- Underfloor heating market is expected to achieve an advantageous CAGR during the forecast period (2019-2027).
- The market is set to record a heightened growth pace backed by the positive influence of a number of market forces.
- In North America, mounting concerns pertaining to environment and energy-efficiency are significantly influencing the adoption rate of underfloor heating products.
The underfloor heating market is expected to achieve an advantageous CAGR during the forecast period (2019-2027), reports Market Research Future (MRFR). Rising consumer awareness about energy conservation combined with ongoing promotion of clean energy technologies is expected to benefit the underfloor heating market.
Growth Boosters and Top Challenges
Soaring demand for space heating, given the extreme climatic conditions will also result in a favorable industry outlook. Declining component, as well as installation cost, has boosted the product deployment, mainly across residential establishments.
Introduction of numerous energy efficiency standards that help promote adoption of electrical appliances works in favor of the market. Increasing energy consumption across hotels and offices will expand business growth in the coming years. Rapid development of real estate sector coupled with expansion of service industry is presumed to enhance the business landscape.
Fast-paced development across developing countries and surging disposable income can stimulate market growth. Replacing existing heating systems due to considerable energy and heat loss along with increasing utility bills have had a profound effect on the industry as well. Systems are now more mainstream on account of rising focus on research and development (R&D) as well as the introduction of cost-effective solutions.
The segmental review of the underfloor heating market has been done with respect to application and type.
With regard to application, the underfloor heating market caters to industrial, commercial, and residential. Growing adoption of central heating systems along with rising demand for localized heating across kitchen, corridors, and bathrooms will encourage surge of residential segment. Increasing recognition across domestic sector because of development of low-priced electric variants are expected to buoy product demand.
Type-wise, the underfloor heating market can be segregated into electric systems, heating cables, heating mats, manifolds, heating pipes, hydronic systems, thermostats, and sensors.
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The regional study of the underfloor heating market has been conducted on the basis of Asia Pacific (APAC), Europe, North America, as well as the rest of the world (RoW).
Strict energy efficiency standards combined with advancements in digital home heating technologies has made Europe a significant market for underfloor heating. Extremely cold winters call for more installation of heating systems in the region. The demand for underfloor heating in the region has been on the rise in recent times with the surge in housebuilding activities. The demand for new and affordable housing is likely to emerge as an important driver in market growth. Moreover, with conversion of commercial office spaces into multi-residential flats, especially in areas of robust population, is touted to usher in a host of opportunities in the market.
In North America, mounting concerns pertaining to environment and energy-efficiency are significantly influencing the adoption rate of underfloor heating products. Countries in the region like the United States (U.S.) and Canada are moving towards a low-carbon economy. In addition, underfloor heating designs are now being created that boast of increased energy efficiencies. For instance, intelligent underfloor heating controls are being developed in the region, which has the ability closely monitor system energy consumption and also brings down waste and running costs.
Development of research and development (R&D) facilities and soaring demand for renewable energy products has helped underfloor heating market gain momentum in APAC. Also, rising use of energy-efficient products is one of the important factors driving the market growth in the region. Other than this, surging investment for construction of multifamily apartments as well as rapid growth in refurbishment activities can tweak the business outlook within the region.
The market is set to record a heightened growth pace backed by the positive influence of a number of market forces. The promotional, along with other expenses are now better given the fast-paced market progression. Companies are devotedly preparing for any obstacle that they can face while striving for development in the market. They are opting for effective strategies that can help them outplay their rivals. Some of these strategies being adopted by the companies include partnerships and alliances, which have gained much traction in the market in recent times.
Some of these esteemed companies in the underfloor heating market are Solfex Ltd. (UK), Rayotec Ltd. (UK), Robert Bosch GmbH (Germany), Uponor Corporation (Finland), Honeywell International Inc. (US), Nexans (UK), Incognito Heat Co Ltd. (Scotland), Robot UK Ltd (UK), Danfoss A/S (Denmark), Emersion Electric Co. (US), Uheat (UK), to mention a few.