Underfloor Heating Market Size, Share & Trends Analysis Report By Product Type (Hydronic, Electric), By System (Heating Systems, Cooling Systems), By Installation Type, By Application, By Region, And Segment Forecasts, 2023 - 2030

Underfloor Heating Market Size, Share & Trends Analysis Report By Product Type (Hydronic, Electric), By System (Heating Systems, Cooling Systems), By Installation Type, By Application, By Region, And Segment Forecasts, 2023 - 2030

Underfloor Heating Market Growth & Trends

The global underfloor heating market size is anticipated to reach USD 7.42 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 6.4% from 2023 to 2030. The rising construction of residential and non-residential buildings facilitated by the increasing population globally is expected to positively impact the demand of the market over the forecast period.

The worldwide population is growing at a robust growth; according to the World Bank, in 2022, the world population reached 7.95 billion from 7.89 billion in 2021. This growing population will likely create new demand in the real estate industry for residential buildings. New construction projects, as well as the renovation projects of the existing residential buildings, are likely to demand more underfloor heating systems.

Commercial spaces such as educational institutes, cafes, offices, restaurants, etc., have seen a surge in the growth of the total spending on construction. In addition, customer demands for enhanced comfort and improved aesthetics in indoor dwelling spaceshave contributed to the increasing demand over the forecast period.

Technological innovation and heightened product launches of electric underfloor heating systems are likely to positively impact the demand for the product in the global market. Such innovations comprise a quick-to-install prefabricated ‘click-in’ underfloor heating system, offering direct installation on the existing floor along with the connection to the radiator system.

The key players in the market are actively focusing on strategic activities such as product innovation, product launches, investments in research and development, expansion to new geographic locations, mergers & acquisitions, and partnerships. With these strategic initiatives, the key players focus on expanding the market reach and strengthening the market presence.

Underfloor Heating Market Report Highlights

• In terms of product type, the hydronic segment held the highest market share of 72% in 2022 owing to the high product awareness and their energy efficiency to distribute the heat across the floor
• In terms of system, the heating systems segment held the largest market share of 65.0% in 2022 owing to the higher product awareness and higher demand in the market for the residential and commercial segment
• In terms of installation type, the new installation segment held the highest revenue share of 79.0% in 2022 attributed to the larger demand for new installations at the newly constructed buildings
• In terms of application, the commercial segment is anticipated to grow at the fastest CAGR over the forecast period owing to the increasing expenditure by cafés, restaurants, offices, etc. to provide enhanced comfort
• In February 2023, Danfoss announced the launch of the new Danfoss Icon2™ system at ISH 2023, which was held in March 2023. The new system delivers precise and efficient control of the hydronic underfloor heating system

Please note The report will be delivered in 4-8 business days upon order notification.