Global Radiant Cooling Systems Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Himanshu Patni
- March 30, 2022
- BUILDING MATERIAL AND CONSTRUCTION, NEWS
- Radiant Cooling Systems Market, Radiant Cooling Systems Market growth, Radiant Cooling Systems Market share, Radiant Cooling Systems Market size, Radiant Cooling Systems Market trends
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The global Radiant Cooling Systems Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 4.5% during the forecast period (2021-2027).
Emerging demand for energy coupled with the rising electricity traffic across countries is one of the prominent reasons which is driving the demand for radiant cooling systems. As per IEA, After falling by about 1% in 2020 due to the impacts of the Covid-19 pandemic, global electricity demand is set to grow by close to 5% in 2021 and 4% in 2022 – driven by the global economic recovery. Moreover, The IEA’s price index for major wholesale electricity markets almost doubled compared with 2020 and was up 64% from the 2016-2020 average. In Europe, average wholesale electricity prices in the fourth quarter of 2021 were more than four times their 2015-2020 average. Besides Europe, there were also sharp price increases in Japan and India, while they were more moderate in the United States where gas supplies were less perturbed. Also, For 2022-2024, the report anticipates electricity demand growing 2.7% a year on average, although the Covid-19 pandemic and high energy prices bring some uncertainty to this outlook. Renewables are set to grow by 8% per year on average, serving more than 90% of net demand growth during this period.
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It is projected that electricity generated by most energy sources worldwide, except for liquids, will increase in the coming years. Electricity from renewable sources is expected to experience the largest growth of up to 21.66 trillion kilowatt-hours in 2050, from almost 7 trillion kilowatt-hours in 2018. This projection sees increased consumption from all fuel sources, except for coal, where demand seems to have plateaued. Conventional sources like coal are increasingly being replaced by natural gas, renewables, and nuclear power. Therefore, the growing emphasis on renewable energy coupled with the demand for reducing energy consumption is creating the demand for radiant cooling systems.
The benefits in radiant cooling systems such as noise and drafts of air movement are removed. there are no diffusers in the way of décor and cleaning, with a ventilation air system, thermal mass can significantly reduce the need for airside systems reducing the fan power in the HVAC system drastically, additional savings due to lower supply temperature of chilled water (about 7-9 °c lower and better comfort conditions are maintained inside the space are leading to the growing demand for the radiant cooling systems.
The unprecedented rise of the global health emergency caused by the COVID-19 pandemic has negatively affected the financial conditions of different sectors and countries The temporary halt in the construction sector, closures of borders, and disruption in the supply chain led to the adverse impact on the radiant cooling systems as well. However, the growth of the building & construction sector post-pandemic contributes to the market growth due to the rising demand for smart homes from consumers. Urbanization and increasing applications of energy-efficient cooling systems in residential and commercial sectors further drive the radiant cooling systems market.
For a detailed analysis of the COVID-19 Impact on Radiant Cooling Systems browse through – https://univdatos.com/report/radiant-cooling-systems-market/
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. The term radiant panel is generally used in the context of heating. It is defined as any temperature-controlled interior surface that releases 50% or more of its total heat output in the form of infrared radiation.
Based on the installation surface, the market is fragmented into Floor, Wall, and Ceiling. The ceiling segment grabbed XX% market share in 2020 and captured USD XX Mn the market. Radiant cooling ceilings provide a perfect indoor temperature all year round. During the summer period, the cooling power ensures a pleasant indoor climate without adverse effects of an air condition like cold air circulation and high energy consumption
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Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Plants. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market and grabbed major market share in 2020. Increasing awareness & adoption of energy-efficient systems in modern smart homes, especially in developed countries such as the U.S. in North America, are key factors that are likely to drive the radiant cooling systems market in the region.
Global Radiant Cooling Systems Market Segmentation
Market Insight, by Type
- Thermally Activated Building System
- Radiant Cooling Panels
Market Insight, by Installation Surface
Market Insight, by Application Area
- New Building
- Existing Building/Renovation
Market Insight, by Building Type
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Jardine Engineering Corporation (JEC)
- Giacomini Spa
- Radiana Ltd.
- BeKa Heiz
- PillarPlus Inc.
- Oorja Energy Engineering Services Pvt Ltd
- SusPower L.L.C.
- Messana Radiant Cooling
- MrPEX Systems