Wilmington, Delaware , Sept. 17, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Underfloor Heating Market by Product Type (Hydronic and Electric), System (Heating and Control), Installation (New Installations and Retrofit Installation), and End Use (Residential, Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2030″. According to the report, the underfloor heating market was valued at $5.2 billion in 2023, and is estimated to reach $8.1 billion by 2030, growing at a CAGR of 6.7% from 2024 to 2030.

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Prime determinants of underfloor heating market growth

The global underfloor heating market is experiencing growth due to several factors such as an increase in urban migration, rapid expansion of multi-story residential buildings, and stringent government regulations towards the ban of gas boilers. However, upfront cost hinders market growth. Moreover, the rapid development of the construction sector in developed and developing countries will provide opportunities for underfloor heating market growth.

Report coverage & details:

The hydronics segment is expected to grow faster throughout the forecast period.

Based on product type, hydronics dominate the market in 2023. A hydronic underfloor heating system consists of a network of pipes running under the floor. Hot water heated by a boiler flows through the network of pipes to heat the substrate and therefore heat the room. It uses water or a mix of water and an anti-freeze substance such as propylene glycol. It can use a single source or a combination of energy sources to help manage energy costs such as combined heat and power plants heated by natural gas, fossil fuels, electricity, solar thermal, and biofuels. It is much more efficient and with much lower running costs than electric underfloor heating systems, while the initial purchase cost of the system will be significantly higher than an electric system and also require regular maintenance. The shifting trends towards the demand for improved living standards and rising awareness among people to reduce bills. Efforts of government and corporate industries towards improving air quality along with increasing demand for high level of comfort will further augment the development of the market.

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The heating segment is expected to grow faster throughout the forecast period.

The heating segment dominates the global underfloor heating market in 2023. Heating systems of underfloor heating consist of actuators and thermostats to provide comfort to individuals. Actuators play a major role as a gate for opening and closing to allow water to flow through each circuit. The thermostat plays a huge role in the demand for actuators while regulating the heat in the entire system. The increasing harsh climatic conditions across the globe and the need for comfort among individuals have led to the application of heating systems in residential and commercial buildings.

The new installation segment is expected to grow faster throughout the forecast period.

The new installation segment dominates the global underfloor heating market. New installation means the installation of fresh underfloor heating systems with related equipment, insulation, and other materials in the ongoing construction projects. The government initiatives to invest in the development of smart cities with green buildings in major developing and developed countries have increased the demand for new installations of underfloor heating. The development of new technologies in the heating system and control systems with an increase in the demand from customer’s living standards has increased the demand for underfloor heating. The increase in urban migration due to the rapid industrialization near the coastal areas has led to a surge in the development of the construction sector. The presence of spending power of individuals to improve living standards has a positive impact on the underfloor heating market.

The residential segment is expected to grow faster throughout the forecast period.

The residential segment dominates the global underfloor heating market. Residential is also one of the end-users, where underfloor heating equipment has surged in the market, which can be attributed to the growing awareness among individuals about the benefits brought by it. Underfloor heating can be considered to be an ideal need for new buildings and also becoming more popular for renovations because of new product innovations in this area. The rise in population and increase in the construction of residential buildings with the favorable support of government policies have a positive impact on the development of the underfloor heating market.

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The Europe segment dominated the market in 2023

Europe occupies the largest part of the underfloor heating market and consists of countries such as Germany, France, the UK, Italy, Spain, and the rest of Europe. Intense R&D activities and awareness of people regarding the prospects of heating systems in the construction sector, especially in cold regions, have shown a positive impact on the growth of the underfloor heating market. The ongoing large-scale renovations and government policies regarding the ban on gas boiler installation in new homes by 2025 have stimulated the electric underfloor heating market growth. The presence of cold countries in this region, and the people’s demand for comfort in their dwelling places has increased the demand for underfloor heating systems in the forecast period. The increase in awareness among the people regarding the advantages of the radiant heat produced from underfloor heating to provide a comfortable life at a low cost is a major factor driving the growth of the market.

Leading Market Players: –

• Danfoss
• Daikin
• Emerson Electric Co.
• Honeywell
• Mitsubishi Electric Corporation
• Pentair Plc
• Robert Bosch
• Siemens
• Schneider Electric
• Thermosoft International

The report provides a detailed analysis of these key players in the underfloor heating market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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