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 the market growth.
Factors such as attractive
interest rates, increasing employment in the construction sector and other
policies are expected to drive the market growth in 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.
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The key driving factors responsible for the growth of Europe Heating
Radiators market :
Growing consumer demand for
technologically advanced heating radiators has led to key players in focusing
their investment in R&D activities to develop new products which would
provide 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, growing demand for high quality, colored, stylish and
advanced features are projected to drive the market growth.
Product Insights
In terms of product, Europe
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, Europe hydronic radiators segment held 43% market share in terms of
revenue.
In 2018, electric heating
radiators held the largest market share and expected to emerge as the
fastest-growing region during the forecast period. These radiators are highly
efficient and environment 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
expected to grow with significant CAGR over the forecast period. Growing
infrastructural activities supported by infrastructural repairs is expected to
drive the market growth in Europe. Technological advancement in the heating
radiator for residential applications is expected to boost the product demand
in this region.
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