LONDON--(BUSINESS WIRE)--The global underfloor heating market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global underfloor heating market is the low environmental impact of underfloor heating. With the aim to reduce emissions from operations and promote environmental sustainability, an increasing number of organizations are adopting sustainable development and energy practices as a part of their corporate strategy. This is driving the significant adoption of energy-efficient underfloor heating systems across the world. The underfloor heating system help to reduce the problems posed by environmental pollution and sustainability challenges while simultaneously improving air quality by reducing carbon emissions. The use of underfloor heating systems can also eliminate the need for power-hungry heaters, thereby reducing emissions from space heating operations.
As per Technavio, the emergence of smart thermostats will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global underfloor heating market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global underfloor heating market: Emergence of smart thermostats
Smart thermostats are gaining immense popularity in commercial as well as residential spaces with applications mainly in small and medium-sized buildings. Smart thermostats systems help to enhance the energy efficiency of buildings and reduce the installation costs. This is mainly because they are equipped with advanced firmware and algorithms which provide them with learning ability. These devices can adjust the heating levels and provide in-depth details on the energy consumption patterns. These thermostats can be integrated with underfloor heating systems to regulate efficient heating in commercial and residential buildings.
“Over the past five years, there has been significant growth in global construction activities, driven by the economic recovery in several countries. The growth is mainly driven from countries such as India, China, and Japan and emerging Asian nations such as Malaysia, Vietnam, Thailand, and Indonesia. These countries are expected to invest significantly in constructing new housing and commercial buildings, which will boost the growth of the underfloor heating market during the forecast period,” says a senior research analyst at Technavio.
Global underfloor heating market: Segmentation analysis
This market research report segments the global underfloor heating market by type (hydronic underfloor heating and electric underfloor heating) and geographic regions (North America, Europe, APAC, South America, and MEA).
The hydronic underfloor heating segment held the largest underfloor heating market share in 2018. The growth of this segment is driven by the lower cost of hydronic underfloor heating when compared to electric underfloor heating, along with the sustainability and energy efficiency of these systems.
The Europe region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. The market growth in Europe can be attributed to the rise in government regulations to reduce GHG emissions, such as the 2030 Climate and Energy Framework, and the EU Emission Trading Scheme.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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