The Europe heating radiators market size is projected to reach USD 3.1 billion by 2025 and projected to grow with a CAGR of 8.4% during the forecast period from 2019 to 2025. Factors such as favorable government policies, growing demand for energy-efficient products and rising repair & replacement of different components in heating radiators are expected to drive the market growth. Increased spending in the construction industry supported by repair activities including renovation of buildings, commercial spaces and reconstruction is anticipated to boost the product demand in Europe.
Based on the product, the market is segmented into electric radiators and hydronic radiators. Electric heating radiators are expected to hold the largest market share due to its growing demand in pharmaceutical, chemical, food & beverage and other industries. The hydronic heating radiators segment is expected to grow with a CAGR of more than 6.0% from 2019 to 2025.
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Impact of COVID-19
COVID-19 pandemic has enforced various companies operating in the heating radiators market to stop their business operations in order comply with the new government rules in Europe. This halt in operations are negatively impacting the revenue flow of the market. Lockdown of international borders has delayed shipments of heating radiator in the region. However, manufacturing companies operating in Europe 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 situation.
Application-wise, the market is segmented into commercial, residential and industrial. In 2018, the residential application segment held a market share of over 29% in terms of revenue and it is one of the major sectors contributing significant demand for this region. In 2018, the commercial application segment generated revenue of USD 611.9 million. Increasing demand from commercial spaces, offices and shops is projected to contribute to the growth of this segment.
In 2018, Russia held the largest market share due to rising spending on infrastructure development. Government policies to support energy-efficient products in this country has led to the substantial growth for heating radiators. Germany is one of the potential markets for heating radiators in Europe due to growth of the construction industry, increasing demand in commercial spaces and industrialization. Benelux heating radiators market is expected to witness significant growth due to favorable government policies and growing investment in infrastructural development.
The Europe heating radiator market is highly competitive in nature and relies on technological development. Key players are engaged in business to develop and strengthen their footprint in Europe market. However, the existence of local players became a threat to multinational and global companies for product quality and pricing offered by them to end-users. Market players are focusing in several strategies such as product development and acquisitions. In 2018, Stelrad Radiator Group has acquired Hudevad Radiator Design A/S to strengthen its position in Europe market.
Further key findings from the report suggest:
• In 2018, the market was valued at USD 1.8 billion and expected to witness noticeable growth over the forecast period.
• In 2018, electric heating radiators dominated the product segment and held the market share of 57% in terms of revenue.
• France market is expected to grow with the CAGR of more than 6% during the forecast period. In 2018, this market for Benelux has generated the revenue of USD 127.1 million and projected to grow with significant growth rate.
Europe Heating Radiators Market: Key Players
Eskimo Products Ltd.Stelrad Radiator Group Ltd.; Vasco Group; Zehnder Group AG; IRSAP S.p.A.; Rettig ICC Ltd.; Korado Group AS; Zhejiang Nuociss HVAC Technology Co., Ltd.; FoshanSunfar Radiator Co., Ltd.; and Pitacs Limited.
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