Underfloor Heating Market to Surpass $7,945.4 Million Value by 2030, says P&S Intelligence

NEW YORK, June 15, 2022 /PRNewswire/ -- In the year 2021, the underfloor heating market size was $4,319.3 million, and it will grow at a compound annual growth rate of 7.0% from 2021 to 2030, touching $7,945.4 million in 2030, according to the market research report published by P&S Intelligence. In the coming years, Europe is likely to grow at the highest compound annual growth rate, of more than 7.0%. This will be because of the participation of government institutions in protecting the environment, through the use of systems that are energy-efficient. There are numerous initiatives taken by the European government for the reduction of carbon emissions.

For example, the goal of the U.K. is to be a carbon-free nation by the end of 2050. Therefore, in the U.K., the underfloor heating market is likely to progress the fastest of all European countries in the near future. The main contributing factors to the market development are the growing consciousness about effective heating solutions and increasing count of construction projects.

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Hardware accounted for the larger share, of approximately 75%, of the underfloor heating market in the year 2021. Hardware, which is the main constituent of heating systems, comprises heating mats, heating cables, pipes, zone valves, thermostats, and wiring centers. Companies are actively taking part in acquisitions with the intention of enhancing their positing. For example, The Stelpro Group recently took over Flextherm, an electric floor heating company. This move will enable the development of products for smart homes, to manage energy consumption.

The varying lifestyles of individuals and their increasing disposable income, particularly in developed countries, such as Canada and the U.S., push the use of underfloor heating in new and renovated flats. Of the two, new installations are expected to grow at the higher rate in the underfloor heating market, credited to the rising cognizance of reducing the emissions of carbon. For example, the EU has developed the energy efficiency regulatory agenda, outlining actions and containing plans to fulfill the goal of reducing greenhouse gases by a minimum of 55% by 2030.

Furthermore, residential and commercial infrastructure projects, including the ones which are part of smart city initiatives, are using underfloor heating setups to meet these targets. For instance, the Pittsburgh Mixed-Use Development project in North America includes the development of housing, commercial, and office spaces on 11.33 hectares. This development is likely to be finished in Q4 2023, and it has already received investments of $1 billion.

Browse detailed report on Global Underfloor Heating Market Size, Growth and Development Forecast To 2030

The residential sector will advance at the highest underfloor heating market growth rate over the next 10 years and generate revenue of approximately $4.0 billion in 2030. This is attributed to the increasing use of underfloor heating systems in housing properties since they are ideal for these kinds of projects. Henceforth, with the thriving housing construction in developed countries, the installation of these systems is also rising. For example, the Thornhill residential project of Canada includes the construction of 308 housing and retail units varying from 534 square feet to 878 square feet.

Underfloor Heating Market Segmentation Analysis

By Offering

• Hardware
• Service

By End User

• Residential
• Commercial
• Industrial

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Spain
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• South Africa
• Saudi Arabia

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SOURCE P&S Intelligence