Report : Europe 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)
At 8.1% CAGR, Europe Underfloor Heating Market is Speculated to be Worth US$ 2,914.69 Million by 2030, says Business Market Insights.
According to Business Market Insights' research, the Europe underfloor heating market was valued at US$ 1,564.78 million in 2022 and is expected to reach US$ 2,914.69 million by 2030, registering a CAGR of 8.1% from 2022 to 2030. IoT-Enabled underfloor heating system and growing use of energy-efficient underfloor heating system are among the critical factors attributed to the Europe underfloor heating market.
An Internet of Things (IoT) enabled underfloor heating system incorporates IoT technologies with underfloor heating systems. IoT allows consumers to operate and monitor their underfloor heating systems remotely via smartphones, tablets, or other devices. This enables easy access to temperature controls, scheduling, and real-time energy usage monitoring. Sensors and smart thermostats collect real-time temperature, humidity, and occupancy data that can be used with IoT integration. These gadgets allow for intelligent heating regulation depending on user preferences and ambient factors, and they also give accurate feedback. Energy optimization is achievable with loT-enabled underfloor heating through sophisticated algorithms that evaluate data and adjust heating output in line with that. This maximizes energy efficiency and minimizes energy waste. IoT-capable subterranean heating systems can be easily included in larger ecosystems for home automation. They are able to collaborate and synchronize with one another. Smart home automation products, such as smart blinds or lighting, establish a more automated and networked living space. IoT makes it possible to gather and examine data from underfloor heating systems. Several players across the globe are providing IoT-enabled underfloor heating. For example, Hotowell International Co., Ltd. provides TUYA smart IoT electric underfloor heating, a product widely used in environments such as homes, residential buildings, schools, hotels, hospitals, and offices to maintain a standard room temperature purpose. It can be used in electric water heating, underfloor heating, or water/gas boiler systems. Thus, IoT-enabled underfloor heating systems are projected to create lucrative opportunities for the underfloor heating market.
On the contrary, high installation cost of an underfloor heating system with the growth of Europe underfloor heating market.
Based on type, the Europe underfloor heating market is bifurcated into hydronic system components and electric system components. The hydronic system components segment held 66.6% market share in 2022, amassing US$ 1,042.40 million. It is projected to garner US$ 1,836.39 million by 2030 to expand at 7.3% CAGR during 2022-2030. 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.
By installation, the Europe underfloor heating market is bifurcated into retrofit and new. The retrofit segment held 81.4% share of Europe underfloor heating market in 2022, amassing US$ 1,273.22 million. It is projected to garner US$ 2,418.64 million by 2030 to expand at 8.4% CAGR during 2022-2030.
In terms of application, the Europe underfloor heating market is bifurcated into residential and commercial. The residential segment held 70.9% share of Europe underfloor heating market in 2022, amassing US$ 1,109.48 million. It is projected to garner US$ 2,026.39 million by 2030 to expand at 7.8% CAGR during 2022-2030.
By country, the Europe underfloor heating market has been categorized into Germany, the UK, Russia, France, Italy, and the Rest of Europe. Our regional analysis states that Germany captured 27.9% share of Europe underfloor heating market in 2022. It was assessed at US$ 436.26 million in 2022 and is likely to hit US$ 919.73 million by 2030, exhibiting a CAGR of 9.8% during 2022-2030.
Key players operating in the Europe underfloor heating market are Danfoss AS, Emerson Electric Co, nVent Electric Plc, Watts Water Technologies Inc, Robert Bosch GmbH, Resideo Technologies Inc, Uponor Corp, REHAU Ltd, Daikin Europe NV, and Schneider Electric SE, among others.
- In July 2023, nVent Electric plc, a prominent global player in the field of electrical connection and protection solutions, announced its acquisition of TEXA Industries. Following the acquisition, TEXA Industries will function as a part of nVent's Enclosures business segment. This strategic move bolsters nVent's position as a leading global provider of comprehensive systems. TEXA Industries brings to the table a highly complementary portfolio that includes cutting-edge industrial air conditioners and chillers, offering advanced cooling technologies. These solutions are particularly valuable in assisting customers to effectively address the challenges posed by increasing heat loads in system design.
- In August 2022, Bosch introduced a new line of heating products, namely the Bosch Smart Home Radiator Thermostat II, Room Thermostat II, and Room Thermostat II 230 V. This product launch has significantly expanded Bosch's offerings in the underfloor heating solutions market, providing customers with convenient and energy-saving options. The addition of these new products strengthens Bosch's overall product portfolio and reinforces its commitment to delivering innovative heating solutions to meet customer needs.
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