North America Underfloor Heating Market Forecast to 2030 - Regional Analysis - by Type (Hydronic System Components and Electric System Components), Installation (Retrofit and New), and Application (Residential and Commercial)

North America Underfloor Heating Market Forecast to 2030 - Regional Analysis - by Type (Hydronic System Components and Electric System Components), Installation (Retrofit and New), and Application (Residential and Commercial)

The North America underfloor heating market was valued at US$ 1,187.94 million in 2022 and is expected to reach US$ 2,148.51 million by 2030; it is estimated to register a CAGR of 7.7% from 2022 to 2030. Increasing Investment in Construction Industry Fuels North America Underfloor Heating Market. Underfloor heating is becoming more and more popular and being adopted in the colder regions of countries such as the US, China, and India, where fast development in the building sector also fueling the underfloor heating market expansion. Due to the wide range of uses for underfloor heating such as maintaining of consistent temperature and improve air quality, the existence of semi-desert and desert climatic conditions in many countries worldwide is expected to impact the underfloor heating market growth positively, as during the night in deserts the temperature fall below minus. The growing investment in the construction industry and the increasing spending power of individuals to improve living standards are projected to favor the underfloor heating market. The construction industry stands as a foundation of economic growth and societal progress. It plays a pivotal role in shaping the physical landscape of communities, fostering job creation, and propelling innovation. In today's rapidly evolving world, infrastructure demands are outpacing the pace of investment, economic potential, and quality of life. Thus, several governments and other entities across the world are investing in the construction industry-both in the commercial and residential sectors. For instance, as of October 2023, Single-family homebuilding in the US had a robust resurgence in September 2023, driven by demand for new construction amid a lack of previously owned homes. However, the surge in mortgage rates, reaching the highest level in almost 23 years, could potentially slow down this momentum. According to the US Commerce Department, single-family housing starts, which make up the majority of homebuilding, rose by 3.2% to a seasonally adjusted annual rate of 963,000 units in September. This figure was revised from the previously reported 933,000 units in August 2023. Overall, housing starts increased by 7.0% to 1.358 million units in September 2023, slightly below economists' expectations. The US government provides support to the construction sector by enhancing the competitiveness of American building goods, chemicals, and metals in global markets. The growth in construction industry is expected to fuel the underfloor heating market. North America Underfloor Heating Market Overview Increased demand for underfloor heating in North America's cold zones is predicted as a result of the building & construction industry's rapid rise in developed nations such as the US, Canada, and Mexico. Moreover, various players across the region are providing underfloor heating in response to the comfort and convenience in the kitchens and bathrooms by providing warm floor. In February 2020, Mysa Smart Thermostats, a Newfoundland-based smart-home tech company, announced the launch of Electric In-underfloor heating. The launched product provides households across North America with greater control over their electricity bills by helping them use energy more efficiently. The North American climate is known to be intensely cold, and the regions extreme polar location such as Alaska (USA), Northern Canada and Greenland, is colder. Thus, the people located in the region need warmth in winter. The governors of 25 states of US formed a coalition in order to reach 20 million deployed heat pumps by 2030. In response, 4.8 million heat pumps were installed in the US in 2020. Heat pumps are energy efficient and act as replacements for fossil fuel-powered furnaces and air conditioners. They use electricity to transfer heat, as opposed to generating heat, and they can either heat a building when it is cold outside or cool a building when it is hot outside. Compared to a gas boiler, heat pumps reduce greenhouse gas emissions by 20% and are also energy efficient. The governors of the states are focusing on the sustainable heating of the residents along with the focus on greenhouse gas emissions. The underfloor heating connected to a boiler or heat pump is a convenient option. Thus, the government initiatives and cold climate across North America will propel the growth of the underfloor heating market. North America Underfloor Heating Market Revenue and Forecast to 2030 (US$ Million) North America Underfloor Heating Market Segmentation The North America underfloor heating market is segmented based on type, installations, application, and country. Based on type, the North America underfloor heating market is bifurcated into hydronic system components and electric system components. The hydronic system components services held a larger market share in 2022. The hydronic system components is sub segmented into wet hydronic heating and dry hydronic heating. Furthermore, electric system components is bifurcated into heating mats and heating cables. Based on installation, the North America underfloor heating market is bifurcated into retrofit and new. The retrofit held a larger market share in 2022. Based on application, the North America underfloor heating market is bifurcated into residential & commercial. The residential held a larger market share in 2022. Based on country, the North America underfloor heating market is segmented into the US, Canada, and Mexico. The US dominated the North America underfloor heating market share in 2022. Danfoss AS, Emerson Electric Co, nVent Electric Plc, Watts Water Technologies Inc, Robert Bosch GmbH, Resideo Technologies Inc, Uponor Corp, REHAU Ltd, and Schneider Electric SE are some of the leading companies operating in the North America underfloor heating market.

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