Underfloor Heating Market worth $7.6 billion by 2029 – Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 12, 2024 /PRNewswire/ — The global underfloor heating market is expected to be valued at USD 5.3 billion in 2024 and is projected to reach USD 7.6 billion by 2029; it is expected to grow at a CAGR of 7.3 % from 2024 to 2029 according to a new report by MarketsandMarkets™. The rising demand for underfloor heating systems can be attributed to increasing construction activities, particularly in North America and Europe, and government-led efforts to promote renewable energy technologies. The scope of the underfloor heating market includes two popular product types, namely hydronic (wet) and electric (dry) system.

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Underfloor Heating Market Report Scope:

 These solutions also ensure compliance with stringent quality and regulatory standards in applications such as residential, commercial, industrial and others enhancing product safety and regulatory adherence. Cost efficiency is achieved through better resource utilization and predictive maintenance strategies, contributing to overall cost savings.

The commercial segment to contribute significant share during the forecast period.

The growth of the commercial segment can be attributed to the widespread use of HVAC systems in commercial structures and the growing demand for energy-efficient devices. Moreover, governments around the globe have made significant investments in constructing commercial spaces like airports, hotels, and retail stores, particularly in regions with cold and extreme climates, which is expected to fuel the growth of the underfloor heating market.

The hydronic segment projected to grow significantly during the forecast period.

The hydronic underfloor heating segment is expected to hold a larger market share in the coming years, while the electric underfloor heating segment is expected to register the highest CAGR of during the forecast period. Hydronic systems are commonly used for large spaces, while electric systems are more cost-effective and easier to retrofit since they consist of multiple subsystems that do not require an insulating screed. Electric systems can also be easily installed in a single room, mainly when wireless controllers are used to avoid digging into walls. Additionally, electric systems put less strain on floors, making them easier to install.

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Europe is expected to grow significantly throughout the forecast period.

The shift towards a low-carbon economy in Europe has basically raised awareness of environmental and energy-efficiency issues. Thus, the underfloor heating industry is growing well in the region. With constant enhancements in technology and continuous revision of legislation, underfloor heating systems have moved to the limelight. This growing focus of hotels, offices, and other organizations on cutting utility and energy bills through ways of reducing energy use is also expected to fuel demand for underfloor heating in Europe.

Key Players

The underfloor heating companies includes significant Tier I and II players such as Resideo Technologies Inc (US), nVent Electric Plc (UK), Warmup (UK) Siemens (Germany), Emerson Electric Co. (US), Mitsubishi Electric Corporation (Japan) and Schneider Electric (US), among others, are some of the key players in the underfloor heating market.

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