The global underfloor heating market is driven by an increasing count of construction projects and surging awareness about economic heating solutions. In 2021, the market stood at $4,319.3 million, and it is predicted to touch $7,945.4 million by 2030. The market is expected to witness a 7.0% CAGR from 2021 to 2030, thereby generating extravagant opportunities for the market players in the future. Moreover, the U.K. market will grow at the swiftest CAGR in the coming years in Europe.
Geographically, Europe will rule the underfloor heating market, by advancing at a 7.0% CAGR in the coming years owing to extensive government support in an attempt to meet the environmental sustainability standards through an efficient energy system. The European government had lowered the carbon emissions significantly by imposing stringent rules and regulations. This will pave the way for a carbon-free environment by 2050. Furthermore, the dire need for the energy performance of buildings is being complemented by the New Building Energy Act of Germany.
The new installations category in the underfloor heating market will advance at a higher rate owing to surging awareness about lowering carbon emissions. For instance, the EE regulatory framework outlines actions and encompasses policies evolved by the EU to minimize greenhouse gases by more than 55% by 2030. Furthermore, underfloor heating systems are being used in residential and commercial infrastructure projects, including smart city projects, to achieve these goals. In addition, the retrofit installations will also not lag as they are very comfortable, apart from being an economic option.
The residential category will boom the underfloor heating market and account for about $4.0 billion of the total revenue by the end of this decade. This can be ascribed to its increasing deployment in residential sectors because of its ideal benefits. Thus, the installation of these systems goes hand in hand with rising house construction activities in well-developed nations, such as Canada and the U.S. nonetheless, the commercial category will also expand on account of effective floor heating in retail enterprises and workplaces.
Therefore, the rising number of residential and commercial projects will exert a push on the revenue being generated in the market by offering lucrative opportunities to industry participants.