Electric underfloor heating market to witness optimum returns from residential & commercial applications over 2017-2024, Europe to majorly contribute toward the industry growth
Publisher : Fractovia | Published Date : 2017-12-19Request Sample
Energy efficiency, in recent times, has emerged as a mandatory incantation for global denizens. Electric underfloor heating market, one of the pivotal verticals of the energy saving business spheres, thrives on the veracity of this fact. The demand for energy-efficient and cost-effective heating systems, it is observed, has been on an escalating graph lately, which has undoubtedly had a profound impact on the growth of electric underfloor heating market. Just last year, in a major update to its energy efficiency directive, European Commission included a 30% energy efficiency target by 2030 for the EU nations, thereby resulting in the rising product popularity across the region. Additionally, the growing number of refurbishment activities across residential complexes in the developed nations are certain to further increase the product penetration, which would eventually impel electric underfloor heating industry size.
U.S. Electric Underfloor Heating Market by Application, 2016 & 2024 (USD Million)
It is prudent to mention that electric underfloor heating systems do not occupy wall space like radiators do, as they are installed under the floor. They can function effectively at lower temperatures and thus require a lesser amount of power supply. These beneficial features have resulted in heavy product demand across many of the newly built constructions across the developed regions, thereby enabling electric underfloor heating market to consolidate its presence among myriad geographies. The deployment of these systems has further resulted in long-term energy savings for house owners while simultaneously contributing toward GHG emission reduction, which is expected to stimulate electric underfloor heating market trends in the years ahead. As per reliable sources, in a survey conducted among a section of the populace in the UK, nearly 70% of the group mentioned that they have electric underfloor heating systems installed in their homes. Among these, 74% claimed that they had installed the system in just a room, while 58% of them stated that the system was set up in their bathroom. At this rate, it is expected that these systems would soon form a primal part of home construction, which is certain to impel UK electric underfloor heating industry. As per estimates, UK underfloor heating market is anticipated to grow at a rate of more than 7% over the next seven years.
Electric underfloor heating market has prominently consolidated its presence across myriad other geographies, apart from the UK. For instance, driven by strict legislations governing energy efficiency levels, underfloor heating systems are extensively deployed across China. Estimates claim that China contributed to more than 36% toward APAC electric underfloor heating industry share in 2016. This percentage is anticipated to increase in the years to come, pertaining to the growing number of construction activities taking place across the country.
With the European Commission setting high targets to increase energy efficiency for its member countries, it is anticipated that Europe electric underfloor heating market will make notable contributions toward the global industry share. In 2015, underfloor components contributed to nearly 32% towards the total demand for heating devices across the residential sector in the continent. Subject to the cold climatic conditions in European countries such as Russia, the demand for heating systems in the region has soared several notches, thereby accelerating Europe electric underfloor heating systems market size.
Apart from residential establishments, underfloor heating devices also find extensive applications across the commercial and industrial sectors. Shopping malls, offices, educational institutions, and hotels have lately been witnessing high electricity consumption, which has led to growing product penetration across the commercial sector. The prevalence of cold weather on the other hand, has led to the expansion of electric underfloor heating industry size from the residential sector, driven by their massive deployment in homes and apartment complexes. Estimates claim that electric underfloor heating market share from the residential sectors will record a CAGR of more than 6% over the coming seven years.
Electric underfloor heating market is inherently defined by novel product launches. In March 2017, WARMUP Plc, a key player across the underfloor heating industry, introduced new bathroom design and power efficient heating products including DCM-PRO at ISH 2017 in Germany. The launch of new software such as SmartGeo™ by the firms WARMUP is expected to further propel the business in the ensuing years. It has been observed that electric underfloor heating systems have proved to be the best space as well as cost-saving alternatives to traditional counterparts, as validated by the planned launch of unique products such as ERKO Foil, ATRIA Ultra-thin, and MILOS pvc by Rointe, a prominent electric underfloor heating industry player. With the perfect combination of convection and radiation, these systems help in effective dissipation of heat, and would tremendously impact the product landscape of electric underfloor heating market.
With the rising proliferation of energy efficiency, electric underfloor heating industry is likely to chart out a profitable roadmap in the years ahead. Characterized by the plethora of product innovations in synchronization with sustainability, electric underfloor heating market is certain to accomplish commendable gains over 2017-2024. Global market Insights, Inc., projects this business space to cross a valuation of USD 2.5 billion by 2024.
