Global Underfloor Cooling System Market: Overview
The underfloor cooling system is a highly energy-efficient and cost-effective than an air conditioning system. As the exterior part of the building gathers less amount of heat, it naturally cuts down the buildup of heath and helps in lesser consumption of energy. The underfloor cooling system is used allow the excess of heat to move from the building in scorching summers to a Thermal Banks installed in the ground. The same system can then be used to distribute the collected heat during the time of winter and thus offer comfort. The heat collected in the thermal banks over the summertime is used to provide heat in winter and that too without burning fossil fuels. This is the biggest advantage that is now helping the rise of underfloor cooling systems market across the globe.
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Global Underfloor Cooling System Market: Notable Developments
Some of the notable developments of the global underfloor cooling system market are given below:
- In October 2018, Uponor, a big name in the global underfloor cooling system market, celebrated a grand opening of their latest Hutchinson-based facility. This facility is built across an area of around 237,000 square feet. The work for the plant was finished six months earlier than the projected timeline. The facility has already been able to produce over 30 million feet of PEX tubing and has been instrumental in bringing new jobs in the city. An overall investment of US$6.35 million was made to construct this facility. The main objective of constructing this facility was to support the increasing manufacturing operations of the company across the US.
- In December 2017, Uponor announced that the company’s investment in Upstream Technologies Inc. has started delivering tangible results both financially and environmentally. Upstream Technologies Inc. has been able to save around US$8.5 million taxpayers of Minnesota in the last three years. It is further estimated that the project will help in saving around US$26.4 million for the next ten years.
- In February 2019, Pentair Plc announced that the company has successfully completed the takeover of Aquion. The deal was worth around US$160 million and was paid in cash. This acquisition is expected to help bolster the existing product portfolio of Pentair Plc.
Global Underfloor Cooling System Market: Drivers and Restraints
With increasing advancements in the field of cooling technologies, the trend of installing smart underfloor cooling system is on the rise. This system helps in saving the cost and the efforts to monitor the temperature and thus is becoming increasingly popular among the end-users. This trend has considerably helped in driving the growth of the global underfloor cooling system market. Additionally, the ability to control these modern systems through smartphones is adding to their popularity.
Another major reason responsible for driving the growth of the global underfloor cooling system market is the increasing activities of construction across regions that have the ideal temperature for installing these systems.
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Global Underfloor Cooling System Market: Geographical Outlook
The global underfloor cooling system is mainly divided into five major regions viz. Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Among these key regions, the Middle East and Africa and the Asia Pacific are witnessing a high rate of growth. This is because these regions possess ideal temperature settings for the installation these systems. Also, North America underfloor cooling system market is on the rise due to the presence of several prominent players and the booming HVAC sector.
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