New York, USA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global underfloor heating market is predicted to rise at a tremendous CAGR of 7.0%, thereby garnering a revenue of $8,240.5 million in the 2021-2028 timeframe. This integrated report presents a brief outlook of the current framework of the underfloor heating market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing demand for energy-efficient heating systems, especially in the Europe and North America region, is expected to become the primary growth driver of the underfloor heating market in the forecast period. Moreover, stringent building regulations to reduce energy consumption is expected to help the market grow substantially in the forecast period.
Opportunities: A surge in demand for eco-friendly underfloor heating is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, growing awareness about the benefits of underfloor heating as compared to conventional heating systems is estimated to push the market forward.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the high installation cost of underfloor heating systems, which might prove to be a restraint for the underfloor heating market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The underfloor heating market, too, has been significantly affected by the pandemic. The disruptions in global supply chains led to operational challenges for the industry participants and also led to an overall decline in underfloor heating systems due to the closure of offices and workplaces. All these factors led to a decline in the growth rate of the market.
Segments of the Market
The report has divided the underfloor heating market into certain segments based on product, system, application, and region.
Product: Hydroponic Sub-segment to be the Most Dominant
By product, the hydroponic sub-segment is expected to be the most dominant sub-segment and gather a revenue of $5,838.9 million by 2028. The eco-friendly and economical nature of hydroponic underfloor heating systems is predicted to boost the growth of this sub-segment in the forecast period.
System: Heating System Sub-segment to Have the Highest Market Share
By system, the heating system sub-segment is expected to have the highest market share and gather a revenue of $6,652.2 million during the 2021-2028 timeframe. The increasing popularity of underfloor heating systems due to their ability to control surrounding temperatures is predicted to push the sub-segment forward in the forecast period.
Application: Residential Sub-segment to Generate the Highest Revenue
By application, the residential sub-segment is expected to have the highest market share and generate a revenue of $5,045.7 million during the analysis timeframe. The growing awareness among homeowners about the energy-efficient and eco-friendly nature of underfloor heating systems is predicted to push the sub-segment forward in the forecast period.
Region: Market in the Europe Region to be the Most Profitable
By regional analysis, the underfloor heating market in Europe region is expected to grow with a CAGR of 7.4% by 2028, thereby becoming the most profitable sub-segment. Growing population and industrialization has changed Europe’s climate which is why more and more people are opting for underfloor heating systems. This increased adoption is expected to be the main growth driver of the market in the forecast period.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on Underfloor Heating Market
Prominent Market Players
Some of the prominent players in the underfloor heating market are
- Uponor
- Honeywell International
- Thermosoft International
- Danfoss
- Daikin
- Siemens
- nVent
- ESI Heating and Cooling
- Mitsubishi Electric
- Rehau
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in February 2021, Polypipe, a plastic pipes manufacturer, announced that it was acquiring Nu-Heat, the UK’s leading underfloor heating company. The acquisition by Polypipe is aimed at broadening the company’s climate management solutions portfolio. The acquisition will also help the company to consolidate its position in the market.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Underfloor Heating Market:
- How Underfloor Heating Systems Have Taken the Place of Conventional Radiators in an Effective Way?
- Global Underfloor Heating Market’s Growth to Hit the Roof with Rising Climatic Changes in Several Regions
