Heating Radiator Market Size & Share, Global Market Research and Industry Forecast Report, 2025 (Includes Business Impact of COVID-19)

  • TBI891720
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Heating Radiator Market

The global heating radiator market size was valued at USD 5.1 billion in 2018 and is estimated to progress at a CAGR of 8.8% from 2019 to 2025. Increasing demand for energy-efficient heating solutions in residential sector is anticipated to drive the demand for heating radiators and, in turn, trigger market growth over the forecast period. The demand for heating radiator is expected to witness a significant rise annually with growing need for upgraded equipment, which, in turn, is expected to significantly contribute to the growth of the market. Electric heating radiator product segment is projected to dominate the market, in terms of sales, over the forecast period owing to the rising demand for heating systems. The development of new technologies in heating and energy-efficient solutions market, changing weather conditions, and rise in automation & robotics are some of the factors projected to drive the market growth. Moreover, the demand for heating equipment in residential sector and its repair and renovation supported by rapid industrialization are likely to favor the market growth over the forecast period. Growing demand for energy-efficient space warming products is expected to drive the radiator industry over the forecast period. Rising energy consumption in residential and industrial sectors is estimated to drive the demand for energy-efficient products and technologies that decrease operational costs and enhance energy savings. The market relies on technological developments as it is competitive in nature. Major industry players strive to achieve continuous development in businesses to gain a competitive advantage as product substitution is difficult. Thus, application-based product development offers a competitive advantage to these players. However, the presence of local players poses a substantial threat to the global and multinational companies, in terms of product quality and prices offered to customers. Moreover, market players face threat owing to the demand for highly-skilled workforce and fluctuations in raw material costs. Residential application segment is likely to drive the growth of the U.S. heating radiator market. Residential applications include single and multi-family houses, homes, etc. Favorable growth of the construction industry is one of the major factors favoring the product demand in residential and commercial application segments. Electric radiator product segment is anticipated to dominate the market over the forecast period. Though electric radiators are costly in comparison to hydronic radiators, their low maintenance, performance, and advancements, among other features of electric system, are likely to boost their demand across various application segments.

Product Insights of Heating Radiator Market

Based on product, the market has been segmented into electric heating radiator and hydronic heating radiator.Hydronic heating systems offer warmth by using hot water, which is pumped to radiators, heat exchangers or to under floor tubing. Unlike forced air heating, hydronic heaters do not blow air and are safe to be used by consumers having allergies or respiratory issues. In addition, hydronic radiator is economical in comparison to electric radiator. The hydronic radiator industry is expected to ascend at a moderate CAGR of 7.4% from 2019 to 2025. Electric radiator is a radiator plugged directly to the electric outlet. It is one of the eco-friendly forms of energy-efficient solution as it does not use oil, fuels or any other sources. However, electric radiators are costly and include electricity charges per unit per year. The efficient energy source favors the demand for electric heating radiators. The segment is projected to be valued at USD 5.4 billion, progressing at a remarkable CAGR of 9.8% by 2025.

Application Insights of Heating Radiator Market

Based on application, the heating radiator market has been segmented into residential, industrial, and commercial applications. Residential sector is one of the booming sectors, which is projected to propel the product demand over the forecast period. Growing importance of radiators in residential applications with the growth of construction sector, growing renovation and infrastructural repair activities, and the need for heating equipment in residential areas are expected to drive the product demand over the forecast period. The demand for heating radiators and other heating equipment in commercial spaces, offices, and shops is projected to ascend with the growth of commercial sector. Industrial application segment was valued at USD 1.8 billion in 2018. In industrial application, heating radiators play a vital role in manufacturing, smelting, and other processes. They are widely used in aviation, food, beverage, and mining industries.

Regional Insights of Heating Radiator Market

Asia Pacific emerged as the fastest-growing regional market and accounted for 29.4% of the overall market share in 2018. The region is expected to witness a significant growth rate of 10.9% from 2019 to 2025. Growing residential and commercial construction activities in developing countries of Asia Pacific are expected to positively influence market growth. Major regional markets such as China and India continue to emerge as major manufacturing hubs with leading players shifting their production facilities to these countries. Europe is anticipated to be the largest market and expected to grow at a CAGR of 8.4% over the forecast period. The region is expected to be driven by increasing investments in construction sector. Factors such as extreme weather conditions, need for heating equipment, and demand for efficient energy solutions are projected to propel the market growth over the forecast period. The demand in the region is likely to be driven by key application sectors including industrial, residential, and commercial. Technological advancements pertaining to the superior performance of heating systems are expected to impel the growth of the industry in Europe over the forecast period.

Market Share Insights of Heating Radiator Market

The global market comprises both global as well as regional players engaged in the designing, manufacturing, and distribution of products. Runtal North America, Inc.; KORADO, a.s.; Vasco Group; U.S. Boiler Company, Inc.; Stelrad Limited; PURMO; H2O Heating Pty Ltd.; Nuociss; Zehnder Group UK Ltd.; IRSAP; Hunt Heating; Florence (Beijing); and Polytron Technologies Inc.; among others; are the key players involved in product manufacturing. Market players have been investing heavily in research & development activities and innovation centers in order to gain a competitive edge in the market. Companies have adopted acquisition strategy to enhance their product offerings and expand the regional presence. This strategy has helped companies acquire distribution centers and diversify their offerings across a number of end-use application markets.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Heating Radiator Market Research Report

: This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global heating radiator market report on the basis of product, application, and region.

Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Hydronic Heating Radiator
  • Electric Heating Radiator

Application Outlook (Revenue, USD Million, 2019 - 2030)

  • Residential
  • Industrial
  • Commercial

Table of Contents
Chapter 1 Methodology and Scope                   1.1 Market Segmentation & Scope                   1.2 Market Definition                   1.3 Information Procurement                       1.3.1 Purchased Database                       1.3.2 GVR's Internal Database                       1.3.3 Secondary Sources                       1.3.4 Third Party Perspective                       1.3.5 Primary Sources                   1.4 Information Analysis                       1.4.1 Data Analysis Model                       1.4.2 Market Formulation & Data Visualization               
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