The underfloor heating system market is expected to reach USD 4.23 Billion by 2023, at a CAGR of 7.5% between 2017 and 2023. The progress in research and development (R&D) facilities, increasing demand for renewable energy products, and encouragement of energy efficient products are the key drivers for the underfloor heating system market.
This market is segmented on the basis of component, installation, type, application, and geography. Among all applications, the residential application is expected to grow at the highest CAGR during the forecast period. The development of real estate and because of considering it as a key feature for residential application is expected to show high growth in the coming years.
On the basis of type, the underfloor heating system market has been segmented into electrical systems and hydronic systems. The low operational cost, longevity, and the requirement of minimal energy, once the room is heated, are some of the key drivers for the hydronic underfloor heating system market.
The underfloor heating system on the basis of installation has been segmented into new installation and retrofitting. The new installation is expected to grow at the highest CAGR between 2017 and 2023. The market for n ew housing offers underfloor heating a significant opportunity, as more rigorous energy-efficiency legislation is being introduced in developed nations with changes to building regulations supporting sustainable homes. For example, in the UK, the code for sustainable homes was introduced by the government in 2007 to improve the environmental specification of new homes. The code measures the sustainability of a new home against 9 categories of sustainable design. The specification ranges from levels 0 to 6 (zero carbon). The code sets minimum standards for energy use at each level, in addition to some mandatory elements that should be met. Owing to all these new standards and mandates, this market is expected to grow rapidly during the forecast period.