Press release
Underfloor Heating Market Predicted to Surpass $8,240.5 Million and Grow at 7.0% CAGR in the 2021-2028 Timeframe
Underfloor Heating Market
According to the report, the global underfloor heating market is expected to surpass $8,240.5 million by 2028 and grow at a stable CAGR of 7.0% during the 2021-2028 timeframe.
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Dynamics of the Market
Drivers: Increasing demand for eco-friendly and affordable heating systems to reduce energy consumption in buildings and societies is one of the many factors anticipated to drive the growth of the global underfloor heating market during the forecast timeframe. In addition, supportive government incentive programs to develop energy-efficient cooling and heating systems are expected to boost the market growth by 2028.
Restraints: High installation cost of underfloor heating systems is the prime factor expected to impede the market growth.
Opportunities: Rising technological advancements like the latest Wi-Fi-controlled underfloor heating solutions and easy installation of portable heating systems are projected to offer abundant growth opportunities for the global underfloor heating market during the analysis timeframe.
COVID-19 Impact on the Market
The onset of the COVID-19 pandemic has had a negative effect on the global underfloor heating market, just like other businesses. Strict lockdowns and social distancing norms imposed by the governments across the globe led to severe disruptions in the industrial supply chains. In addition, the implementation of safety protocols to curb the spread of viruses led to labor shortages in various manufacturing units that led to delayed productions and huge revenue loss. Moreover, the outbreak of the pandemic also led to fluctuations in price and decline in the demand for underfloor heating systems due to shutdown of various offices.
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Segments of the Market
The report has divided the underfloor heating market into certain segments based on product, system, application, and region.
By product, the hydronic underfloor heating sub-segment is estimated to hold a dominant market share and register a revenue of $5,838.9 million during the analysis timeframe. This growth is attributed to the cost-effective and eco-friendly solutions offered by hydronic underfloor heating systems as compared to electric systems. In addition, since heat is distributed through the tubing laid underneath, this type of underfloor heating is widely used in large homes and buildings. These factors are predicted to propel the sub-segment's growth by 2028.
By system, the heating system sub-segment of the global underfloor heating market is estimated to have a noteworthy market share and gather a revenue of $6,652.2 million during the forecast years. This growth is attributed to the 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 further bolstering the market growth by 2028.
By application, the residential sub-segment of the global underfloor heating market is predicted to gather a revenue of $5,045.7 million during the 2021-2028 timeframe. The increasing demand for underfloor heating systems due to changing climate and rising awareness about reducing energy consumption are the main factors predicted to uplift the sub-segment's growth by 2028. In addition, growing renovations and refurbishment activities along with rising 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 region is estimated to possess the highest market share and show the fastest growth rate with a CAGR of 7.4%. This significant growth rate is attributed to the growing population and industrialization that has changed Europe's climate drastically. This has resulted in a spike in the demand for underfloor heating systems. Moreover, since these systems are energy-efficient and have lower carbon emissions, the preference for these underfloor heating solutions is rising among households exponentially. These factors are expected to enhance the market growth in this region during the analysis period.
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Prominent Market Players
Some of the global underfloor heating market players are Daikin, Mitsubishi Electric, nVent, Thermosoft International, Danfoss, Siemens, Uponor, Rehau, ESI Heating and Cooling, Honeywell International, among others. These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
Finally, the report also summarizes many crucial aspects of the market including SWOT analysis, the latest strategic developments, financial performance of the key players, and product portfolio.
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