New York, USA, March 23, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global underfloor heating market is predicted to rise at a stable CAGR of 7.0% and garner a revenue of $8,240.5 million in 2021-2028 timeframe. This comprehensive report presents a concise outlook of the present framework of the underfloor heating market including its essential features like drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also included in this report to help new entrants analyze the market easily.
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Dynamics of the Market
Drivers: Growing demand for energy-efficient and cost-effective heating systems to reduce the consumption in buildings is one of the many factors estimated to drive the growth of the global underfloor heating market by 2028. In addition, supportive government incentive programs to develop energy-efficient cooling and heating systems is also expected to boost the market growth during the forecast period.
Opportunities: Increasing technological advancements like the latest Wi-Fi-controlled underfloor heating solutions and easy installation of portable underfloor heating systems are predicted to offer ample growth opportunities for the global underfloor heating market by 2028.
Restraints: High installation cost of underfloor heating systems is the main factor projected to hamper the market growth.
Covid-19 Impact on the Market
The outbreak of the corona virus pandemic has had an adverse effect on several businesses and industries, including the global underfloor heating market. Strict lockdowns and social distancing norms imposed by the governments across the world led to severe disruptions in the industrial supply. In addition, the implementation of safety protocols to prevent the spread of virus led to labor shortages in various manufacturing units, thus further leading to delayed productions and huge revenue loss. Moreover, the onset of the Covid-19 pandemic also led to fluctuations in price and 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.
Product: Hydronic Underfloor Heating Sub-segment to be Most Dominant
By product, the hydronic underfloor heating sub-segment is anticipated to hold a dominant market share and garner a revenue of $5,838.9 million during the forecast period. This growth is attributed to the eco-friendly and cost-effective solutions offered by hydronic underfloor heating systems as compared to electric ones. 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 expected to bolster the sub-segment’s growth by 2028.
System: Heating System Sub-segment to be Highly Lucrative
By system, the heating system sub-segment of the global underfloor heating market is projected to have a significant market share and register a revenue of $6,652.2 million by 2028. This growth is because of the increasing investments by governments to develop energy-efficient underfloor heating systems in societies. Moreover, underfloor heating systems also allow users to control surrounding temperatures which is becoming highly preferable among people, thus further propelling the market growth.
Application: Residential Sub-segment to be Most Beneficial
By application, the residential sub-segment of the global underfloor heating market is predicted to gather a revenue of $5,045.7 million by 2028. The growing demand for underfloor heating systems due to changing climate and rising awareness about reducing energy consumption are the prime factors estimated to augment the sub-segment’s growth during the analysis timeframe. Furthermore, 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.
Region: Underfloor Heating Market in the Europe Region to Witness Better Growth Opportunities
By region, market in the Europe region is predicted to have the highest market share and show the fastest growth rate with a CAGR of 7.4%. This noteworthy growth rate is attributed to the growing population as well as industrialization that has changed Europe’s climate drastically, thus leading to 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 projected to uplift the market growth in this region by 2028.
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Significant Market Players
Some of the significant market players are
- Daikin
- Danfoss
- Mitsubishi Electric
- Thermosoft International
- Siemens
- Rehau
- nVent
- ESI Heating and Cooling
- Uponor
- Honeywell International.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in September 2021, Rehau, a family-owned family business that develops and manufactures products for automotive, announced its partnership with the luxury automotive Mercedes-Benz to provide exterior polymer-based components for the latter’s SUV models.
Finally, the report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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Relevant links:
Analyst Review: https://www.researchdive.com/238/Anlyst-Review/underfloor-heating-market
