Selbyville, Delaware, Sept. 22, 2021 (GLOBE NEWSWIRE) —
The underfloor heating market revenue is anticipated to record a valuation of USD 8.5 billion by 2027, according to the most recent study by Global Market Insights Inc. The industry is shaping up to be one of the fastest-growing verticals in the HVAC & construction space, thanks to the growing consumer demand for energy-efficient space heating solutions. With changing climatic and environmental conditions, heating technologies that are reliable, economical, and provide optimum performance are becoming a necessity.
From residential buildings to commercial establishments, underfloor heating units are experiencing a significant demand. Improved living standards and increased spending power of consumers indicate that this demand will only increase in the years to come.
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A sizable amount of the growth would be led by the rise in infrastructure development and strict regulatory standards to ensure energy-efficiency of buildings. Some of the notable underfloor heating market players, such as Robert Bosch GmbH, Daikin, Danfoss, and Mitsubishi Electric Corporation, are poised to record momentous gains on the back of these trends.
Below is a brief overview of some major factors that would influence the adoption of underfloor heating units over the course of the next several years.
- Elevated demand for electric underfloor heaters
The deployment of electric underfloor heating units for both residential and commercial purposes is rising. This is owing to the various advantages of electric systems over their hydronic counterparts such as ease of installation and affordability.
Electric underfloor heaters are deployed underneath the surface to enhance efficiency, improve performance, and minimize losses. The heaters are quicker to install and do not require a skilled technician or worker, essentially helping consumers save additional fitting and labor costs. Additionally, scalability and customization across multiple floor establishments will be key factors propelling the electric underfloor heating industry forward.
- Robust adoption in residential establishments
More and more consumers are installing underfloor heating units in their homes for efficient space heating. These systems are popular for their ability to work at moderate temperatures and distribute heat evenly. Benefits such as low installation and upfront costs mean that the underfloor heating market will continue to witness demand across the residential sector.
Most modern systems are designed to provide zoned heating through smart thermostats and Wi-Fi, which helps consumers further reduce heating bills. Manufacturers are offering new, innovative products such as ready-to-use heating mats which are convenient to install and easy-to use.
- Shifting building energy-efficiency codes in Europe
Europe underfloor heating industry size is projected to expand at a 5% CAGR over the analysis time period, regulated by strict building codes and energy efficiency standards. Policymakers such as the European Union have implemented various energy-efficiency directives to accelerate the adoption of sustainable heating technologies in the region.
With rising concerns about electricity bills, consumers are increasingly focusing on ways to achieve better energy savings. As a result, people have become more aware of the long-term benefits of advanced underfloor heating, such as efficient performance and low cost of installation, maintenance, and repairs.
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COVID-19 impact on underfloor heating market
The coronavirus pandemic has had an unprecedented impact on the global economy, affecting nearly every end-use vertical, including the underfloor heating industry. During the COVID-19 crisis, the adoption of HVAC solutions was severely impacted by the slowdown of the construction sector. Due to supply chain disruptions, labor shortages, and movement restrictions, major infrastructure projects were forced to shut down temporarily.
Additionally, many renovation and refurbishment projects across the world were also put on hold. The aforementioned factors led to a decline in the demand for underfloor heating units. However, with several nations rolling out infrastructure initiatives to kick start their economies, recovery of the construction sector will create a strong growth outlook for the underfloor heating market.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.