Europe Heating Radiators Market Analysis Report By Product, By Application, By Country And Segment Forecasts From 2019 To 2025

Industry Insights

The Europe heating radiators market size was accounted for USD 1.8 billion in 2018 and projected to grow at 8.4% CAGR over the forecast period, from 2019 to 2025. Growing demand for an energy-efficient solution along with upgraded equipment among residential, commercial, and industrial sectors is projected to drive market growth. 

Factors such as attractive interest rates, increasing employment in the construction sector, and other policies are expected to drive market growth in the residential and commercial sectors. In Europe, extreme weather condition has increased the need for advanced, energy-efficient and eco-friendly heating radiators at affordable price.

Growing consumer demand for technologically advanced heating radiators has led to key players focusing their investment in R&D activities to develop new products which would provide a competitive advantage to the company over its competitors. Moreover, growing urbanization, health awareness, climatic changes, and other factors are expected to trigger the product demand in Europe.

The market is expected to gain traction due to its smaller, low cost, and wall-hung properties. In addition, availability with affordable price, easy installation, space-saving, and efficient energy consumption are prominent factors expected to reshape the market growth. Moreover, the growing demand for high-quality, colored, stylish, and advanced features is projected to drive market growth.

Product Insights

In terms of product, the European heating radiator market is segmented into electric radiators and hydronic radiators. Hydronic transfers heat through media and moved it to the surrounding. Hot water and steam are the major types of radiator media. Hydronic heater does not blow air like forced air heating, thereby they are safe to use for people having respiratory or allergy issues. Moreover, these radiators are less expensive as compared to electric radiators. Therefore, in 2018, the European hydronic radiators segment held a 43% market share in terms of revenue.

In 2018, electric heating radiators held the largest market share and are expected to emerge as the fastest-growing region during the forecast period. These radiators are highly efficient and environmentally friendly, as they do not use fuels, oil, or other sources. However, they are expensive due to their high operational cost.

Application Insights

On the basis of application, the market is segmented into residential, commercial, and industrial. In 2018, the residential segment accounted for a market share of more than 29.0% repair and is expected to grow with a significant CAGR over the forecast period. Growing infrastructural activities supported by infrastructural repairs are expected to drive market growth in Europe. Technological advancement in the heating radiator for residential applications is expected to boost the product demand in this region.

The commercial segment is projected to grow with a CAGR of 8.0% from 2019 to 2025. Increasing demand for heating radiators and other equipment in commercial offices, shops, and other commercial spaces is projected to boost the product demand in this segment during the forecast period. The growing need for technological advancement, temperature-controlled solutions, efficient energy solutions, and other factors are anticipated to drive the demand for the heating radiator market in Europe during the forecast period.

In 2018, the industrial application segment accounted for a revenue of USD 642.1 million. Heating radiators play an important role in smelting, manufacturing, and other applications. In addition, heating radiators are used in food & beverage, mining, aviation, and other verticals as well as in non-hazardous and hazardous areas.

Regional Insights

In Europe, Russia accounted for the largest market share of more than 16%, in 2018. Factors such as government supportive policies and growing investment for energy efficiency in Russia are projected to positively impact the market in the region. In addition, new regulations for energy efficiency have formed several norms in Russia and improved existing standards for energy consumption. These factors are expected to propel market growth in the region.

The market in Germany is projected to exhibit the highest CAGR of more than 6.0% during the forecast period. This growth is attributed to government initiatives, policies to reduce carbon emissions caused by heating equipment, and investment in the construction industry. Market players operating in this country are focusing on product innovation which is expected to drive the market growth over the forecast period. Ukraine is projected to grow with the fastest growth rate during the forecast period. The demand for this product is increasing in Ukraine due to cold climatic conditions.

Impact of COVID-19

COVID-19 pandemic has enforced various companies operating in the heating radiators market to stop their business operations in order to comply with the new government rules in Europe. This halt in operations is negatively impacting the revenue flow of the market. Lockdown of international borders has delayed shipments of the heating radiators in the region. However, manufacturing companies operating in the European heating radiator market are still continuing their operations in order to deliver finished products to their customers, which are expected to strengthen the market growth during pandemic situations.

Europe Heating Radiators Market Share Insights

The key players include in the market are Vasco Group; Zhejiang Nuociss HVAC Technology Co., Ltd.; Rettig ICC Ltd.; Zehnder Group AG; Korado Group; Stelrad Radiator Group Ltd.; IRSAP S.p.A.; FoshanSunfar Radiator Co., Ltd.: and Pitacs Limited; Eskimo Products Ltd. Expansion of product portfolio and continuous efforts to develop innovative products is a key strategy adopted by the players to gain a competitive advantage over companies who are operating in the same line of business.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the Europe heating radiators market report on the basis of product, application, and country.

• Product Outlook (Revenue, USD Million, 2014 - 2025)
    • Hydronic Heating Radiators
    • Electric Heating Radiators

• Application Outlook (Revenue, USD million, 2014 - 2025)
    • Residential
    • Commercial
    • Industrial

• Country Outlook (Revenue, USD Million, 2014 - 2025)
    • U.K.
    • Germany
    • Spain
    • France
    • Italy
    • Austria
    • Russia
    • Switzerland
    • Benelux
    • Ukraine
    • Kazakhstan