Radiant Cooling Systems Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Thermally Activated Building systems, Radiant Cooling Panels); Installtion Surface (Floor, Wall, Ceiling); Building Type (Residential, Industrial, Commercial); Application Area (New buildings, Existing buildings/Renovation); Region/Country
The Global Radiant Cooling Systems is Expected to Display an Elevated CAGR of ~4.5% over the forecast period (2021-2027)
Rapid urbanization, the rising number of smart cities, emerging disposable income are some of the key factors that are attributed to the growing demand for radiant cooling systems. As per United Nations, 56.2% of the global population now lives in cities and half of these people lived in towns of less than 500,000 inhabitants. The urban population of the world has grown rapidly from 751 million in 1950 to 4.2 billion in 2018. Asia, despite its relatively lower level of urbanization, is home to 54% of the world’s urban population, followed by Europe and Africa with 13% each. Today, the most urbanized regions include Northern America (with 82% of its population living in urban areas in 2018), Latin America and the Caribbean (81%), Europe (74%), and Oceania (68%). The level of urbanization in Asia is now approximating 50%. In contrast, Africa remains mostly rural, with 43% of its population living in urban areas.
Rising energy demand coupled with the emerging electricity tariff across countries is also acting as a growth catalyst to the market. For instance, As per IEA, the consumption of electricity in the residential sector in the United States is expected to reach 1,484 billion KW hrs. by 2023 up from 1,440 KW hrs. in 2019.
Moreover, a rise in the construction sector, emerging industrial sector, and commercial sector in the country is propelling the market growth f radiant cooling systems. As per CEIC, United States Industrial production rose 3.7 % YoY in Dec 2021, following an increase of 5.0 % YoY in the previous month.
Global industrial energy consumption in the Sustainable Development Scenario, 2019-2070
Jardine Engineering Corporation (JEC), Giacomini Spa, Rehau, Radiana Ltd., BeKa Heiz, PillarPlus Inc., Oorja Energy Engineering Services Pvt Ltd, SusPower L.L.C., Messana Radiant Cooling, MrPEX Systems, etc., are some of the prominent players operating in the Radiant Cooling Systems market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Type, Radiant Cooling Panels segment holds the major share”
Based on the type, the market is fragmented into Thermally Activated Building systems and Radiant Cooling Panels. The Radiant Cooling panels segment grabbed the major market share and dominated the market in 2020. The market of this segment would reach USD XX Mn by 2027. Radiant panels are extremely efficient for cooling as they work at relatively high temperatures (typically 15-19°C). A rise in the construction sector is rusting in the growing demand for radiant panels
“Amongst application area, Existing buildings/Renovation segment to grab considerable market share”
Based on the application area, the market is fragmented into New buildings and Existing buildings/Renovation. The existing/ renovation segment grabbed XX% market share and captured USD XX Mn market in 2020. However, the new buildings segment would witness a robust CAGR during the forthcoming years
“Amongst installation surface, ceiling segment to grab considerable market share in forthcoming years”
Based on the installation surface, the market is fragmented into Floor, Wall, and Ceiling. The ceiling segment grabbed XX% market share and captured USD XX Mn market in 2020. However, the flavored segment would witness the robust CAGR during the forthcoming years. . During the summers, the ceiling surfaced system ensures a pleasant indoor climate without adverse effects of an air condition like cold air circulation and high energy consumption
“Amongst building type, residential segment to grab considerable market share”
Based on the building type, the market is segmented into Residential, Industrial, and Commercial. The industrial segment grabbed XX% market share in 2020. The manufacturing industry accounts for more than 30% of total energy use worldwide. However, the residential segment would witness a considerable CAGR in the forthcoming years
“North America represents one of the largest markets of Radiant Cooling Systems market”
For a better understanding of the market dynamics of the Radiant Cooling Systems market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America region dominated the market and generated the leading revenue share in 2020. Rapid industrialization and expanding commercial sector in the countries such as the United States and Canada are also demanding radiant cooling systems
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Radiant Cooling Systems Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Radiant Cooling Systems Market were the three major steps undertaken to create and analyze the demand for Radiant Cooling Systems across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Radiant Cooling Systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Radiant Cooling Systems through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Radiant Cooling Systems market, we conducted a detailed secondary analysis to gather historical market insights and share for type, installation surface, application area, and building type for major regions. Major segments included in the report are type and building type. Further region and country-level analyses were conducted to evaluate the overall adoption of Radiant Cooling Systems across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Radiant Cooling Systems. Further, we conducted factor analysis using dependent and independent variables such as the rising demand for energy efficient systems, rising demand for smart homes, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Radiant Cooling Systems industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Radiant Cooling Systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Radiant Cooling Systems across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Radiant Cooling Systems market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Radiant Cooling Systems market. Data was split into several segments sub-segments post studying various parameters and trends in the areas of type, installation surface, application area, and building type of the Radiant Cooling Systems market.
Main Objective of the Radiant Cooling Systems Market Study
The current & future market trends of Radiant Cooling Systems were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Radiant Cooling Systems in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, installation surface, application area, and building type
- Define and analysis of the regulatory framework for the Radiant Cooling Systems industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Radiant Cooling Systems market for the major countries
- The major region studied in the report includes North America, Europe, Asia- Pacific, and the Rest of the World.
- Company profiles of the Radiant Cooling Systems market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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