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, according to Million Insights. 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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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.
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