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 the residential sector is anticipated to drive the demand for heating radiators and, in turn, trigger market growth over the forecast period.
The demand for the heating radiator is expected to witness a significant rise annually with the growing need for upgraded equipment, which, in turn, is expected to significantly contribute to the growth of the market. The 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 the 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 threats owing to the demand for a highly-skilled workforce and fluctuations in raw material costs.
The 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. The 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 the electric system, are likely to boost their demand across various application segments.
Based on the product, the market has been segmented into an 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 underfloor 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, a hydronic radiator is economical in comparison to the electric radiator. The hydronic radiator industry is expected to ascend at a moderate CAGR of 7.4% from 2019 to 2025.
The 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.
Based on the application, the heating radiator market has been segmented into residential, industrial, and commercial applications. The residential sector is one of the booming sectors, which is projected to propel product demand over the forecast period. The growing importance of radiators in residential applications with the growth of the 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 the commercial sector. The industrial application segment was valued at USD 1.8 billion in 2018. In industrial applications, heating radiators play a vital role in manufacturing, smelting, and other processes. They are widely used in aviation, food, beverage, and mining industries.
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 the 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.
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 an 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.
Attribute |
Details |
Base year for estimation |
2018 |
Actual/Historical data |
2014 - 2017 |
Forecast period |
2019 - 2025 |
Market representation |
Revenue in USD Million and CAGR from 2019 to 2025 |
Regional scope |
North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa |
Country scope |
U.S., Canada, Germany, France, Russia, U.K., China, Japan, Australia, India, Brazil, Argentina, UAE, and Saudi Arabia |
Report coverage |
Revenue forecast, competitive landscape, growth factors, and trends |
15% free customization scope (equivalent to 5 analyst 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 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, Grand View Research has segmented the global heating radiator market report on the basis of product, application, and region.
Product Outlook (Revenue, USD Million, 2014 - 2025)
Hydronic Heating Radiator
Electric Heating Radiator
Application Outlook (Revenue, USD Million, 2014 - 2025)
Residential
Industrial
Commercial
Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
The U.S.
Canada
Europe
Germany
France
Russia
U.K.
Asia Pacific
China
Japan
Australia
India
Central & South America
Brazil
Argentina
Middle East and Africa
UAE
Saudi Arabia
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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.