The global heating radiator market size is anticipated to reach USD 9.1 billion by 2025, accelerating at a CAGR of 8.8% over the forecast period, according to a new report published by Grand View Research, Inc. The market is anticipated to be driven by the growing demand for energy-efficient heating solutions in residential and industrial sectors over the forecast period.
The demand for heating radiator in Europe is expected to witness significant growth annually with growing demand for upgraded equipment, which, in turn, is expected to significantly contribute to the growth of the industry. Electric 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. Moreover, increasing demand for energy-efficient heating solutions in residential sector is anticipated to drive the demand for the radiators and, in turn, trigger the market growth over the forecast period.
Extensive research in the radiator industry to cater to the ever-increasing consumer demand for heating products has prompted regulators to explore new avenues to promote the adoption of new technologies and processes. Moreover, rising income, climatic changes, urbanization, and health awareness, among other factors, are expected to trigger industry growth over the forecast period.
In terms of revenue, Asia Pacific is expected to be the fastest-growing market, escalating at a CAGR of 10.9% from 2019 to 2025. Mature markets including North America and Europe are anticipated to register moderate growth rate as the regions are competing to innovate products and processes through technological support. In addition, the demand for certified energy-efficient products is expected to favor industry growth over the forecast period.
The heating radiator market is marked by the significant presence of key players including Stelrad Radiator Group Ltd., Zehnder Group AG, and Vasco Group among others. The players contribute heavily to industrial trends and have an influence on the market growth. Research & development, huge investments, regional and product expansions, and constant innovation are some of the factors highlighting the growth of heating radiator industry.
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Further key findings from the report suggest:
· Electric heating radiator is expected to be the largest and fastest-growing product segment, advancing at a CAGR of 9.8% from 2019 to 2025
· Residential application segment is expected to witness growth at a CAGR of 10.4% from 2019 to 2025
· Europe was the largest market for heating radiator in 2018 and is expected to grow at a CAGR of 8.4% over the forecast period
· The market in Asia Pacific is expected to significantly grow over the forecast period owing to the growing demand for the product in emerging economies such as India, Japan, and China
· CSA and MEA regions are expected to exhibit a growth rate of 8.2% and 9.4%, respectively, over the forecast period and present significant growth opportunities to industry players.
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Grand View Research has segmented the global heating radiator market based on product, application, and region
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