Market Size of Underfloor Heating Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.30 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Underfloor Heating Market Analysis
The underfloor heating market is expected to reach a CAGR of 7.3% during the forecast period. Factors, such as high demand for cost-effective heating solutions, strong government support, awareness regarding underfloor heating, and a high level of comfort and flexibility offered by underfloor heating systems, drive the growth in the market.
The International Energy Agency (IEA) released a report on energy consumption in buildings estimating that by 2030, the energy used by household appliances will increase, with Asia-Pacific being the region with the highest energy consumption. Further, the rising awareness about energy efficiency and renewable energy technology significantly impacts the future demand for underfloor heating systems. These energy and heating solutions can achieve substantial carbon savings and help meet renewable energy targets.
According to HCL, an estimated 10% of households worldwide are expected to be smart homes by 2025. Moreover, the growing quality of new building techniques, such as insulation and controls, stimulates the underfloor heating systems vendors to develop new solutions that cater to the increasing customer demand. For instance, Bosch offers an intelligent home and room thermostat to operate underfloor heating from anywhere. Moreover, the stringent government norms for energy efficiency & standards toward adopting electrical & electric appliances emphasize adopting sustainable technologies, which fuel market growth. The new advanced underfloor heating systems boost the replacement rates of the legacy heating systems because of high operational costs and substantial energy & heat loss. However, the slow response time of underfloor heating is one factor limiting the growth of underfloor heating systems.
With the outbreak of COVID-19, governments worldwide imposed restrictions on down day-to-day business operations by implementing lockdowns. Due to this, there were labor shortages and delays in projects, drastically impacting the global construction & infrastructure industry, resulting in a decline in product deployment. Hence, the market is likely to face challenges till the market resurgence. A key drawback of underfloor heating is that installation and maintenance require significant intervention. The existing flooring and heating infrastructure needs to be removed, new heating pipes installed, and concrete poured. This can be costly, destructive, and off-putting to potential customers, which is expected to restrain market growth over the forecast period.
