Underfloor Heating Market worth $7.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 23, 2023 /PRNewswire/ -- The global underfloor heating market is expected to grow from USD 5.1 billion in 2023 to USD 7.4 billion by 2028, registering a CAGR of 7.5% according to a new report by MarketsandMarkets™. Underfloor heating has grown significantly due to its energy efficiency, comfort, design flexibility, zoning capabilities, improved indoor air quality, technological advancements, environmental sustainability, and retrofitting opportunities. These factors have fueled its popularity in residential and commercial applications.

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Underfloor Heating Market Report Scope:

The services segment is expected to register a higher CAGR during the forecast period.

Underfloor heating services mainly include installation, repair, and maintenance. Services can be provided on the retrofitted or new installations of underfloor heating systems in residential, commercial, or industrial sectors. The high demand for underfloor heating from infrastructural development in North America and Europe is a critical factor driving the growth of the underfloor heating market. Increasing demand for smart homes in Europe is another factor contributing to the growth of this segment.

Electric underfloor heating to record the highest CAGR during the forecast period.

Electric underfloor heating systems are primarily used in residential, commercial, and industrial applications. The deployment of components such as heating mats in new and retrofit installations of electric underfloor heating systems is increasing. Consequently, the demand for installation, repair, and maintenance services of electric underfloor systems is also rising. However, the lower growth rate of the services market for electric underfloor heating systems is due to the rising use of DIY systems. Also, these systems are readily available through online channels, thereby giving an extended scope to be installed by the users, eliminating the need for any service provider.

Residential application to hold the largest market share in the year 2022.

The high growth of the underfloor heating market for residential applications can be attributed to the growing awareness about the benefits of underfloor heating systems used in residential properties. The high growth rate of the underfloor heating industry for residential applications is mainly accounted for by residents' growing home renovation activities in many developed nations. Underfloor heating is considered ideal for new buildings and residential structures and also becoming more popular for renovations because of the development of innovative technology implemented in the products in this segment. The growing modern design trend has motivated consumers to create a clean and uncluttered look throughout their homes.

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Europe is expected to grow at the highest CAGR in the Underfloor Heating Market from 2023 to 2028

Europe accounted for the largest share of the underfloor heating market in 2022. The market in this region is growing because Europe is moving toward a low-carbon economy and is focused on implementing energy efficiency policies. Also, higher levels of insulation, driven by regulatory requirements and government initiatives, contribute to a reduction in the overall heating load, making underfloor heating a more practical and efficient heating solution in Europe.

Key players operating in the Underfloor Heating Companies include Uponor Corporation (Finland), Resideo Technologies Inc. (US), nVent Electric Plc (UK), Warmup (UK), Rehau Ltd (Switzerland), Emerson Electric Co. (US), Robert Bosch Gmbh (Germany), Danfoss (Denmark), Mitsubishi Electric Corporation (Japan), Siemens Ag (Germany), Schneider Electric (France), Incognito Heat Co. (Scotland).

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