The report" Underfloor Heating" Market by Offering (Service and Hardware), Product Type (Hydronic Underfloor Heating (Heating Pipes, Thermal Actuators, Thermostats and Sensors, Wiring Centers, Zone Valves, Manifolds, and Valves), and Electric Underfloor Heating (Heating Mats, Heating Cables, Thermostats and Sensors), Installation Type (Retrofit Installation, and New Installation) Application (Residential, Industrial, Healthcare, Commercial, Sports & Entertainment, and Others) - Global Forecast to 2030. "The Underfloor Heating Market is expected to account for up to USD 8.97 bn by 2030 from USD 2.41 bn in 2020, at a CAGR of 7.44% over the forecasted period. The continuous rise in demand for cost-effective heating solutions, various government support and incentives for adoption of underfloor heating solutions, the continuously growing environmental concerns, the increasing need for a higher level of thermal comfort, and the increasing number of efficiency standards regarding the residential comfort levels of people worldwide are some of the pivotal factors that are fuelling the overall growth of this market to a great extent.
By Offering, the 'Hardware' segment accounted for the highest market share in 2020
Based on Offering, the Underfloor Heating industry worldwide has been bifurcated into Service and Hardware. The "Hardware" segment comprehensively dominated the market with the largest share in 2020. This is because of the rising adoption of hardware used in the underfloor heating systems for new building projects across the globe.
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By Product Type, the "Hydronic Underfloor Heating" segment significantly held the highest market share in 2020
Based on Product Type, the Underfloor Heating industry worldwide has been segmented into Hydronic Underfloor Heating (Heating Pipes, Thermal Actuators, Thermostats and Sensors, Wiring Centers, Zone Valves, Manifolds, and Valves), and Electric Underfloor Heating (Heating Mats, Heating Cables, Thermostats and Sensors). The "Hydronic Underfloor Heating" segment held the highest share of the market of nearly 70.23% in 2020. Hydronic underfloor heating systems are also regarded as one of the most energy-efficient and sustainable solutions for heating a larger area. They are suitable for applications in many floor surfaces such as marble, timber, carpet, stone, slate, and different kinds of tiles which in turn is stimulating the overall growth of this particular segment.
By Installation Type, the 'New Installation' segment comprehensively dominated the market with the most amount of share in 2020
Based on Installation Type, the Underfloor Heating industry has been broadly segregated into Retrofit Installation and New Installation. The 'New Installation' segment held the highest share in terms of revenue in 2020. Several government initiatives for investments in the development of smart cities along with green buildings over a huge number of developed countries across the world have highly increased the overall demand for new installations of underfloor heating.
By Application, the 'Residential segment led the market with the highest share in 2020
Based on Application, the Underfloor Heating industry has been broadly segregated into Residential, Industrial, Healthcare, Commercial, Sports & Entertainment, and Others. The 'Residential' segment held the largest share of the market of around 60.21% in 2020 and will continue its domination throughout the forecasted period of 2020-2030. The higher growth rate of the Global Underfloor Heating Market for various residential applications due to the continuously growing home renovation activities by the residents in many developed nations across the world, and the rise of awareness regarding the benefits of underfloor heating systems that are used in residential properties, are fuelling the overall growth of this segment continuously.
"Europe" significantly dominated the market in 2020 with the highest share of the market along with the fastest CAGR of 7.62%. The increase of awareness among people regarding the variety of prospects of the underfloor heating systems in the construction industry, especially in the cold European countries, is accelerating the overall growth of the market in this region.
The major vendors in the Global Underfloor Heating Market include Uponor, Danfoss, Daikin, Resideo Technologies Inc, Rehau, Emerson, WARMUP INC, Robert Bosch, nVent Electric, Siemens, Thermosoft International, Mitsubishi Electric, and Honeywell.
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