Hydronic underfloor heating market to top $5 billion by 2024
The global hydronic underfloor heating market is forecast to surpass $5 billion by 2024, according to a new report.
Stringent government regulations pertaining to decarbonization of building, along with an upsurge in clean energy technology, will stimulate the hydronic underfloor heating market size, Global Market Insights found. High-end technology acceptance and a decrease in capital cost will further augment the business growth.
In 2016, the European Commission introduced the updated Energy Efficiency Directive with a target inclusion of 30 percent energy efficiency by 2030. Standards toward adoption of energy efficient products, coupled with rising awareness toward energy conservation, will boost the hydronic underfloor heating market.
Increasing consumption of energy by commercial sector owing to increasing spending on construction of commercial space including hotels, educational institutes, office and healthcare building will further complement the business outlook, researchers found. In 2016, the U.S. commercial construction was valued at $74.2 billion, up from $67 billion in 2015.
Increasing demand for space heating, along with growing consumer awareness toward adoption of low-emission heating systems, are expected to foster the U.S. hydronic underfloor heating market. Extreme climatic conditions with escalating energy price will further stimulate the product penetration.
The commercial hydronic underfloor heating market is set to exceed $3 billion by 2024. Building codes and standards toward carbon footprint, along with increasing spending toward infrastructural development, will stimulate the industry landscape.
Steady expansion of developed economies with growing demand for remodeling of existing commercial properties will further complement the business outlook.
A paradigm shift in population demographics and a rise in the number of households will drive the hydronic underfloor heating market size, the reports says. In places like Scotland, where there were 2.45 million households and 2.58 million dwellings in the country in 2015, rapid urbanization and industrialization in emerging economies will further boost the industry landscape.
Growing focus toward green building and increased deployment of concrete floors will increase the hydronic underfloor heating market growth. In 2016, the United States Green Building Council certified projects were 33,269.
Topics: Architectural Firms, Building Owners and Managers, Construction Firms, Energy Saving Products, Engineering Firms, Flooring, Radiant Heat - Electrical & Hydronic, Sustainable Communities, Technology