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Underfloor Heating Market Research: Insights, Demand, Analysis, And Forecast 2024-2033
Underfloor Heating Market Research
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According to The Business Research Company's, The underfloor heating market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.42 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to energy efficiency trends, comfort and aesthetic appeal, residential construction boom, renovation and retrofitting, awareness of health benefits.
The underfloor heating market size is expected to see strong growth in the next few years. It will grow to $6.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to sustainable construction practices, smart home integration, commercial building adoption, government incentives, advancements in system design. Major trends in the forecast period include integration with renewable energy sources, retrofitting in existing structures, customization and design flexibility, regulatory push for energy-efficient buildings, increasing affordability and accessibility.
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Market Drivers and Trends:
Strong government support and incentives toward the adoption of underfloor heating solutions are driving the market. Government institutions across the globe are providing grants and incentives for the upgrade of existing heating systems and the adoption of renewable-source based heating systems. For instance, in July 2021, the UK government launched The Green Homes Grant, which offers a financial grant of GBP 5,000 or GBP 10,000 to low-income households in the UK that covers labor and materials costs associated with the installation of heating improvement systems in 2020 closed on March 2021. These initiatives or grant schemes by governments are expected to boost the underfloor heating solutions market during the forecast period.
Strategic partnerships between companies are a recent trend that is gaining popularity in the underfloor heating market. Companies in the underfloor heating market are entering into a strategic collaboration with technology players for the development of technologically advanced underfloor heating products with innovative features. For instance, in August 2022, nVent Electric plc, a Canada-based provider of electric radiant floor heating solutions, entered into a strategic collaboration with MAPEI to introduce the mapeheat electrical underfloor heating products in the UK flooring and tiling industry. The Mapeheat system is designed for commercial and residential applications, providing a reliable and efficient heating solution for various environments.
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Major Key Players of the Market:
Robert Bosch GmbH, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., SALUS North America Inc., Rehau Ltd., Emerson Electric Co, Danfoss Group, Nexans S.A., Resideo Technologies Inc., Pentair plc, nVent Electric Plc, Raychem Corporation, Uponor Corporation Amuheat, Wavin N.V., Polypipe Group plc, ESI Heating and Cooling, Warmup Inc., Schlüter-Systems Ltd., Hurlcon Hydronic Heating, Flexel International Ltd., Warmtech Pty Ltd., ThermoSoft International Corporation, Ebeco AB, Heat Mat Ltd., Heatmiser UK Ltd., Gaia Climate Solutions Ltd., Amuheat, H2O Heating Pty Ltd., WarmlyYours.com Inc., Speedheat US LLC, Devex Systems
Underfloor Heating Market 2024 Key Insights:
• The underfloor heating market size is expected to see strong growth in the next few years. It will grow to $6.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Government Support Fuels Growth In The Underfloor Heating Solutions Market
• Strategic Partnerships Drive Innovation In The Underfloor Heating Market
• Western Europe was the largest region in the underfloor heating market share in 2023
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