the growth of the market.
Rapid industrialization and development of the construction sector in developing countries such as China and India is a huge potential market for market expansion for the manufacturers. The presence of a huge landmass in the cold climatic region in highly populated countries such as China, and India has a huge demand for underfloor heating to improve the comfort of the individuals living in these zones. The increased investment of developing countries in regards to infrastructure has stimulated the demand for construction industries, hence driving the growth of the underfloor heating market.
The Canadian government policies for permanent residency for immigrants have led to the boom of residential construction which has been a significant factor in driving the growth of the underfloor heating market. The increase in awareness among the individuals in regards to the application of underfloor heating equipment to improve the standard of living has boosted the demand for this product. High upfront cost such as installation and improper awareness among the people regarding the underfloor heating equipment is major factor hampering the growth of the market.
The underfloor heating market is segmented on the basis of product type, system, installation type, application, and region. Based on product, the hydronic segment held the largest share in 2020, accounting for nearly three-fourths of the market. However, the electric segment is estimated to register the highest CAGR of 7.2% during the forecast period. In terms of value, the heating system segment accounted for the largest share in 2020.
On the basis of installation type, it is divided into new installations, and retrofit installations. In terms of value, more than new installation segment accounted for the largest share in 2020. The applications of underfloor heating market include residential, commercial, and industrial. In terms of value, the residential segment accounted for the largest share in 2020.
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The global underfloor heating market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 7.6% during the forecast period.
The major companies profiled in this report include Danfoss, Daikin, Emerson Electric Co., Honeywell International, Mitsubishi Electric Corporation, Pentair Plc, Robert Bosch, Siemens AG, Schneider Electric, and Thermosoft International Corporation.
The key players are involved in partnership, product launch and acquisition strategies to attain key developments in the underfloor heating industry. For instance, in 2020, nVent expanded its alliance with MAPEI, a global leader in the manufacturing of mortars, grouts, adhesives, and chemicals for the building industry.
Key findings of the study
• By region, Europe accounted for the largest market share in 2020.
• By Product type, the Hydronic segment holds the largest market share in 2020.
• By System, Heating system segment holds the largest market share in 2020.
• By Installation, New installation segment holds the largest market share in 2020.
• By Application, Residential segment accounted for the largest underfloor heating market share in 2020
• Countries such as China and India are emerging as an investment centric economy.
• Emergence of COVID-19 event has significant effect on the growth trajectory of this market in construction sector.
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