Hydronic Radiators Market Size, Share & COVID-19 Impact Analysis, By Type (Panel, Baseboard, Convector, Fan Coil, and Others), By Material (Steel, Aluminum, Cast Iron, and Other) By End-User (Industrial, Commercial, and Residential), and Regional Forecast, 2023-2030

The global hydronic radiators market size was valued at USD 3.74 billion in 2022. The market is projected to grow from USD 3.79 billion in 2023 to USD 4.73 billion by 2030, exhibiting a CAGR of 3.20% during the forecast period.

Hydronic radiators are heating devices that utilize hot water as heating source. It can be more energy efficient than forced air heaters as heat is not lost via transportation of the heated air. In addition, the absence of air movement and no movement of airborne particulates have made these radiators popular among consumers who suffer from respiratory ailments or allergies.

COVID-19 Impact

The Outbreak of COVID-19 Negatively Impacted the Hydronic Radiators Market Growth

The COVID-19 pandemic negatively impacted the market growth. The pandemic also affected the demand and supply of these radiators due to several factors, such as lockdowns, border closures, and disruptions in global trade.

According to the American Society of Heating, Refrigerating, and Air-Conditioning Engineers, the transmission of the COVID-19 virus by the air was highly likely, and that exposure to the virus should be managed. Changes to building operations including ventilating, heating, and air-conditioning systems decreased airborne exposures. This factor affected the demand for new heating systems.

LATEST TRENDS

Increasing Automation in Hydronic Radiator Systems

The automation of hydronic heating is expected to be a popular market trend in the coming years. The rising trend of smart homes will give rise to the need for smart heating and cooling products. For instance, in September 2022, Aqara launched HomeKit-compatible smart radiator thermostat named Radiator Thermostat E1. This product will help automate hydronic radiators, which can gain signals from outside the unit. The product supports Zigbee 3.0 at launch, accompanied by Google Home, HomeKit, IFTTT, Amazon Alexa, and other technologies. Support for smart home protocol is also expected in upcoming software updates. This product is unique from that of the competitors as it receives temperature readings directly from a connected Aqara temperature sensor. When combined with a Window Sensor and Aqara Door, the thermostat can turn off the heat when it detects an open window or door. These properties help reduce energy waste. In addition, this thermostat can be powered only by AA batteries and has 12-month battery life.

DRIVING FACTORS

Increased Demand for Energy Efficient Heating Systems for Residential and Commercial Sectors to Drive Market Growth

Recently, there has been an amplified focus on reducing energy consumption in several industries including building and construction. Heating consumes significant energy in the residential and commercial sectors.

• For instance, in its session on 25^th August 2022, the Spanish Parliament sanctioned a law that comprised actions to encourage energy efficiency and saving. In addition, the Russia-Ukraine crisis has shifted the French government's focus toward reducing energy consumption. The aim is to reduce energy consumption by 10% by 2024. To accomplish this, an energy-saving plan for companies and a guide to good practices for organizations are in the pipeline. In addition, the French Prime Minister called on all companies to prepare their energy efficiency plan in September 2022. These measures or laws might help fuel the demand for energy-efficient heating solutions, such as hydronic radiators. These radiators are commonly used as heating systems in large-scale commercial and residential infrastructures. And they have the potential to maintain a preferred temperature by utilizing lower water temperatures, which saves energy.

Increasing Technology Evolution in Hydronic Radiators to Boost Demand for Product

Companies are introducing modern hydronic radiators to consumers to upgrade the old technologies and make radiators more energy efficient. These hydronic systems are integrated with multiple functions to make them more attractive and suitable for the new infrastructure.

• In July 2022, Conex Bänninger launched pressure independent control valve in the Middle East. Conex’s Pressure Independent Control Valves (PICVs) utilize dynamic balancing to handle pressure variations in a building’s hydronic heating system.


• In September 2022, Aqara launched HomeKit-compatible smart radiator thermostat named Radiator Thermostat E1. This product will help automate hydronic radiators, which can gain signals from outside the unit. The product supports Zigbee 3.0 at launch, accompanied by Google Home, HomeKit, IFTTT, and Amazon Alexa. Support for smart home protocol is also expected to come in upcoming software updates. This product differs from that of the competitors as it receives temperature readings directly from a connected Aqara temperature sensor. Combined with a Windows sensor and Aqara door, the thermostat can turn off the heating when it detects an open window or door. These properties help reduce energy wastage. In addition, this thermostat runs on AA batteries only and has a battery life of 12 months.

RESTRAINING FACTORS

Availability of Alternatives to Hamper Market Growth

One of the major factors hindering the market growth is the availability of alternatives, such as electric radiators, air heating, and others. A broad array of optional heating options creates a competitive market situation. End-users have numerous options when selecting a heating system for their buildings. Some alternative heating options are more well-established and readily available, impacting the demand for hydronic radiators. For instance, electric radiators use electric power to generate heat to warm the room and they are quite compact and can be easily fixed into small, narrow rooms. They are experiencing increased demand due to their lower operating costs, easy maintenance, efficiency in maintaining accurate temperatures, and wide range of applications. In addition, some developments in electric radiators indicate their demand is increasing.

• In May 2023, Stelrad launched a new series of electric radiators. Stelrad is one of the major brands in central heating radiators and aims to expand its presence in the electric market with a highly competitive range of aluminum and steel electric radiators. The new electric radiator series will be available via merchants from September 2023.

SEGMENTATION

By Type Analysis

Panel Radiators to be Highly Adopted Due to Their Space and Positioning Flexibility

Based on type, the market is segmented into panel, baseboard, convector, fan coil, and others. The panel segment is expected to lead the market growth during the forecast period. The greatest flexibility of panel radiators lies in the space and positioning. Their slimness gives them greater flexibility in rooms of all sizes without compromising on efficiency. They can also be hung on the wall, saving floor space. Some have been designed to hide the mounting system, giving them a slimmer look and placing them as close to the wall as possible.

By Material Analysis

Steel to be Widely Preferred Due to its Material Composition and Characteristics

Based on material, the market is segmented into steel, aluminum, cast iron, and others. The steel segment is anticipated to hold the largest hydronic radiators market share. Steel is one of the most used materials in hydronic and other radiators. It is mostly preferred due to its material composition and characteristics. It is durable, can be used long-term, and can withstand harsh conditions. Steel is an excellent heat conductor and keeps a room warm for a long time. It also has the advantage of being manufactured into unique shapes for a striking heating statement piece.

By End-User Analysis

Growing Emphasis on Energy Efficiency and Sustainability to Drive Product Demand in Residential Sector

Based on end-user, the market is segmented into industrial, commercial, and residential. The residential sector dominates the global hydronic radiator market for several reasons - the residential sector represents a large and growing market for these radiators. With the rising demand for energy-efficient and cost-effective heating systems in homes, the need for residential hydronic radiators is expected to witness robust growth.

REGIONAL INSIGHTS

The global market has been analyzed into five key regions including North America, Europe, Asia Pacific, and the Rest of the World.

Europe dominated the hydronic radiator market due to the presence of multiple players as the climate conditions in countries, such as the U.K., Russia, and Germany make heating a basic need. For instance, in February 2023, the U.K. opened a USD 33.65 million heat network support program. This scheme focuses on old and unproductive heat networks to produce inexpensive energy and decrease carbon emissions for numerous homes across Wales and England. Through the newly launched heat network efficiency plan, out-of-date equipment will be developed with energy-efficient substitutes, such as underfloor heating controls, pipe insulation, and replacement pumps.

North America is also one of the major markets. The region's rapidly changing climate is the primary driver of the North America hydronic radiators market growth. The region's cold weather is also propelling the demand for heating systems. Steps are being taken by the authorities in the region to achieve a high level of efficiency in residential and commercial buildings. The region has set a target to achieve carbon neutrality, increasing the deployment of renewable sources in the heating sector.

Hydronic radiators are being increasingly adopted in the Asia Pacific region. Still, the adoption rate may not be as high in other developed regions for several reasons. One factor is the relatively lower level of awareness about the benefits of these radiators. Many people are unfamiliar with the technology and may be unaware of the potential savings in energy consumption that can be achieved using these technologies.

KEY INDUSTRY PLAYERS

Purmo Group Focuses on Having Strong Presence Globally Through Contracts and Agreements

Purmo Group is one of the world’s major suppliers of indoor climate comfort solutions in both electrical and hydronic forms. It supplies products ranging from the generation of heating or cooling to its distribution, control, and emission. Purmo Group’s radiators are the most popular devices, comprising different model types, such as decorative panels, convectors, and towel warmers.

• In September 2022, ArrowXL, one of the U.K.’s biggest companies in 2-person home delivery, was awarded a contract with Purmo Group U.K. to deliver designer radiators to homes across the country.

List of Key Companies Profiled:

• Runtal North America Inc. (U.S.)


• Purmo (Finland)


• Advanced Hydronics (U.S.)


• Rehau Group (U.K.)


• Zehnder Rittling (U.S.)


• Henrad (Belgium)


• WISELIVING (Australia)


• Bosch Home Comfort Group (Germany)


• Hudson Reed (U.K.)


• Embassy Industries, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2023: The U.K. opened a USD 33.65 million heat network support program. This scheme focuses on old and unproductive heat networks to produce inexpensive energy and decrease carbon emissions for numerous homes across Wales and England. Through the newly launched heat network efficiency plan, out-of-date equipment will be developed with energy-efficient substitutes, such as underfloor heating controls, pipe insulation, and replacement pumps.


• September 2022: Aqara launched HomeKit-compatible smart radiator thermostat named Radiator Thermostat E1. This product will help automate hydronic radiators, which can gain signals from outside the unit. The product supports Zigbee 3.0 at launch, accompanied by Google Home, HomeKit, IFTTT, and Amazon Alexa. Support for smart home protocol is also expected to come in upcoming software updates. This product is unique from that of the competitors as it receives temperature readings directly from a connected Aqara temperature sensor. When combined with a Window sensor and Aqara door, the thermostat can turn off the heat when it detects an open window or door. These properties help reduce energy waste. In addition, this thermostat can be powered only by AA batteries and has 12-month battery life.


• September 2022: Therma-HEXX, a leading North American company in modular radiant and heating systems, announced the launch of high-performance ThermaPANEL modular hydronic radiant and heating systems for newly built and refurbished residential, commercial, and industrial buildings and projects.


• July 2022: , Conex Bänninger launched pressure independent control valves in the Middle East. Conex’s Pressure Independent Control Valves (PICVs) utilize dynamic balancing to handle pressure variations in a building’s hydronic heating system.


• June 2022,:  Stelrad inked an agreement with De Longhi Industrial SA to acquire DL Radiators srl for USD 29.81 million. DL Radiators is an Italian heat emitter company involved in the manufacturing and selling of electric and hydronic radiators in the domestic heating market. Its main manufacturing facility is in Moimacco, near Udine, Italy, with around 350 employees. Its product portfolio comprises multicolumn steel, steel panel, aluminum panels, and many others, offering customers flexible heat emitter solutions ideal for different installations.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the latest market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

REPORT SCOPE & SEGMENTATION