The Europe heating radiators market size is anticipated to reach USD 3.1 billion by 2025, ascending at a remarkable CAGR of 8.4% over the forecast period, according to a new report by Grand View Research, Inc. Rising repair and replacement activities and growing demand for energy-efficient solutions and favorable government policies are the factors contributing to the market growth. Rise in construction spending by the European government supported by repair & replacement activities, such as reconstruction, renovation of buildings and commercial spaces, among others, is projected to drive the industry growth in Europe.
On the basis of product, the market in Europe region has been segmented into hydronic radiators and electric radiators. Electric heating radiators product segment is projected to account for the largest share of the market owing to their growing demand in application industries such as food and beverage, chemical, pharmaceutical, and others. Hydronic heating radiators product segment is anticipated to record a CAGR of 6.2% over the forecast period.
Based on application, the market has been segmented into residential, commercial, and industrial. Residential application segment accounted for a revenue share of 29.2% in 2018 and is one of the prominent sectors contributing significantly to product demand in the region. Commercial application segment was valued at USD 611.9 million in 2018. Growing demand for the radiators in offices, shops, and commercial spaces is anticipated to contribute to the growth of the segment.
Russia accounted for the largest share of the overall market, in terms of revenue, in 2018 on account of increasing spending on infrastructural development. Moreover, government policies favoring energy efficiency in the country, have led to a significant surge in the demand for efficient heating radiators. Germany is one of the prominent markets in Europe for heating radiators owing to industrialization, growing construction sector, and the demand for their use in commercial spaces for heating and associated solutions. Beneluxmarket is expected to grow at a significant rate due to increasing investments in infrastructural development activities and favorable government policies.
The industry in Europe is competitive in nature and it heavily relies on technological developments. Major players in Europe strive to attain business development to gain a competitive advantage as product substitution is difficult. Thus, application-based product development offers a competitive advantage to these players. However, the presence of local players poses a substantial threat to the global and multinational companies in terms of product pricing and quality offered to the customers.
Market players are engaging in acquisition strategy along with activities related to new product development. In November 2018, Stelrad Radiator Group acquired Hudevad Radiator Design A/S, a designer of central heating radiators and boilers, to expand the Group’s footprint in Europe.
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Further key findings from the report suggest:
- Europe heating radiators market was worth USD 1.8 billion in 2018 and is anticipated to witness remarkable growth over the forecast period
- Electric heating radiators was the dominant segment and accounted for a revenue share of 57% in 2018
- The market in France is anticipated to grow at a moderate rate of 6.3% over the forecast period. The market in Beneluxwas valued at USD 127.1 million in 2018 and is anticipated to grow at a significant rate over the forecast period
- Key industry players include Zehnder Group AG; Stelrad Radiator Group Ltd.; Rettig ICC Ltd.; Korado Group AS; Vasco Group; IRSAP S.p.A.; Zhejiang Nuociss HVAC Technology Co., Ltd.; Foshan Sunfar Radiator Co., Ltd.; Pitacs Limited; and Eskimo Products Ltd.
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