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Heating Radiator Market to Reach $7.3 Billion, Globally, by 2033 at 4.3% CAGR: Allied Market Research
Allied Market Research published a report, titled, “Heating Radiator Market by Type (Plumbed, Electric, Dual Fuel and Oil-Filled), Radiator Type (Ceramic Radiators, Freestanding Cast-iron Radiators and Baseboard Steam System), and Application (Residential, Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the heating radiator market was valued at $4.8 billion in 2023, and is estimated to reach $7.3 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
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Prime determinants of growth
Smart homes, equipped with interconnected devices and systems that are controlled remotely offer enhanced convenience, energy efficiency, and comfort to homeowners. Heating radiators integrated into smart home systems are highly appealing because they allow precise temperature control, energy savings, and improved user experience. This factor is expected to increase the demand for smart homes which in turn act as a significant driver for the heating radiator market.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2033
Base Year
2023
Market Size in 2023
$4.8 billion
Market Size in 2033
$7.3 billion
CAGR
4.3 %
No. of Pages in Report
340
Segments Covered
Type, Radiator Type, Application, and Region.
Drivers
Increasing demand for energy-efficient heating solutions
Technological advancements in heating radiators
Opportunity
Growing adoption of smart home technologies
Restraint
Fluctuating raw material prices
The freestanding cast-iron radiators segment is expected to experience the fastest growth throughout the forecast period.
By radiator type, the freestanding cast-iron radiators segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Freestanding cast-iron radiators are commonly used in residential homes, historic buildings, hotels, and other commercial establishments where both functionality and aesthetic appeal are valued. They are often chosen for their ability to provide efficient heating while adding a decorative element to the space.
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The plumbed segment is expected to experience the fastest growth throughout the forecast period.
By type, the plumbed segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Plumbed radiators are highly efficient in distributing heat throughout buildings. They operate by circulating hot water or steam from a central boiler or heating system through a network of pipes to individual radiators. This method ensures that heat is evenly distributed, minimizing energy wastage and optimizing heating efficiency.
The residential segment is expected to experience the fastest growth throughout the forecast period.
Based on the application, residential segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The residential segment represents a substantial portion of the overall market for heating radiators. The total number of households globally requiring heating during colder months ensures a robust demand for residential heating solutions. The residential segment includes a wide range of housing types, from single-family homes to apartments and condominiums, each requiring effective heating systems to maintain comfortable living conditions. reframe the information
Asia-Pacific is expected to experience the fastest growth throughout the forecast period.
Based on region, Asia-Pacific is the fastest growing region in terms of revenue in 2023. In the Asia-Pacific region, various driving factors are contributing to the growth of the heating radiator market. Rapid urbanization and industrialization across countries such as China, India, and Southeast Asia are fueling the demand for heating solutions. As urban populations grow and infrastructures develop, there is an increasing need for efficient heating systems in residential, commercial, and industrial buildings.
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Leading Market Players: –
Runtal North America, Inc.
Hunt Heating
Annu Engineering Industries.
Stelrad Limited 2024.
Boiler Company, LLC
KORADO
IRSAP
Zehnder Group AG
H2O Heating Pty Ltd.
VASCO
The report provides a detailed analysis of these key players in the global heating radiator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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