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The radiant heating and cooling systems market size is forecast to increase by USD 2.32 billion, at a CAGR of 6.67% between 2023 and 2028. The growth rate of the market depends on several factors, such as the increasing use of PEX tubing in radiant heating and cooling systems, the growing need for energy-efficient cooling and heating systems, and the tax credits and other incentives
The report offers extensive research analysis on the market, with a categorization based on Technology, including hydronic and electric. It further segments the market by Application, encompassing commercial and residential. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the market growth during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges of market growth and forecasting will help companies refine marketing strategies to gain a competitive advantage.
Radiant heating and cooling systems are designed to offer thermal comfort by using the principle of radiant heat transfer, which includes the direct transfer of heat from a warm surface to a cooler surface. In addition, this method is more efficient than traditional forced-air systems that rely on the movement of air to heat or cool a space.
Moreover, factors such as energy efficiency, comfort indoor air quality, and energy cost savings are fuelling the market for radiant heating and cooling systems. Therefore, the growing awareness of the environmental impact of conventional HVAC systems, coupled with the desire for energy savings and improved comfort, has led to an increased demand for energy-efficient cooling and heating systems. Hence, such factors are driving the market growth during the forecast period.
Smart thermostats are gaining traction in residential as well as commercial buildings. In addition, in the commercial segment, these systems find applications in small- to medium-sized buildings. Furthermore, these systems come equipped with advanced firmware and algorithms, which provide them with learning abilities and enhance the energy efficiency of buildings while leading to lower installation costs.
Moreover, these thermostats can be integrated with the radiant heating and cooling system. In addition, smart thermostats enabled with Wi-Fi can adjust the room temperature automatically from a remote location. Furthermore, smart thermostats can save energy costs up to USD 180 a year. Hence, such factors are driving the market growth during the forecast period.
The electrical system in radiant heating includes the risk of fire due to sparks, overheating, or a short circuit. In addition, the space heater and the space boards involve a certain level of fire risk. Furthermore, subfloor electrical systems also involve a high risk of fire as they have less insulation and come in contact with substances such as wood and dust.
Moreover, hydronic heating and cooling systems are also vulnerable to leakage. In addition, as the radiant heating system is installed underground, it is more susceptible to different forms of damage, which can cause leakage. Furthermore, the leakage in the hydronic heating system is very difficult to repair and will reduce the efficiency of the system drastically. Hence, such factors are hindering the market growth during the forecast period.
The hydronic segment is estimated to witness significant growth during the forecast period. In the hydronic segment, water is the most commonly used transfer fluid. In addition, the heated water is passed through the tubes that are placed below the surface of the ceiling or the walls of buildings. Furthermore, thermostats are used to control the flow of water in specific areas, which adds to the energy efficiency of the system.
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The hydronic segment was the largest segment and was valued at USD 3.39 billion in 2018. Moreover, there are two types of installations in hydronic systems, namely wet installation and dry installation. In addition, in the wet installation, the pipes are placed under the floor during its construction, i.e., the pipes are embedded into the concrete floor slab. Furthermore, in the dry installation process, the pipes run through pre-built panels that are placed below the tiles. In addition, dry installation takes less time and is a cost-effective method. Repairs and retrofitting are also easier in dry installation than in wet installation. Hence, such factors are fuelling the growth of this segment which, in turn, drives the market growth during the forecast period.
Based on the application, the market has been segmented into commercial and residential. The commercial segment will account for the largest share of this segment. The commercial segment refers to the application of radiant heating and cooling technology in non-residential or commercial buildings. In addition, radiant heating and cooling systems offer thermal comfort by using a combination of radiant heat transfer and convection to heat or cool indoor spaces. In addition, in non-residential settings such as office buildings, hospitals, schools, retail spaces, and airports, radiant heating and cooling systems offer several benefits. Moreover, radiant systems can be more energy-efficient compared to traditional forced-air systems. In addition, they operate at lower water temperatures for heating and higher water temperatures for cooling, resulting in reduced energy consumption. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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Europe is estimated to contribute 41% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Europe is a major regional market for radiant heating and cooling systems due to its relatively cold climate. In addition, the demand for radiant heating and cooling systems in the region is primarily driven by two factors including residential construction activities and the replacement of old, inefficient HVAC devices. Moreover, the growing immigration in the region is adding to the urbanization rate. Furthermore, the lack of housing, coupled with the growing population, is expected to fuel the residential construction sector. Hence, such factors are driving the market growth in Europe during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BEKA Heiz und Kuhlmatten GmbH: The company offers radiant heating and cooling systems such as polypropylene capillary tube mats, single pipe systems with multi-layer composite tubes or classic copper tubing bent with serpentine curves are manufactured for specific projects and are supplied on the basis of project-specific parts lists.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Atlantic Group, BDR Thermea Group, Danfoss AS, Emerson Electric Co., Georg Fischer Ltd., GIACOMINI Spa, J. R. Industrial Heaters, MrPEX Systems, RADOX, REHAU Group, Robert Bosch GmbH, Roth Industries GmbH and Co. KG, Sigma Thermal Inc., Systema SpA, Technobel India, Ultra Fin, Unidelta Spa, Vertiv Holdings Co., Watts Water Technologies Inc., and Zehnder Group AG
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Radiant Heating And Cooling Systems Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.67% |
Market Growth 2024-2028 |
USD 2.32 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.78 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 41% |
Key countries |
US, Canada, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Atlantic Group, BDR Thermea Group, BEKA Heiz und Kuhlmatten GmbH, Danfoss AS, Emerson Electric Co., Georg Fischer Ltd., GIACOMINI Spa, J. R. Industrial Heaters, MrPEX Systems, RADOX, REHAU Group, Robert Bosch GmbH, Roth Industries GmbH and Co. KG, Sigma Thermal Inc., Systema SpA, Technobel India, Ultra Fin, Unidelta Spa, Vertiv Holdings Co., Watts Water Technologies Inc., and Zehnder Group AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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