The underfloor heating system market was valued at USD 2.53 Billion in 2016 and is expected to reach USD 4.23 Billion by 2023, at a CAGR of 7.5% during the forecast period. The key factors driving the underfloor heating market include tax credit program, automation in industrial, commercial and residential sectors, and increasing awareness about benefits of underfloor heating systems.
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Browse 64 Market Data Tables and 35 Figures spread through 143 Pages and in-depth TOC on "Underfloor Heating Market - Global Forecast to 2023"
New installation to lead the underfloor heating market in the coming years
New installation held a major share of the underfloor heating market than other equipment in 2016. Underfloor heating is used for various applications, and there are prospects to use it in large-scale commercial properties in both new housing developments and new business premises. It has become the most popular choice of space heating for new build properties because of the significant growth of renewable energy systems.
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Market for hydronic systems to witness a high growth in the near future
Hydronic radiant heating systems are ideal for those homes that already use a water heater as the energy can be diverted to the floor in an efficient manner. In the hydronic underfloor heating system, heated water is propelled from a boiler through a link of tubing underneath the floor. Heat is conducted to the surface of the floor by hot water, and from there, radiant energy is emitted to the room. The system is controlled by one or more thermostats which control the manifold and boiler as required. Also, the hydronic underfloor heating system is suitable for most floor finishes such as carpet, ceramic, engineered and solid wood, laminate, stone, and vinyl. Including all of these benefits, it is expected to grow with highest CAGR during the forecast period.
Residential application is expected to grow at the highest CAGR during the forecast period
The high growth rate of the underfloor heating market in the residential application is mainly due to the growth in the self-build trend and custom-build trend in the domestic sector wherein house owners are involved in the specification of their new homes and are willing to invest more at the initial level to appreciate long-term benefits. The trend toward simple styling with clean, uncluttered lines, and open-plan living has supported the demand for invisible underfloor heating systems, particularly in kitchens and in bathrooms. For these areas, there are underfloor heating systems specifically designed for use under stones and ceramic tiles. Owing to all these trends, the underfloor heating market is showing an impressive growth.
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The underfloor heating market in Europe held the largest share in 2016
The market is growing rapidly because Europe is moving toward a low-carbon economy and because of the increased awareness about environmental and energy efficiency concerns. Also, higher levels of insulation, driven by regulatory requirements and government initiatives are contributing to a reduction in the overall heating load, making underfloor heating a more practical and efficient heating solution in Europe.
Leading players operating in the underfloor heating market include Danfoss A/S (Denmark), Uponor Corporation (Finland), Emersion Electric Co. (US), Honeywell International (US), and Robert Bosch (Germany). Pentair PLC (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), Siemens AG (Germany), and Nexans S.A. (France).
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