Thermostatic Radiator Valve Market Analysis Europe, APAC, North America, Middle East and Africa, South America - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Thermostatic Radiator Valve Market 2024-2028

The thermostatic radiator valve market size is forecasts to increase by USD 826.55 million, at a CAGR of 8.37% between 2023 and 2028. The growth rate of the market depends on several factors increasing adoption of condensing boilers in heating systems, increasing residential construction, and energy saving potential of efficient TRVs. Our report examines historic data from 2018-2022, besides analyzing the current and forecasts market scenario.

Europe, leading the market in 2023, is poised to maintain this dominance due to the increasing adoption of heating systems across European countries. Aalberts NV, under its brand Aalberts Hydronic Flow Control, provides a range of thermostatic radiator valves like FixoSar fixed Kv thermostatic valves NF, FixoSar fixed Kv thermostatic valves DIN, and VarioSar preset Kv thermostatic valves NF. Similarly, American Steam Control contributes to the market with offerings such as straight pattern valves, horizontal angle valves, vertical angle valves, and one-pipe steam valves, solidifying its presence in the market.

Market Forecasting and Size

Market  Forecast 2024-2028

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Market Dynamic

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.

Driver - Energy saving potential of efficient TRVs

The use of pre-set TRVs helps buildings' existing heating systems operate more efficiently and with less energy use. It is estimated that the efficient use of TRVs can help reduce energy use by up to 40%, which results in significantly lower energy bills. TRVs are hugely important for optimizing heating system performance, reducing energy wastage, and helping to create a balanced system. For instance, the new building regulation in the UK will increase the installation of TRVs in residential housing to reduce energy waste and help to create a balanced system. A new version of Part L of building regulation came into force in England on the 15th of June 2022 and in Wales on the 23rd of November 2022. 

Moreover, replacing non-regulated and uncontrolled valves with TRVs can help save money, help the environment, and provide a great in-home ambiance that is healthy. For housing associations, the benefits of TRVs include reduced energy bills and heating costs with quick paybacks and lowered environmental impact while increasing energy efficiency. Such benefits associated with the installation of TRVs will spur the demand for TRVs and are expected to drive the growth of the market during the forecast period.

Trends - Application of 3D printing technology in valve manufacturing

Valve developers create one-of-a-kind items with a variety of tiny holes and flow channels using 3D printers since doing so would be challenging using tiny, assembled pieces. In addition, burdensome and time-consuming post-processing activities such as removing burrs from holes are eliminated. Additionally, 3D printers can fabricate digitally designed parts far more quickly than traditional manufacturing techniques, which might take days. Online sharing of 3D design files makes it simple to collaborate on new concepts that can be inexpensively 3D printed on-site or by mail. 3D printing is being used to create a variety of valves, including TRVs.

However, the ability to customize valves for specific integration using 3D printers is an added advantage. Mechanical designs are often comprised of many components crammed together in small spaces. Wires, tubes, and hoses must often bend and snake around corners and over, under, around, or beside other components. Using a 3D printer, valves are frequently inserted into these channels as a single unit. In narrow spaces, it is frequently simpler to install a valve and hose assembly that was 3D printed than two separate parts. Thus, such technologies are expected to spur the growth of the market during the forecast period.

Challenge - Intense pricing pressure due to availability of local and low-priced TRVs

With increasing price sensitivity from the customers' end, TRV original equipment manufacturers (OEMs) are looking to build relationships with subcomponent suppliers to offer the most economical products in the market. Many low-cost imports from China and other Asian manufacturers had entered the American and European markets. The availability of affordable labor and abundant resources has enabled low-cost Asian companies to manufacture TRVs at a significantly low price. The result of all this is that several established vendors in the Americas and Europe have not been able to consolidate their presence in the growing Asian market.

Additionally, Asian vendors hold the upper hand in terms of product pricing, which is becoming increasingly difficult for Western vendors to match. Thus, the intense pricing pressure on global vendors due to the availability of low-priced TRVs will negatively affect their profitability, which, in turn, is expected to hamper the growth of the market during the forecast period.

Market Segmentation by Product Type, End-user and Geography

Product Type Segment Analysis:

The market share growth by the  electronic TRV segment will be significant during the forecast period. Electronic TRVs are becoming more popular and common, and some of these are marketed as smart thermostats. Smart TRVs are devices that are designed to enable personalized, room-by-room heating control by collaborating with a thermostat kit to create a so-called zonal heating system that is simple to handle via an app on smartphones, tablets, or laptops.

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The electronic TRV segment was the largest and was valued at USD 1,056.92 million in 2018. With growing concerns about climate change and environmental sustainability, there is an increasing emphasis on reducing carbon footprints. eTRVs contribute to this goal by promoting energy efficiency and reducing wasted heat, making them an attractive option for environmentally conscious consumers. Overall, the combination of energy efficiency, smart technology integration, cost savings, comfort benefits, environmental considerations, and potential government incentives are all contributing to the growing demand for electronic TRVs. Also, the rising construction of residential and commercial spaces is expected to further drive the growth of the electronic TRV segment of the market during the forecast period.

End-user Segment Analysis:

Based on the end-user, the market has been segmented into commercial and residential. The commercial?segment will account for the largest share of this segment.? Commercial buildings, such as offices, hotels, and hospitals, have high heating demands. By installing TRVs, builders can achieve significant cost savings by optimizing heating efficiency and reducing energy consumption. In commercial spaces with diverse occupancy patterns and temperature preferences, TRVs offer individualized comfort control. This can lead to increased tenant satisfaction, productivity, and well-being, making them a desirable feature for property managers and tenants alike. Green building certifications, such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method), often reward the implementation of energy-efficient technologies like TRVs. Thus, due to such features, the demand for TRVs from commercial end-users may surge, which is expected to have a positive impact on the growth of the global market in focus during the forecast period.

Regional Analysis

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Europe is estimated to contribute 42% 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. Germany, the UK, and France are the major contributors to the market in Europe. There is an increased installation of heating systems in European countries due to extreme cold weather conditions. Around 95% of homes in the UK have a central heating system, and 86% of homes specifically have a gas central heating system. Around 26 million households in the UK have a wet central heating system, which is among the highest in the EU, according to a report on energy use and heating expenses in EU homes by the European Building Automation Controls Association. Thus, the increasing installation of heating systems will drive the demand for heating system control devices such as TRVs. 

In addition, rigid energy efficiency standards have been implemented by the European Union (EU) and the relevant national governments, which has resulted in the widespread replacement of conventional heating units. For instance, the EU's Ecodesign Directive promotes the use of energy-efficient heating systems while limiting the environmental effects of energy-related items. Thus, the growing demand for effective space heating, coupled with extreme climatic conditions, will drive the growth of the regional market during the forecast period.

Who are the Major Market Companies?

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.

Caleffi SpA - The company offers thermostatic radiator valves such as 338, 342, and 221 angled radiator valves. It can be used to regulate the thermal medium at the radiators in heating systems.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Aalberts NV, American Steam Control, Caleffi SpA, CastIronRadiators4u.co.UK, Danfoss AS, Fratelli Pettinaroli SpA, GIACOMINI Spa, Herz Armaturen GmbH, Honeywell International Inc., I.V.A.R. SpA, IMI Hydronic Engineering International SA, Oventrop GmbH and Co. KG, Poul Due Jensens Fond, Purmo Group Plc, puteus GmbH, Schneider Electric SE, Siemens AG, Vaillant GmbH, and Zhejiang Hualong Valves Co. Ltd. 

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.  

Segment Overview

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. 

• Product Type Outlook
  • Electronic TRV
  • Self-operate TRV

• End-user Outlook 
  • Commercial
  • Residential

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The thermostatic radiator valves (TRV) market is rapidly evolving, driven by the escalating demand for energy-efficient solutions in steam and hot water heating systems. The core components, including the innovative sensing element and precision-engineered valve casing, cater to the growing need for personalized control over room temperature and subsequently contribute to lowering heating bills. In this landscape, adherence to stringent government regulations fuels the incorporation of TRVs in diverse applications, especially in retrofitting and renovation projects aimed at enhancing energy efficiency. The market dynamics are further shaped by the seamless smart home integration of TRVs, leveraging the latest technological advancements to address installation challenges and ensure compatibility. As market players navigate the competitive landscape, the emphasis on forging strategic partnerships becomes crucial for sustained growth, fostering product diversification to meet the demands of both existing and emerging markets.

In addition, the introduction of a unique range of thermostatic radiator valves, encompassing electronic variants accessible through a personal computer or an infra-red remote control, underscores the industry's commitment to convenience and efficiency. Additionally, the integration of wireless and IoT-enabled valves adds a layer of sophistication, complemented by features such as energy monitoring and data analytics, making TRVs not only functionally superior but also distinguished by aesthetically pleasing designs.

Thermostatic Radiator Valve Market Scope
Report Coverage	Details
Page number	161
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 8.37%
Market growth 2024-2028	USD 826.55 million
Market structure	Fragmented
YoY growth 2023-2024(%)	8.21
Regional analysis	Europe, APAC, North America, Middle East and Africa, and South America
Performing market contribution	Europe at 42%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Aalberts NV, American Steam Control, Caleffi SpA, CastIronRadiators4u.co.UK, Danfoss AS, Fratelli Pettinaroli SpA, GIACOMINI Spa, Herz Armaturen GmbH, Honeywell International Inc., I.V.A.R. SpA, IMI Hydronic Engineering International SA, Oventrop GmbH and Co. KG, Poul Due Jensens Fond, Purmo Group Plc, puteus GmbH, Schneider Electric SE, Siemens AG, Vaillant GmbH, and Zhejiang Hualong Valves Co. Ltd.
Market dynamics	Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Thermostatic Radiator Valve Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across Europe, APAC, North America, Middle East and Africa, and South America
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market  companies

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