Dover, DE -- (SBWIRE) -- 05/03/2016 -- Hydronic underfloor heating market provides comfort to the consumers as the radiant heat is uniformly distributed throughout the area. Global underfloor heating market size is likely to exceed USD 8 billion by 2023, with gains forecast at over 8% from 2016 to 2023. Increasing concerns related to energy efficiency and environment is anticipated to drive industry demand. In addition, rising awareness regarding benefits offered is also expected to fuel the demand growth over the forecast period.

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Europe hydronic underfloor heating market size is anticipated to remain the leading segment up to 2023. Asia Pacific and North America are expected to observe significant gains over the forecast period. Latin America and Middle East & Africa (MEA) are also expected to witness high demand owing to growing adoption.

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Proliferating deployment of concrete floor surfaces is expected to drive the demand for this product. It occupies less space and can be installed in little or no wall space. It employs air to water heat pumps, boilers fuelled by gas and diesel or wood in order to provide warm air. In addition, the floor can also be heated by electric elements under the floor covering as well as by warm or hot water being pumped through pipes inside the floor. The aforementioned factors are expected to propel growth over the coming few years.

These systems can function at reduced temperatures as compared to other radiator systems, thus increasing the efficiency of heat pumps and boilers that are being deployed to supply heat. This is expected to drive the global hydronic underfloor heating market size over the forecast period. The industry has been gaining momentum owing to mounting adoption in developing residential and commercial sectors.

Several regulations by the regulatory authorities of developed countries for the usage of energy efficient technologies in residential, industrial, and commercial buildings are anticipated to foster the global demand. Increasing emphasis on design and aesthetics coupled with growing number of heat pump installations are expected to propel the industry growth. In addition, rising demand owing to high level of flexibility and comfort is also likely to augment demand over the forecast period. However, high initial cost of retrofitting heating systems in existing buildings along with slow response time is anticipated to hinder the demand growth over the coming few years.

Increasing environmental awareness and energy efficiency standards is expected to offer potential growth opportunities to the global hydronic underfloor heating market. Uplifting flexibility of heating system and its operational cost effectiveness is also likely to act as future growth prospects over the forecast period. Design and maintenance is likely to challenge the demand growth from 2016 to 2023.

The global hydronic underfloor heating market can be segmented on the basis of facility, application and region. By facility, heating in new buildings and heating in existing buildings are the prime segments. Industrial, commercial as well as residential sectors are the key applications for this industry.

Residential is the leading application sector owing to increasing growth of refurbishment activity in various developed nations. These systems are considered to be supreme heating devices for new buildings. In addition, it is also gaining recognition due to new product development and technology innovations in this sector. Rising development towards existing design has also motivated the users to create an uncluttered and clean look all over their residence.

Key players in the hydronic underfloor heating market share include Robert Bosch, Uponor Corporation, Emerson Electric, Honeywell International, Danfos,s and Pentair. Other participants involved are Nexans, Schneider Electric, Siemens, and Mitsubishi Electric. The providers are focusing on new product development and mergers & acquisitions in order to gain competitive edge.