The global electric underfloor heating market to augment at a 5% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 3.42 Billion is expected for the market.
From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 3% and closing at US$ 2 Billion. The COVID-19 pandemic affected the installation of electric underfloor heating owing to the halt in construction industry across the globe. Post-pandemic, most countries have resorted to various industrial activities, thus, increasing the adoption of electric underfloor heating.
The electric underfloor heating market is experiencing significant growth driven by rising demand for energy-efficient heating solutions, technological advancements, and increasing awareness about benefits such as even heat distribution and space-saving designs. Key players are innovating to enhance product efficiency and sustainability, catering to both residential and commercial sectors.
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Certain geographical locations are experiencing extreme winters for longer durations. People are resorting to integrating technology in their personal spaces to keep their houses warmer. Electric underfloor heating’s energy saving capabilities, cheaper installation rates along with easy installation in new buildings is driving the growth of the market.
According to the Migration Data Portal, it's projected that by 2030, 60% of the world's population will reside in urban areas. This shift is primarily attributed to improved living conditions and better access to essential amenities in cities. Regions like North America, Europe, and the Asia Pacific are densely populated, experiencing harsh winters annually. Consequently, many residents in these areas are opting for electric underfloor heating systems to regulate floor temperatures, especially beneficial for households with young children.
Furthermore, the expansion of developing nations has spurred the growth of real estate sectors, leading to the construction of new infrastructure and the implementation of smart city initiatives. As a response to the escalating challenges posed by climate change worldwide, numerous countries are increasingly embracing electric underfloor heating technology.
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