Detailed Analysis of Underfloor Heating Systems
Underfloor heating is one of the widely accepted forms of heat radiation from moderately hot elements to control the indoor temperature, thus providing thermal comfort. Growing awareness about the benefits such as safety, flexible control, and minimal maintenance coupled with the increasing demand for renewable energy technologies due to the growing emission of greenhouse gas are some key factors driving the growth of the underfloor heating market during the forecast period. Besides, the emission of greenhouse gas has been increasing around the globe as the trend of industrialization continues in developing countries. In fact, the percentage of countries perpetrate to peak their emission is expected to increase from 36% in 2010 to 60% in 2030 (source: Emission Gap Report 2018, United Nations Environment Programme). However, a skilled workforce is required at every level of the value chain due to lack of availability of skilled labor is expected to hinder the growth of the market in the coming years. Besides, the slow response time of underfloor heating is considered as one of the prime factors that are limiting the growth of underfloor heating systems in the coming years.
% of Global GHG Emission Covered by Countries
Source: United Nation Environment Programme, Emission Gap Report 2018
Growing construction activities in various parts of the world are driving the growth of the market during the forecast period
Expanding construction activities around the globe is expected to be one of the prime drivers for the growth of the market during the forecast period and according to the latest report published by the government of China, the construction industry in the country is increasing by nearly five percent reaching around USD968 billion in 2019. Similarly, in the United States, the construction spending has shown a favorable trend, an increase from US$788,322 million in 2011 to US$1,293,982 million in 2018 (source: United States Census Bureau) while a similar trend has been noticed in other developed countries in Europe. This increased investment in the development of advanced infrastructure and construction projects is expected to continue to favor the underfloor heating market trend during the forecast period. In addition, since roof floors made of stones, tiles or other types usually get cold during the winter period which increases the demand for underfloor heating systems. In developing countries like India and China favorable government initiatives are expected to propel the market growth opportunities for manufacturers and vendors over the forecast period. For instance, in India, the Pradhan Mantri Awas Yojna was launched by the government in the year 2015 in which around 10 million houses were proposed to be constructed throughout the country by 2022. As per the latest reports from the Ministry of Housing and Urban Affairs, 3.7 million units are yet to be constructed.
Geographically North American and European region is holding a dominant share in the market
The European and the North American region the underfloor heating market is growing rapidly because of their initiatives toward a low-carbon economy and because of the increased awareness about environmental and energy-efficiency concerns. The regions are also famous for their winters with an extremely low temperature in many leading to the lumpsum budget of cities for underfloor heating. In addition, extreme winter conditions in countries like Canada, Finland, and Sweden disrupt both public and private commercial sectors due to which the demand for underfloor heating further increases. Also, many countries in the European region require heating sources throughout the year due to extreme weather conditions, and raising awareness about energy efficiency with the growing adoption of renewable energy technology is impacting the overall demand for underfloor heating systems.
The North American and European market is growing rapidly because of their initiative toward a low-carbon economy and because of the growing awareness about environmental and energy-efficiency concerns. Besides, the regions are famous for their winters with an extremely low temperature in many countries leading to the lumpsum budget of cities for underfloor heating. In addition, these extreme winter conditions also disrupt the working of both private and public corporates which further boosts the demand for underfloor heating systems in the coming years. Furthermore, refurbishment activity carried out in developed countries such as the United States, Canada, United Kingdom, France, and Germany, is also anticipated to thrust the underfloor heating market growth over the forecast period. The rising demand for high-level comfort in the form of leisure and flexibility is considered one of the key factors driving the market revenue of underfloor heating systems in various parts of the world.
Competitive Landscape
Major players in the underfloor heating market have been covered extensively along with their respective competitive position and strategies. The report also mentions detailed analysis of recent deals and investments of different market players in the last few years. The company profiles section in the report details the business overview, financial performance for the past couple of years (for public companies), key products and services being offered along with the recent deals and developments of these important players in the underfloor heating market.
Recent Update
October 2019, nVent Electric plc, a global leader in electrical connection and protection solutions announced a strategic collaboration with MAPEI, together both companies are expected to utilize the premium electric floor heating technologies under the name of nVent NUHEAT brand, nVent, and for the Canadian flooring channel is to create MAPEI Mapeheat with Technology from nVent NUHEAT.
August 2019, Warmup is collaborated with Material Bank to make the sampling of products easier, faster, and more environmentally friendly.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to semiconductor, with a special knack for ICT. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets,visit www.knowledge-sourcing.com.
