The Europe heating radiators market size was worth USD 1.8 billion in 2018 and is projected to grow at a CAGR of 8.4% from 2019 to 2025. The demand for heating radiators in Europe is expected to witness a significant rise every year with the growing demand for upgraded equipment, which, in turn, is expected to significantly contribute to the growth of the market. Moreover, increasing demand for energy-efficient solutions in residential sector is anticipated to drive the demand for heating radiators and, in turn, trigger the market growth over the forecast period.
Growing employment opportunities in construction sector, attractive interest rates, and other such policies are projected to favor the industry growth, thereby boosting the demand for residential and commercial heating radiators. The repair and replacement of these radiators in European region is one of the factors driving the market growth. Extreme weather conditions lead to the need for advanced and eco-friendly heating technologies and cost-efficient energy solutions, in turn boosting the sales of heating radiators. This trend is expected to continue over the forecast period.
Extensive research activities in heating radiator industry to cater to the ever-increasing consumer demand for heating products have prompted regulators to explore new avenues to promote the adoption of new technologies and processes. Moreover, rising income, climatic changes, urbanization, and health awareness are among other factors that are expected to trigger market growth. The European market is among one of the mature and developed markets for heating equipment and is projected to contribute a significant share in the global heating radiator market.
Europe heating radiators market is witnessing an increase in the demand for price-efficient, smaller, and wall-hung heating radiators. Factors such as ease in terms of installation, low cost, space saving, and energy saving features of radiators are expected to reshape the market with various growth prospects. Moreover, customers are demanding stylish, colored, and high-quality products that can be easily maintained. These type of products have proven to be the latest trends in the market.
The Europe heating radiator market, in terms of product, has been segmented into hydronic radiators and electric radiators. Hydronic radiators transfer heat from the media within to the surrounding area via convection. Steam and hot water are the most common types of radiator media. Unlike forced air heating, hydronic heaters do not blow air and are, therefore, safe to use for consumers having allergies or respiratory issues. In addition, hydronic heating radiators are more economical compared to electric radiators.
The Europe hydronic radiators product segment accounted for 43.0% of the revenue share in 2018. Electric heating radiators product segment accounted for the largest market revenue share in 2018 and is expected to be the fastest-growing product segment over the forecast period. Electric heating radiators are directly connected to electric outlet and are highly-efficient and environment-friendly as they do not use oil, fuels, or any other sources. However, they are costly on account of their operational costs.
The heating radiator market in Europe, by residential application, accounted for 29.2% revenue share in 2018 and is anticipated to grow significantly over the forecast period. Factors, such as increasing renovation activities supported by infrastructural repairs, among others, are expected to drive the demand for heating radiators in Europe. With technological advancements, the upgrade of radiators for use in residential applications is likely to push the growth of the market in Europe.
The commercial application segment in the Europe heating radiator market is anticipated to grow at an estimated CAGR of 8.0% over the forecast period. Growing demand for heating radiators and other such equipment in commercial spaces, offices, shops, and other applications of commercial sector is projected to favor the growth of commercial application segment in the European market. The demand for temperature-controlled solutions, efficient energy solutions, technological advancements in the industry, and other macroeconomic factors is projected to propel the growth of the heating radiator market in Europe by 2025.
The industrial application segment was valued at USD 642.1 million in 2018. Heating radiators play a vital role in manufacturing, smelting, and others industrial applications. Heating equipment including radiators is widely used in aviation, food, beverage, mining, and other industries as well as in hazardous and non-hazardous areas.
Russia was the largest market in Europe, accounting for 16.1% of the total revenue share in 2018. Factors including increasing investments and government-initiated policies regarding energy efficiency in the country are expected to have a positive impact on market growth. Moreover, new legislation for energy efficiency has established numerous standards for regulating energy consumption in Russia to encourage energy savings and upgrade existing standards for energy consumption, which is further likely to augment market growth.
Heating radiators market in Germany is anticipated to grow at a CAGR of 6.6% over the forecast period. Increasing investments in construction industry, favorable government initiatives, and policies targeting reduction in carbon emission caused by heating equipment are among the factors contributing to the growth of the market. Product innovations are also likely to support the market growth over the forecast period. Ukraine is expected to witness the fastest growth rate over the forecast period with the country witnessing a high demand for the product owing to cold climatic conditions.
Key companies operating in the market in European region include Zehnder Group AG; Vasco Group; Korado Group; Rettig ICC Ltd.; Stelrad Radiator Group Ltd.; IRSAP S.p.A.; Pitacs Limited; Zhejiang Nuociss HVAC Technology Co., Ltd.; Eskimo Products Ltd.; and Foshan Sunfar Radiator Co., Ltd. Key players including Rettig ICC Ltd., Zehnder Group AG, and Stelrad Radiator Group Ltd. dominate the market. Constant efforts to produce innovative radiators and expansion of product lines to increase the global presence of manufacturers are expected to contribute to their business growth.
|
Attribute |
Details |
|
Base year for estimation |
2018 |
|
Actual estimates/Historical data |
2014 - 2017 |
|
Forecast period |
2019 - 2025 |
|
Market representation |
Revenue in USD Million, and CAGR from 2019 to 2025 |
|
Country scope |
U.K., Germany, Spain, France, Italy, Austria, Russia, Switzerland, Benelux, Ukraine, Kazakhstan |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
|
15% free customization scope (equivalent to 5 analysts working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth at the country level and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the Europe heating radiators market report on the basis of product, application, and country.
Product Outlook (Revenue, USD Million, 2014 - 2025)
Hydronic Heating Radiators
Electric Heating Radiators
Application Outlook (Revenue, USD Million, 2014 - 2025)
Residential
Commercial
Industrial
Country Outlook (Revenue, USD Million, 2014 - 2025)
The U.K.
Germany
Spain
France
Italy
Austria
Russia
Switzerland
Benelux
Ukraine
Kazakhstan
This report has a service guarantee. We stand by our report quality.
We are in compliance with GDPR & CCPR norms. All interactions are confidential.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
"The quality of research they have done for us has been excellent..."
