Heating Radiator Market Growth & Trends
The global heating radiator market size is anticipated to reach USD 6.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2022 to 2030. The global heating radiator market is primarily driven by the increasing demand for energy-efficient heating systems in the residential, commercial, and industrial sectors during the forecast period. The COVID-19 outbreak has had an adverse impact on the growth of the global heating radiators market because of the lockdowns in various parts of the world, leading to the shutting off of the radiator manufacturing plants to limit the extent of virus spread. Moreover, the limited travel guidelines made it difficult to obtain raw materials for the production of these products.
The market for heating radiators is on a rise due to an increase in demand for energy-efficient space heating solutions. Furthermore, the urbanization process and climatic changes are having an impact on the market’s growth by facilitating the increased need for space heating in residential and commercial spaces. The ever-growing need for heating solutions, especially in colder countries like Canada and Russia, is pushing manufacturers to invest in technological development to increase efficiency. Furthermore, the increasing awareness of global warming has created a need for eco-friendly space heating with a lower carbon footprint.
The radiator industry has conducted a lot of research, which has prompted authorities to look for new ways to stimulate the adoption of new technology and practices. In addition, climatic changes, urbanization, increased income, and health awareness, among other reasons, are likely to propel the radiator industry forward during the forecast period. Market players have been investing heavily in research & development activities and innovation centers in order to gain a competitive edge in the market. Companies have adopted a strategic acquisition strategy, partnerships, and product launches to enhance their product offerings and expand their regional presence.
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Heating Radiator Market Report
Heating Radiator Market Report Highlights
- The electric heating radiators segment accounted for a revenue share of 38.5% in 2021 and is expected to be the fastest-growing product segment in the forecast period, for its increased efficiencies and accurate temperature control capabilities
- The penetration of heating radiators in the residential sector is expected to witness a CAGR of 5.1% from 2022 to 2030 due to the increased demand for residential heating owing to population growth and climate change
- In Asia Pacific, the market is predicted to grow significantly during the forecast period due to the increase in demand for heating in emerging economies like China, Japan, and India
- Brazil and Argentina in the CSA region are predicted to experience an improved growth in demand during the forecast period on account of the increased income and advancements in lifestyles
- Europe dominated the market in 2021, accounting for 34.5% of the global market revenue, owing to accelerated climate change coupled with the increase in population creating the need for heating solutions in the residential sector
