ELECTRIC UNDERFLOOR HEATING THERMOSTATS MARKET REPORT OVERVIEW
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The global electric underfloor heating thermostats market size was USD 1530.3 million in 2022 and the market is projected to touch USD 2370.3 million by 2031, exhibiting a CAGR of 4.9% during the forecast period.
Electric underfloor heating can be defined as the installation of electrical or water systems on the floor to produce heat under the floor. Electrical systems use electrical cables to generate heat, while water systems use a length of pipe to pump water through a heat source to heat the floor. Electric floor heating is more suitable for smaller rooms such as a bathroom, water floor systems require more space and time to install. An electric underfloor heating thermostat is necessary to achieve indoor climate control.
The market is driven by increasing awareness and emphasis on building energy efficiency, which has led to increasing interest in radiant heating systems, such as electric underfloor heating, which can be more efficient than traditional heating methods. In addition, the demand was influenced by the desire to improve the comfort and aesthetics of the interior. Electric Underfloor heating distributes heat more evenly, eliminates cold spots and creates a comfortable environment. Advances in technology and construction practices have made electric underfloor heating systems more accessible and easier to install. Demand has also been increased by the flexibility of floor heating in terms of compatibility with different floor types and integration with modern smart home systems.
COVID-19 Impact: Market Growth Halted by Pandemic due to Disrupted Supply Chain
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The outbreak of the COVID-19 pandemic has adversely affected the growth of the entire business sector. The imposition of various restrictions, such as a complete ban on imports and exports and closure of production facilities, has seriously affected the production and sale of various products in various parts of the world. Manufacturers, on the other hand, use imaginative and innovative tactics to recruit workers to meet minimum production requirements. Various construction and engineering projects around the world have been halted during the pandemic, which has caused an economic downturn and job losses in the construction industry in all countries. As things pick up, the electric underfloor heating thermostats market will recover from the pandemic and bodes well in the coming years as the construction of healthcare facilities increases worldwide.
LATEST TRENDS
"Greater Flexibility And Comfort Floor Heating Systems Drive Market Growth"
Modernization of existing housing and increasing consumer investment in comfort and luxury are boosting market statistics. Continuous development in the field of sustainable technology and increasing demand for space in several countries with extreme weather conditions, heating units have a positive effect on the adoption of products. In addition, increasing urban migration and the rapid expansion of multi-story residential and commercial buildings, driven by households and foreign investments increase the demand of the electric floor heating market. Electric underfloor heating thermostats systems offer users flexibility in installing the underfloor structure. This is a crucial factor that is expected to drive the electric underfloor heating thermostats market growth in the coming years. These systems are also one of the most common forms of heating due to their invisible, hygienic, safe and almost carefree features.
ELECTRIC UNDERFLOOR HEATING THERMOSTATS MARKET SEGMENTATION
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- By Type
Based on type the global market can be categorized into standard type, WIFI Type.
A WiFi thermostat is a thermostat that you can manage remotely via the internet using devices such as phones and computers, allowing you to adjust the temperature and schedule of your heating and, in some cases, hot water systems.
- By Application
Based on application the global market can be categorized into residential use, commercial use.
The residential category is the fastest growing in the decade and will generate the highest income in 2030. This is due to the more widespread use of electric underfloor heating in residential areas, as they are considered ideal for such projects. Thus, with the upward trend of housing construction in developed countries such as the U.S. and Canada, the installation of these systems is also increasing.
DRIVING FACTORS
"Increasing Investments in The Development Of New Infrastructure to Accelerate the Market Growth "
As the demand for efficient heating solutions and green building projects increases in cities, the demand for electric underfloor heating thermostats is expected to increase. Developing countries and; residential, commercial and industrial sectors drive the growth of the market. Extreme climatic conditions also around the world increase the demand for underfloor heating systems. Governments and private companies are working together to provide efficient heating in cold regions, thereby increasing market access. The introduction of ready-to-use heating mat technology and the decrease in installation costs increased demand underfloor heating for residential and commercial premises. This factor drives the CAGR of the market.
"Rapidly Growing Demand for Energy-Efficient Heating Solutions to Foster the Market Growth"
The rise in popularity of underfloor heating as an energy-efficient heating solution compared to other central heating systems is a crucial factor expected to drive the growth of the market during the forecast period. Underfloor heating not only results in lower energy bills and lower costs total system costs, but also requires less maintenance compared to traditional radiators. Growth in global construction is one of the key factors supporting the electric underfloor heating thermostats market growth. For example, in the Asia Pacific region, the growth of the construction industry is expected to decrease, mainly from India, China and Japan, but also from several other developing countries in Asia. Asian countries are significantly behind in terms of new housing construction due to high population growth and rapid urbanization. As a result, these countries are expected to invest significantly in the construction of new residential and commercial buildings and in infrastructure to meet the demands of the growing population and development challenges. Consequently, growth in global construction is expected to significantly contribute to the global underfloor heating market during the forecast period.
RESTRAINING FACTORS
"High Installation Costs to Potentially Impede Market Growth"
Electric systems allow for quick installation, as many systems can be installed in a medium-sized bathroom even in 1-2 days. Installation costs vary depending on the system users choose, the size of the room and the cost of the installer. The labor costs of the facility would also be borne by the client until it is ready for use. Customers must also hire a qualified electrician to connect the system to power, which can take several hours and cost a lot of money.
ELECTRIC UNDERFLOOR HEATING THERMOSTATS MARKET REGIONAL INSIGHTS
"North America to Dominate the Market due to Presence of a Large Consumer Base"
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North America will have the highest electric underfloor heating thermostats market share turnover than others regional market in 2021. In addition, the climatic conditions of the region have a significant impact on the growth of the market. The North American market is expected to grow steadily. Rapid development in developing countries has accelerated the construction industry and development, which has led to an increase in the demand for innovative home appliances in these countries and; cold areas. Since underfloor heating can be used for many purposes at night, the semi-arid and desert climates of various parts of North America would greatly benefit from these systems to keep them warm at night.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
Key manufacturers are focusing on various strategic initiatives such as joint ventures, strategic partnerships, and mergers and acquisitions to gain competitive advantage in the Electric Floor Heating industry. Better brand value, marketing strategies, product differentiation and economies of scale are the key factors driving electric floor heating market share. Major manufacturers use a variety of strategies to expand their market share and adapt to changing technological demands, including geographic expansions, product launches, and mergers and acquisitions. For example, in February 2023, Danfoss launched the Danfoss Icon2 system, which offers precise and efficient control of water-circulating underfloor heating.
List of Market Players Profiled
- Danfoss (Denmark)
- Warmup (U.K.)
- Schlüter-Systems (U.S.)
- Heatmiser (U.K.)
- Uponor (Finland)
- MP Global Products (U.S.)
- OJ Electronics (Denmark)
- Honeywell (U.S.)
- Heatcom Corporation (Denmark)
- Siemens (Germany)
- WarmlyYours (U.S.)
- ThermoSoft (U.S.)
- SunTouch (U.S.)
- LifeSmart (China)
- nVent NUHEAT (U.K.)
- Sinopé Technologies (Canada)
- Saswell (China)
- Emerson (EasyHeat) (U.S.)
INDUSTRIAL DEVELOPMENT
- March 2021: Uponor has launched a new series of floor heating packages (UFH). These packages would help installers complete quality projects faster and easier than ever before. Additionally, these new UFH packages would make it easier for installers to get everything they need for a project in one place.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1530.3 Million in 2022 |
Market Size Value By |
US$ 2370.3 Million by 2031 |
Growth Rate |
CAGR of 4.9% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the electric underfloor heating thermostats market expected to touch by 2031?
The global electric underfloor heating thermostats market is expected to reach USD 2370.3 million by 2031.
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What CAGR is the electric underfloor heating thermostats market expected to exhibit by 2031?
The electric underfloor heating thermostats market is expected to exhibit a CAGR of 4.9% by 2031.
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Which are the driving factors of the electric underfloor heating thermostats market?
Increasing investments in the development of new infrastructure and rapidly growing demand for energy-efficient heating solutions are some of the driving factors of the market.
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What are the key electric underfloor heating thermostats market segments?
The key market segmentation that you should be aware of, which include, based on type the electric underfloor heating thermostats market is classified as Standard Type, WIFI Type. Based on application the electric underfloor heating thermostats market is classified as Residential Use, Commercial Use.