The increasing demand for energy-efficient heating solutions
and technological advancements in heating radiators are driving
significant growth in the market. As environmental concerns and
energy conservation efforts intensify globally, there is a growing
preference for heating systems that offer improved efficiency and
reduced energy consumption thereby expected to boost the demand of
heating radiator market during the forecast period.
WILMINGTON, Del., Aug. 12,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Heating Radiator
Market by Type (Plumbed, Electric, Dual Fuel and
Oil-Filled), Radiator Type (Ceramic Radiators, Freestanding
Cast-iron Radiators and Baseboard Steam System), and Application
(Residential, Commercial and Industrial): Global Opportunity
Analysis and Industry Forecast, 2024-2033". According to the
report, the heating radiator market was valued at $4.8 billion in 2023, and is estimated to reach
$7.3 billion by 2033, growing at a
CAGR of 4.3% from 2024 to 2033.
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Prime determinants of growth
Smart homes, equipped with interconnected devices and systems
that are controlled remotely offer enhanced convenience, energy
efficiency, and comfort to homeowners. Heating radiators integrated
into smart home systems are highly appealing because they allow
precise temperature control, energy savings, and improved user
experience. This factor is expected to increase the demand for
smart homes which in turn act as a significant driver for the
heating radiator market.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$4.8 billion
|
Market Size in
2033
|
$7.3 billion
|
CAGR
|
4.3 %
|
No. of Pages in
Report
|
340
|
Segments
Covered
|
Type, Radiator Type,
Application, and Region.
|
Drivers
|
- Increasing demand
for energy-efficient heating solutions
- Technological advancements in heating
radiators
|
Opportunity
|
- Growing adoption of
smart home technologies
|
Restraint
|
- Fluctuating raw
material prices
|
The freestanding cast-iron radiators segment is expected to
experience the fastest growth throughout the forecast
period.
By radiator type, the freestanding cast-iron radiators segment
held the highest market share in 2023 and is estimated to maintain
its leadership status throughout the forecast period. Freestanding
cast-iron radiators are commonly used in residential homes,
historic buildings, hotels, and other commercial establishments
where both functionality and aesthetic appeal are valued. They are
often chosen for their ability to provide efficient heating while
adding a decorative element to the space.
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The plumbed segment is expected to experience the fastest
growth throughout the forecast period.
By type, the plumbed segment held the highest market share in
2023 and is estimated to maintain its leadership status throughout
the forecast period. Plumbed radiators are highly efficient in
distributing heat throughout buildings. They operate by circulating
hot water or steam from a central boiler or heating system through
a network of pipes to individual radiators. This method ensures
that heat is evenly distributed, minimizing energy wastage and
optimizing heating efficiency.
The residential segment is expected to experience the fastest
growth throughout the forecast period.
Based on the application, residential segment held the highest
market share in 2023 and is estimated to dominate during the
forecast period. The residential segment represents a substantial
portion of the overall market for heating radiators. The total
number of households globally requiring heating during colder
months ensures a robust demand for residential heating solutions.
The residential segment includes a wide range of housing types,
from single-family homes to apartments and condominiums, each
requiring effective heating systems to maintain comfortable living
conditions. reframe the information
Asia-Pacific is expected to
experience the fastest growth throughout the forecast
period.
Based on region, Asia-Pacific
is the fastest growing region in terms of revenue in 2023. In the
Asia-Pacific region, various
driving factors are contributing to the growth of the heating
radiator market. Rapid urbanization and industrialization across
countries such as China,
India, and Southeast Asia are fueling the demand for
heating solutions. As urban populations grow and infrastructures
develop, there is an increasing need for efficient heating systems
in residential, commercial, and industrial buildings.
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Leading Market Players: -
- Runtal North America, Inc.
- Hunt Heating
- Annu Engineering Industries.
- Stelrad Limited 2024.
- Boiler Company, LLC
- KORADO
- IRSAP
- Zehnder Group AG
- H2O Heating Pty Ltd.
- VASCO
The report provides a detailed analysis of these key players in
the global heating radiator market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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