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.
Market Share Insights
Leading players in the market include Vasco Group; KORADO, a.s.; Runtal North America, Inc.; U.S. Boiler Company, Inc.; PURMO; Stelrad Limited; Nuociss; Zehnder Group UK Ltd.; H2O Heating Pty Ltd.; IRSAP; Polytron Technologies Inc.; Florence (Beijing); and Hunt Heating.
Companies in the market invest heavily in R & D activities, new product development to increase their sales across the globe. Some of the players focus on strategic acquisitions to gain an edge over other players.
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In 2018, Asia Pacific led the market with the highest market share of around 29.4% in the overall market. It is projected to grow at a CAGR of 10.9% during the forecasted period. Rising construction activities across emerging countries such as India and China are expected to positively impact the market growth.
Europe is estimated to expand at a CAGR of over 8.4% from 2019 to 2025. Moreover, changing weather conditions, and increasing demand for the energy-efficient product is anticipated to drive the market growth. Product development owing to technological advancement for better performance in heating applications is projected to foster market growth in the region.
Impact of COVID-19
Coronavirus outbreak has caused the shutdown of manufacturing units across the globe. In the Asia Pacific, China and India have been impacted heavily owing to supply chain disruption in the manufacturing of heating equipment such as radiators and exchangers. Lockdown and closedown of international borders have caused delays in the trade/shipment of heating radiators across the countries.
Manufacturing companies across Europe, and China are still working at 50% of total capacity. However, the long-term impact of the coronavirus pandemic is projected to be negated by the normalized business operation.
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