The COVID-19 pandemic is anticipated to impact the global underfloor heating market negatively. Electric product type is expected to experience a fast growth rate in the forecast period. The residential application segment will register a significant growth until 2027. In light of the region, the European region will have exponential growth in the global market.
The world is facing an unpredicted change and many of the industries are experiencing thought aggravating situations due to the COVID-19 pandemic. The COVID-19 outbreak has negatively impacted the global underfloor heating market. The enforcement of lockdown in different parts of the world has ceased functioning and disrupted the availability of raw materials used in the manufacturing industries. Hence, a severe downfall in the demand and supply of underground heating systems has been observed in the year 2020. However, government bodies are implementing various schemes to promote the development of manufacturing industries which in turn it is anticipated that the market will regain its growth after the end of the pandemic stress. For instance, government has increased its investment from 14% to 30% to promote Gross Value Added (GVA) and eased lockdown rules have already enhanced demand of the construction segment by 30%. During this coronavirus crisis situation, we are helping our clients in understanding the impact of COVID-19 on the global underfloor heating market.
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Our report includes:
• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact
According to a new report published by Research Dive, the global underfloor heating market is anticipated to register a revenue of $8.5 billion by the end of the forecast period.
Underfloor heating is a type of central heating that helps in indoor climate control using convection, conduction, and radiation mechanism. Thus systems that are used for this purpose are called underfloor heating systems. The global underfloor heating market is segmented on the basis of product, application, and region. The report provides detailed information about drivers, opportunities, restraints, segmental analysis, and competitive players of the market. As per our analysts, underground heating manufacturers are experiencing drift in the availability of raw materials due to the stoppage of numerous manufacturing industries. Thus, the market is going to experience a downfall in the growth during this pandemic crisis. However, the rise in the production of underground heating systems owing to its beneficial properties is going to enhance the growth rate of the global underfloor heating market after the end of the COVID-19 crisis.
• Electric Product Segment is going to Experience Fast Growth Rate in the Global Market
Based on the product, the global underfloor heating market is fragmented into electric and hydronic. Among these, the electric product is anticipated to be the fastest-growing segment and expected to register significant revenue during the forecast period. The growth of the segment is mainly due to the energy-efficiency, enhanced heat generation, and reduced cost of maintenance.
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• Residential Application Type Will Grow at a Significant Rate Throughout the Forecast Year
On the basis of application, the global enterprise underfloor heating market is classified into commercial, residential, and industrial. The commercial application includes transportation & logistics, hospitality, healthcare, academia & institutional, and retail. The residential application segment is going to be the fastest-growing in the forecast period due to adverse climatic conditions that made it hostile for people to reside in their homes with comfort. In addition, these systems are capable of distributing heat evenly and can be operated at multiple temperatures in different rooms by using Wi-Fi.
• Regional Outlook and Major Market Players
The global underfloor heating market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these, the Europeanregion has dominated the global market share and is predicted to continue its dominance until the end of the forecast period. This dominance is attributed due to drastic changes in the climatic conditions along with increasing pollution.
The most prominent players in the global underfloor heating market are Uponor Corporation, Honeywell International Inc, Mitsubishi Electric Corporation, REHAU AG, Robert Bosch GmbH, Siemens, Schlüter-Systems KG, Schneider Electric, Danfoss, and others.
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