According to a report available on Radiant Insights, Inc., the worldwide underfloor heating industry is expected to gain lucrative returns by 2022, growing at a significant CAGR from 2016 to 2022. Awareness regarding benefits of underfloor heating as well as the beneficial taxation program is expected to drive market growth during the forecast period (2012 to 2022).
Underfloor heating is a form of central heating system to control indoor climate using convection, radiation, and conduction. Most commercial and residential buildings employ electric or hydronic systems to heat floors. Other applications include turf conditioning in soccer fields, snow/ice melting in ice rinks, and frost prevention. Advances in system design that enhance energy efficiency and control energy costs can augment the market over the forecast period.
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Innovations are bountiful in the industry in response to energy-consciousness among consumers. Be limo Holding AG, a Swiss manufacturer of actuators and valves, recently expanded its product portfolio by launching innovative sensors to complement its valves and actuators. Sensors can be integrated within the building and be used to measure CO2, pressure, humidity, and temperature levels. Retirement communities in the U.K. are increasingly adopting these systems for their insulation needs.
The global underfloor heating industry is segmented on the basis of product, application, and region. Heating cable, heating pipe, electronic underfloor heating, hydronic underfloor heating, thermostat, wall-mount, and manifold are various products within the market. Hydronic underfloor heating systems are ideally suited for homes with an existing water heating system. Heat is directed to the surface with the help of hot water. It is expected to exhibit a decent CAGR during the forecast period due to being compatible with most floor finishes.
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Major market applications encompass industrial, residential, and commercial buildings. The commercial buildings segment is expected to exhibit an exemplary CAGR over the forecast period due to the benefit of installing renewable energy systems. The residential segment is anticipated to register a high CAGR due to trends of customized installations and do-it-yourself (DIY) projects. The global market is expected to grow profitably due to demand for invisible heating systems in kitchens and capitalizing on the current trend of minimalism.
Regions in the underfloor heating market include Taiwan, South Korea, Japan, China, United States, European Union (EU), and others. European Union held the largest market share in 2016 due to stringent environment regulations and their focused goal of a zero-carbon economy. Countries like Finland rely on solar power for 40% of their heating needs. Reliance on heating systems can provide lucrative growth opportunities for the regional market. The rest of the above-mentioned regions are expected to showcase a significant CAGR till 2022.
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Prominent market players include Danfoss A/S, Daikin, Robert Bosch Gmbh, Honeywell International, and Borealis Group. Novel product development and mergers and acquisitions (M&A) are business strategies used by these players to sustain market hold. For instance, Honeywell International launched a smart thermostat system, Evo Home, to have better control on heating systems. Its ability to control each radiator individually to set temperature settings can disrupt the overall market.
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