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Radiant Cooling Systems Market Poised to Expand at a Robust Pace Over 2021-2031
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In terms of revenue, the global radiant cooling systems market is estimated to expand at a CAGR of 4.9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global radiant cooling systems market.
The global radiant cooling systems market is broadly affected by several factors - rapid urbanization; rise in population and disposable incomes; expansion of the construction industry; and wide availability in various price ranges globally, all of which are propelling the global market for radiant cooling systems.
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Radiant Cooling Systems Market: Dynamics
In terms of type, the radiant cooling systems market has been bifurcated into thermally activated building system and radiant cooling panels. The demand for radiant cooling panels is more, globally. In terms of installation surface, the radiant cooling systems market has been divided into floor, wall, and ceiling. Radiant cooling systems, which are of ceiling type, are widely used and hold the highest market share. Based on area of application, the market has been classified into new building and existing building/renovation. Existing buildings need more radiant cooling systems than new buildings/renovation. In terms of building type, the market has been categorized into residential, industrial, and commercial (administrative buildings, hospitals & nursing homes, showrooms, offices, and others). Radiant cooling systems are mostly used in commercial buildings.
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Radiant Cooling Systems Market: Prominent Regions
In 2020, North America and Asia Pacific together contributed more than 55% revenue share to the global radiant cooling systems market. Various industries are shifting their manufacturing facilities to the Asia Pacific region. This market in the Asia Pacific is expected to grow at a CAGR of 6.1% during the forecast period. The market in Europe and North America are projected to grow moderately due to increasing demand for radiant cooling systems in the upcoming years. Developed economies and 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 over the next few years.
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Radiant Cooling Systems Market: Key Players
Key players operating in the global radiant cooling systems market are 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, and MrPEX Systems.
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