The heating radiator market was valued at $4.8 billion in 2023 and is projected to reach $7.3 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
A heating radiator is a form of heat exchanger that transmits thermal energy from one medium to another. The device is majorly used as home heating equipment that makes use of steam or hot water to warm the indoor surroundings. In addition, radiators utilizing electricity for indoor heating are gaining significant prominence in the market. These devices come equipped with thermostatic controls enabling the adjustment of temperature facilitating energy consumption.
Rapid surge in urbanization and construction of high-end residential areas are the key factors increasing the demand for heating radiators and propelling the growth of the market. In addition, the employment of lightweight materials & ingenious polymer composites is boosting the adoption of heating radiators owing to their remarkable attributes, including corrosion resistance, insulation properties, and durability. The assimilation of renewable energy sources into heating radiators is an emerging trend in the market due to its energy efficiency and environmental sustainability properties. This assimilation utilizes natural resources such as sun and wind, reducing the reliance on fossil fuels for energy generation and contributing toward reduction of carbon footprint.
However, the high cost of the purchase of advanced heating radiators deters several individuals from investing in them, thereby restraining the growth of the market. In addition, alternate heating sources such as centralized HVAC systems, underfloor heating, and heat pumps offer a rigorous challenge to radiators, constraining the market development. Despite the energy efficiency efforts, the radiators have a major contribution toward residential energy consumption. According to the U.S. Energy Information Administration, approximately 42% of the total residential energy consumption is due to heating radiators. Furthermore, the prevalent use of conventional radiators continues to harm the environment with greenhouse gas emission. In the UK, 37% of the total carbon emissions are due to heating.
Segment Review
The heating radiator market is segmented into type, radiator type, application, and region. On the basis of type, the market is divided into plumbed, electric, dual fuel, and oil-filled. As per radiator type, it is classified into ceramic radiators, freestanding cast-iron radiators, and baseboard steam system. Depending on application, it is categorized into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the plumbed segment was the highest shareholder in 2023.
As per radiator type, the freestanding cast-iron radiators segment accounted for a high share of the market in 2023.
Depending on application, the residential segment acquired a high stake in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition Analysis
The key players operating in the global heating radiator market include Runtal North America, Inc., Hunt Heating, Annu Engineering Industries, Stelrad Limited, Boiler Company, LLC, KORADO, Zehnder Group AG, H2O Heating Pty Ltd, VASCO Inc, and Hunt Electric Supply Co Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
A heating radiator is a form of heat exchanger that transmits thermal energy from one medium to another. The device is majorly used as home heating equipment that makes use of steam or hot water to warm the indoor surroundings. In addition, radiators utilizing electricity for indoor heating are gaining significant prominence in the market. These devices come equipped with thermostatic controls enabling the adjustment of temperature facilitating energy consumption.
Rapid surge in urbanization and construction of high-end residential areas are the key factors increasing the demand for heating radiators and propelling the growth of the market. In addition, the employment of lightweight materials & ingenious polymer composites is boosting the adoption of heating radiators owing to their remarkable attributes, including corrosion resistance, insulation properties, and durability. The assimilation of renewable energy sources into heating radiators is an emerging trend in the market due to its energy efficiency and environmental sustainability properties. This assimilation utilizes natural resources such as sun and wind, reducing the reliance on fossil fuels for energy generation and contributing toward reduction of carbon footprint.
However, the high cost of the purchase of advanced heating radiators deters several individuals from investing in them, thereby restraining the growth of the market. In addition, alternate heating sources such as centralized HVAC systems, underfloor heating, and heat pumps offer a rigorous challenge to radiators, constraining the market development. Despite the energy efficiency efforts, the radiators have a major contribution toward residential energy consumption. According to the U.S. Energy Information Administration, approximately 42% of the total residential energy consumption is due to heating radiators. Furthermore, the prevalent use of conventional radiators continues to harm the environment with greenhouse gas emission. In the UK, 37% of the total carbon emissions are due to heating.
Segment Review
The heating radiator market is segmented into type, radiator type, application, and region. On the basis of type, the market is divided into plumbed, electric, dual fuel, and oil-filled. As per radiator type, it is classified into ceramic radiators, freestanding cast-iron radiators, and baseboard steam system. Depending on application, it is categorized into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the plumbed segment was the highest shareholder in 2023.
As per radiator type, the freestanding cast-iron radiators segment accounted for a high share of the market in 2023.
Depending on application, the residential segment acquired a high stake in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition Analysis
The key players operating in the global heating radiator market include Runtal North America, Inc., Hunt Heating, Annu Engineering Industries, Stelrad Limited, Boiler Company, LLC, KORADO, Zehnder Group AG, H2O Heating Pty Ltd, VASCO Inc, and Hunt Electric Supply Co Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
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Key Market Segments
By Type
- Plumbed
- Electric
- Dual Fuel
- Oil-Filled
By Radiator Type
- Ceramic Radiators
- Freestanding Cast-iron Radiators
- Baseboard Steam System
By Application
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- Runtal North America, Inc.
- Hunt Heating
- Annu Engineering Industries
- Stelrad Limited
- Boiler Company, LLC
- KORADO
- Zehnder Group AG
- H2O Heating Pty Ltd
- VASCO Inc
- Hunt Electric Supply Co Inc
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: HEATING RADIATOR MARKET, BY TYPE
CHAPTER 5: HEATING RADIATOR MARKET, BY RADIATOR TYPE
CHAPTER 6: HEATING RADIATOR MARKET, BY APPLICATION
CHAPTER 7: HEATING RADIATOR MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Heating Radiator Market include:- Runtal North America, Inc.
- Hunt Heating
- Annu Engineering Industries
- Stelrad Limited
- Boiler Company, LLC
- KORADO
- Zehnder Group AG
- H2O Heating Pty Ltd
- VASCO Inc
- Hunt Electric Supply Co Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 340 |
| Published | July 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 4.8 billion |
| Forecasted Market Value ( USD | $ 7.3 billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
