As per the report published by Allied Market Research, the global underfloor heating market was pegged at $4.30 billion in 2020, and is expected to reach $8.39 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.
Rise in urban migration, rapid expansion of multi-story buildings, and strict government regulations regarding ban of gas boilers have boosted the growth of the global underfloor heating market. However, high upfront cost hinders the market growth. On the contrary, rapid development of the construction sector in developed and developed countries would open new opportunities in the future.
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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 report segments the global underfloor heating market on the basis of product, system, installation, end use, 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.
On the basis of system, the heating system segment dominated the market in 2020, contributing to nearly two-thirds of the market. However, the control system segment is projected to manifest the highest CAGR of 7.8% during the forecast period.
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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 global underfloor heating market includes an in-depth analysis of the prime market players such as Danfoss, Emerson Electric Co., Daikin, Mitsubishi Electric Corporation, Honeywell, Robert Bosch, Pentair Plc, Schneider Electric, Siemens, and Thermosoft International.
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Covid-19 scenario:
- The Covid-19 pandemic negatively affected the market as the underfloor heating systems may become culprit of microbial contamination in enclosed spaces.
- The shutdown of construction and engineering projects led to financial recession in the construction industry. This negatively affected the demand for underfloor heating devices.
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