The global heating radiator market is estimated to reach USD 9.1 billion, by 2025, and is projected to grow at a CAGR of 8.8% from 2019 to 2025, according to a new report by Million Insights. The increasing demand for energy-efficient heating equipment especially in industrial and residential applications is projected to spur the market growth in the next few years.
Heating radiators are anticipated to foresee significant growth in the European market owing to rising demand for advanced and technologically updated equipment which is expected to contribute to market growth. Electric based radiators are expected to constitute to largest market share during the forecast period. High energy saving radiators are gaining traction among consumers, which is expected to proliferate the demand for these heating solutions.
Moreover, manufacturers focus on R & D activities to meet the changing customer demand. The companies are engaging in developing heating solutions using new technologies. In addition, rapid urbanization, climatic changes, and growing consumer income levels are projected to positively impact on the market growth.
Asia Pacific is estimated to propel at the fastest CAGR of around 10.9% over the forecasted period. On the other hand, Europe and North America markets are projected to witness significant growth in the coming few years. Moreover, technological advancement is expected to support increasing demand for energy efficient equipment.
Key manufacturers in the heating radiator market include Vasco Group; KORADO, a.s., Runtal North America, Inc., U.S. Boiler Company, Inc., PURMO, Stelrad Limited, and Nuociss. These players in the market are focusing on product innovations and investing huge in the R & D activities to expand their product portfolio and have competitive edge over other players.
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Further key findings from the report suggest:
• Depending product type, electric radiator segment is anticipated to grow at a CAGR of over 9.8%over the forecasted period, 2019 to 2025.
• Based on the application, residential segment is estimated to accelerate at the CAGR of more than 10.4% during the forecasted period.
• In 2018, Europe led the market with highest market share, and it is projected to expand at the CAGR of around 8.4% from 2019 to 2025.
• Central & South America is projected to register a CAGR of 8.2% during the forecasted period.
Million Insights has segmented the global heating radiator market based on product, application, and region:
Heating Radiator Product Outlook (Revenue, USD Million, 2014 - 2025)
• Hydronic Heating Radiator
• Electric Heating Radiator
Heating Radiator Application Outlook (Revenue, USD Million, 2014 - 2025)
Heating Radiator Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia