The effects of Covid-19 could bring out the benefits of alternative Space Heating solutions.
The latest Space Heating market report from AMA Research highlights the effects of both Covid-19 and the UK exit from the EU on this market. The market will be driven by increasing focus on legislation and environmental impacts and changes to the way we live and work moving into 2021.
The way we are heating our spaces, be it at home or commercially, is changing as a result of developments in new technology and increased consumer awareness, either through the desire to control spending and energy consumption or by the need to comply with current and forthcoming legislation.
In the residential space heating sector, there has been a shift in demand for more aspirational products, which has supported value growth and retailer margins. With fluctuating fuel prices, consumers have looked for alternative methods to heat their homes. The non-residential space heating sector has seen steady improvement particularly within the private sector, having experienced higher levels of business investment prior to Covid-19. Space heating has been considered by many as a cost effective and energy efficient complement to traditional central heating systems.
In 2025 we will see the introduction of the Future Homes Standard and with it changes to the way new residential buildings are designed and built. With the progressive movement away from gas fired central heating systems towards greener solutions, space heating suddenly becomes a more prominent market. Combine this with the effects of Covid-19 and changes to the home and work life balance, where the vast majority of workers are currently working from home, space heating is a viable consideration. One which will be very much consumer driven as people look to reduce cost and energy consumption where they can.
Michelle Turner, Editor at AMA Research has said, “Effects of COVID-19 have gone beyond health considerations and these will roll into 2021 and beyond as we see tighter green standards, and changes to the way we live and work, bring out the benefits of alternative Space Heating solutions.”
Looking forward, it is anticipated that the value of the UK space heating market will recover, albeit at a slow to moderate pace in the short term. The market value will not only be influenced by the rippled effects of Covid-19 but also by rising cost of imports, given the current and further expected weakness of Sterling as a result of Brexit proceedings from the start of 2021; stronger market performance is expected towards the end of 2024.
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