Underfloor Heating Market to accrue massive proceeds via residential & commercial applications over 2017-2024
The recent deal between Jupiter Heating Systems and New Era Floor Systems highlights the developments prevalent in underfloor heating market. The strategic agreement, that was formally announced in the March of 2017, was focused on the development of a new underfloor heating system within a batten & cradle structure, that would be amply deployed across numerous end-use domains. The rising preference for underfloor heating across the high end residential ventures has thus necessitated the requirement of a lightweight solution without compromising on the quality of the design. The new launch by Jupiter Heating Systems and New Era Floor Systems precisely functions alongside these expectations, and has been predicted to considerably boost underfloor heating market trends.
U.S. Underfloor Heating Market by Application, 2016 & 2024 (USD Million)
Over the past few years, the demand for underfloor heating (UHF) systems has been substantially escalating, prompting companies to build new systems for retrofit applications. These systems, which are built to operate at lower temperatures as compared to radiator systems, have found wide applications in boilers and heat pumps. Their favorable features such as low power consumption and heating costs are subsequently expected to upsurge the product demand, favoring underfloor heating market expansion.
It is prudent to note that heated floors distribute heat uniformly across each room and warm the room space through an accurate combination of heat conduction and radiant energy. In a modern, well-insulated house, UFH systems act as a primary tool for heat distribution and eliminate the requirement of radiators, on the grounds of which they are extensively used across residential, commercial, and industrial sectors. The robustly rising need to improve air quality and comfort level will in fact, particularly help augment product demand across the commercial sector, inherently impelling the overall underfloor heating market share.
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In the light of the current energy efficiency scenario, it is noteworthy to mention that the rising ecological concerns leading to the rampant use of energy efficient heating systems and the need to reduce power costs will raise the popularity of underfloor heating systems. For instance, in 2016, homes in the European Union contributed nearly 79% towards the overall power consumption through the extensive use of heating systems. The massive deployment of these products in the residential sector is rather overt from the estimates – underfloor heating market size from residential applications is set to record an annual cumulative growth of 7% over the coming seven years.
Underfloor heating industry has been gaining critical acclaim across myriad geographies. The stringent deployment of legislations such as the American Energy Efficiency Act, 2015, to promote power efficiency practices is expected to substantially drive the development of U.S. underfloor heating market. As per estimates, the regional industry is projected to generate a revenue of over USD 1 billion by 2024.
Germany is another emerging lucrative spot for underfloor heating market growth. The participation of governmental bodies is a major driving force for Germany underfloor heating market. For instance, the launch of initiatives such as the Energy Saving Ordinance (EnEV) by the German government to reduce carbon footprints is forecast to upsurge underfloor heating industry size across the region. Analysts claim the Germany underfloor heating industry to record a CAGR of 6% during 2017 to 2024.
China, which contributed over 30% toward the regional underfloor heating industry share in 2016, is predicted to experience a lucrative growth over the years to come. Rise in green building constructions in conjunction with China’s eleventh five-year plan is anticipated to fuel the product demand across the region.
Honeywell International Incorporation, Schneider Electric SE, Bosch, Siemens AG, The Mitsubishi Group, and REHAU are some of the reputed firms that have made their presence felt across underfloor heating industry. These players, it has been observed, have been coining new growth strategies that may substantially augment the revenue graph of this business space. Driven by the launch of contemporary technologies in heating systems, underfloor heating market size is likely cross a valuation of USD 8 billion by 2024.
Author Name : Dhananjay Punekar