Global Heating Radiator Market Report and Forecast 2024-2032

Global Heating Radiator Market Outlook

The global market for heating radiator reached a value of about USD 7.17 billion in 2023. The industry is further expected to grow at a CAGR of about 6.70% in the forecast period of 2024-2032 to reach a value of around USD 12.86 billion by 2032.

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Europe and Asia Pacific to be Significant Regional Markets for Heating Radiators

Asia Pacific leads the market with the highest market share in the overall market. Rising construction activity in emerging markets like India and China is likely to propel market growth. Growing housing and industrial construction operations in emerging Asia Pacific nations are projected to augment the market growth in the region. China and India, two major global economies, continue to be major industrial hubs, with major competitors transferring their production equipment to these countries.

The demand for the heating radiator in Europe is expected to witness significant growth with the growing demand for upgraded equipment, which in turn, is anticipated to contribute significantly to the growth of the industry. Increasing demand for energy-efficient heating solutions in the residential sector is anticipated to drive the demand for radiators, aiding the market growth further. Along with this, the changing weather conditions and the product development owing to technological advancement for better performance in heating applications are also projected to foster the market growth in the region.

Residential Application Segment Expected to Witness a Significant Market Growth

The heating radiator industry is divided into three categories based on application: industrial, commercial, and residential. Consumer demand for infrastructure repair and refurbishment, particularly in the construction industry, is projected to drive demand for residential applications. The growing importance of radiator systems in housing developments, the expansion of renovations and the necessity for housing lighting facilities are expected to fuel demand for the product over the forecasted period.

Market Segmentations

The heating radiators are meant to warm the air in the room by transferring heat from the radiators to the surrounding air through convection. When the water in the radiator heats up, convection heats the surrounding air, which is then transferred around the room as the air circulates.

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By product, the market includes: 

• Hydronic Heating Radiator
• Electric Heating Radiator

The significant applications of the product are:

• Residential
• Industrial
• Commercial

The regional markets for the heating radiator market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Growing Demand for Energy-Efficient Heating Solutions Augmenting the Market Growth

Over the forecast period, the global market is expected to be driven by rising demand for energy-efficient heating solutions in the residential and industrial sectors. In order to meet the ever-increasing customer demand for heating products, the radiator sector has conducted extensive research, prompting regulators to look for new ways to encourage the adoption of innovative technology and procedures. Factors like rising income, urbanisation, and health awareness, among others, are expected to trigger the industry growth over the forecast period. The rise in automation and robots and the development of new heating technologies are the primary reasons driving the market's growth. Changing weather conditions are increasing the demand for space heating solutions, which is driving the heating radiator market forward. The market is being fuelled by a growing number of residential dwellings and changing lifestyles. The demand for heating radiators is predicted to rise as the industrial and commercial sectors expand, propelling the heating radiator industry forward. Moreover, a large number of local players are representing tough competition to global players. Besides, the companies face challenges due to the increasing demand for skilled labour and the volatility in raw material prices.

Key Players in the Global Market for Heating Radiator

The report gives a detailed analysis of the following key players in the global heating radiator market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Runtal North America, Inc.
• KORADO, a.s.
• Vasco Group
• U.S. Boiler Company, Inc.
• Stelrad Limited
• PURMO
• H2O Heating Pty Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report