Global Radiant Cooling System Market Overview
As per MRFR analysis, the Radiant Cooling System Market Size was estimated at 1.9 (USD Billion) in 2022. The Radiant Cooling System Market Industry is expected to grow from 2.1 (USD Billion) in 2023 to 5.2 (USD Billion) by 2032. The Radiant Cooling System Market CAGR (growth rate) is expected to be around 10.62% during the forecast period (2024 - 2032).
Key Radiant Cooling System Market Trends Highlighted
There is rising environmental awareness and awareness of the importance of energy efficiency, which is fostering the implementation of radiant cooling systems in every part of the world. They are particularly effective in buildings since they have great possibilities of reducing carbon emissions and even operational costs. How cooling performance can be improved through the use of new materials or any other new technology, such as IoT, will be one arm of those further studies. Radiant cooling systems are also gaining popularity in developing economies owing to their effectiveness in hot weather conditions and off-grid systems. Recent developments have shown a movement towards comfort cooling systems where users are able to self-regulate the temperatures to their desired levels. On top of that, the further development of control methods allows the combination of radiant cooling systems with other “smart building” systems such as lighting, HVAC and so on, allowing more integrated control of the environment through the introduction of additional parameters.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Radiant Cooling System Market Drivers
Rising Demand for Energy-Efficient Cooling Solutions
The increasing need for cooling facilities with great energy efficiency is promoting the rise and expansion of the Radiant Cooling System Market Industry. Radiant cooling systems are much more effective as compared to the traditional methods adopted in cooling. They result in the reduced use of cooling energy by significant margins. The systems also boast increased comfort levels in addition to reduced costs of operation. For these reasons, the use and applications of radiant cooling systems in commercial buildings, healthcare, industry, and other applications are on the rise.The demand is likely to ensure more growth in the Radiant Cooling System Market Industry is the rising need for energy-efficient cooling solutions.
Increasing Adoption of Radiant Cooling Systems in Developing Economies
One of the most vital drivers of the Radiant Cooling System Market Industry is the increasing adoption of radiant cooling systems in developing countries. Radiant cooling systems are ideally suited to use in developing countries as they allow for effective cooling to be provided in a way that does not require investment in high-cost, energy-intensive air conditioning systems. Thus, this trend is expected to continue over the years, driving the growth prospects of radiant cooling systems.
Government Regulations and Incentives
Government regulations and incentives are also playing a role in driving the growth of the Radiant Cooling System Market Industry. In many countries, governments are implementing regulations and incentives to promote the adoption of energy-efficient cooling solutions. These regulations and incentives are expected to continue to drive the growth of the Radiant Cooling System Market Industry in the coming years.
Radiant Cooling System Market Segment Insights:
Radiant Cooling System Market Application Insights
The Radiant Cooling System Market is segmented by Application as Residential, Commercial, and Industrial. The commercial segment of the Radiant Cooling System Market is the largest application and is expected to continue to be the largest segment during the forecast period. The growth of the commercial segment is due to the increasing demand for radiant cooling systems in modern commercial buildings, namely, offices, hotels, hospitals, and others. Moreover, these cooling systems are known to provide a significant advantage to them in terms of improved occupant comfort as the occupant feels cooler than the room temperature.This type of cooling requires less energy in the form of electricity and emits minimum greenhouse gases or pollutants. As commercial radiant cooling systems are known to ease maintenance consent and operational costs, they minimize the cost of the business. The residential segment of the Radiant Cooling System Market, the second-largest application, is expected to grow at a CAGR of 10.62 % by 2022. The growth of the residential market is due to the increasing demand for radiant cooling systems by people to keep themselves cool in their own residential buildings, including houses, apartments, condominiums, and others.The radiant cooling systems provide an advantage in terms of occupant comfort to the people in their residential buildings, causing the occupants to feel cooler than the room temperature. A residential radiant cooling system requires less energy in the form of electricity and emits minimum greenhouse gases or pollutants. They are also easy to maintain, and operational costs are also very low, reducing the cost of living. The industrial segment of the Radiant Cooling System Market, the smallest application, is expected to experience growth as the demand for radiant cooling systems by industries, such as factories, warehouses, manufacturing plants, and others, is increasing.These cooling systems are beneficial for industries in terms of comfort by making their workers feel cooler than the room temperature. It also requires less energy in the form of electricity and emits minimum greenhouse gases or pollutants. The cooling units in the industries further save their operational cost.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Radiant Cooling System Market Radiant Panel Type Insights
The Radiant Panel Type segment plays a crucial role in the Radiant Cooling System Market. Metal panels hold a significant market share, driven by their durability, high thermal conductivity, and ability to withstand extreme temperatures. In 2023, the metal panel sub-segment was valued at USD 0.8 billion and is projected to reach USD 1.6 billion by 2032, exhibiting a CAGR of 9.2%. Plastic panels offer cost-effectiveness and flexibility, making them suitable for various applications. The plastic panel sub-segment is anticipated to grow at a CAGR of 10.5% during the forecast period, reaching a valuation of USD 0.9 billion by 2032.Composite panels, combining the advantages of metal and plastic, are gaining traction due to their lightweight and corrosion resistance. The composite panel sub-segment is expected to witness a CAGR of 11.2%, reaching a market size of USD 0.6 billion by 2032.
Radiant Cooling System Market Mounting Type Insights
The Radiant Cooling System Market is segmented by Mounting Type into Ceiling-Mounted, Wall-Mounted, and Floor-Mounted. Ceiling-Mounted systems accounted for the largest market share in 2023, owing to their ability to provide uniform cooling and aesthetics. Wall-Mounted systems are expected to witness significant growth during the forecast period due to their ease of installation and space-saving design. Floor-Mounted systems offer the advantage of flexibility and are often used in commercial applications.
Radiant Cooling System Market Flow Medium Insights
The Flow Medium segment of the Radiant Cooling System Market plays a critical role in the efficient operation of radiant cooling systems. Among the various flow mediums employed, Water and Glycol stand out as the most commonly used. Water, being readily available and cost-effective, holds a significant share of the market. Its high specific heat capacity and thermal conductivity enable effective heat transfer, making it suitable for large-scale radiant cooling applications. Glycol, on the other hand, offers advantages in specific applications where the low freezing point is crucial.Its ability to withstand sub-zero temperatures without freezing makes it ideal for regions with extreme cold conditions. The Radiant Cooling System Market revenue for Water and Glycol flow mediums is projected to grow steadily in the coming years, driven by increasing demand for energy-efficient cooling solutions in both commercial and residential buildings.
Radiant Cooling System Market Control System Insights
The Radiant Cooling System Market is segmented by Control System into On/Off Control, Modulating Control, and Variable Frequency Drive Control. Among these segments, Modulating Control holds the largest market share due to its ability to precisely regulate the flow of chilled water, resulting in optimal cooling performance and energy efficiency. Variable Frequency Drive Control is projected to witness the highest growth rate during the forecast period owing to its advanced features, such as variable speed operation, which allows for precise control of fan speed and flow rate.The growing adoption of Radiant Cooling Systems in commercial and industrial buildings is expected to drive the demand for advanced control systems, further boosting the growth of the Modulating Control and Variable Frequency Drive Control segments. The Radiant Cooling System Market revenue is projected to reach USD 2.6 billion by 2024, with a CAGR of 10.3%.
Radiant Cooling System Market Regional Insights
The Radiant Cooling System Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, followed by Europe and APAC. The growth in North America is attributed to the increasing adoption of radiant cooling systems in commercial buildings and data centers. In Europe, the market is driven by the growing demand for energy-efficient cooling solutions in residential and commercial buildings. The APAC region is expected to witness significant growth in the coming years, owing to the rising construction activities and increasing awareness about radiant cooling systems.South America and MEA are expected to have a moderate growth rate due to the limited adoption of radiant cooling systems in these regions. Overall, the Radiant Cooling System Market is expected to grow at a CAGR of 10.62% from 2023 to 2032, reaching a valuation of USD 5.2 billion by 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Radiant Cooling System Market Key Players And Competitive Insights:
Major players in the Radiant Cooling System Market industry are continually investing in research and development in order to remain competitive and provide cutting-edge solutions to their customers. This has led to the development of new and improved products, as well as the expansion into new markets. Leading Radiant Cooling System Market players are focusing on expanding their geographical reach and establishing a strong presence in emerging economies. They are also collaborating with local partners to gain a better understanding of the local market and to develop products that meet the specific needs of those markets. Radiant Cooling System Market development is driven by several factors, such as increasing demand for energy-efficient cooling solutions, growing awareness of the environmental benefits of radiant cooling, and government regulations promoting the adoption of sustainable technologies.Daikin is a leading provider of radiant cooling systems and has been in the Radiant Cooling System Market industry for over 50 years. The company has a strong focus on innovation and has developed a number of patented technologies that improve the efficiency and performance of its products. Daikin has also invested heavily in its manufacturing capabilities and has a global network of production facilities. This allows the company to meet the growing demand for its products and to provide customers with short lead times.Mitsubishi Electric is another major player in the Radiant Cooling System Market. The company has a wide range of products, including radiant panels, radiant cassettes, and radiant floors. Mitsubishi Electric also offers a variety of control systems that allow users to customize the performance of their radiant cooling systems. The company has a strong sales and marketing network and provides technical support to its customers.
Key Companies in the Radiant Cooling System Market Include:
- Tiemme SpA
- Roth Industries
- Rehau Group
- Brugman
- Uponor Infra Oy
- Wirsbot
- Giacomini SpA
- Uponor Corporation
- Luvata Oy
- GF Piping Systems
- Viega LLC
- Danfoss
- Caleffi Hydronics
- Watts Water Technologies
Radiant Cooling System Market Industry Developments
The Radiant Cooling System Market is projected to reach USD 5.2 billion by 2032, exhibiting a CAGR of 10.62% from 2024 to 2032. Growing demand for energy-efficient cooling solutions, increasing construction activities, and rising awareness about the benefits of radiant cooling systems are key factors driving market growth. Technological advancements, such as the development of phase change materials and improved control systems, are also contributing to market expansion.Recent developments in the market include the launch of new products, such as radiant cooling panels with integrated lighting and acoustic absorption capabilities. Strategic partnerships and collaborations between market players are also shaping the competitive landscape. For instance, in 2023, Uponor and Danfoss joined forces to enhance their offerings in radiant cooling systems. Moreover, government initiatives and regulations promoting sustainable building practices are creating favorable conditions for market growth.
Radiant Cooling System Market Segmentation Insights
- Radiant Cooling System Market Application Outlook
- Residential
- Commercial
- Industrial
- Radiant Cooling System Market Radiant Panel Type Outlook
- Radiant Cooling System Market Mounting Type Outlook
- Ceiling-Mounted
- Wall-Mounted
- Floor-Mounted
- Radiant Cooling System Market Flow Medium Outlook
- Radiant Cooling System Market Control System Outlook
- On/Off Control
- Modulating Control
- Variable Frequency Drive Control
- Radiant Cooling System Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.9 (USD Billion) |
| Market Size 2023 |
2.1 (USD Billion) |
| Market Size 2032 |
5.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
10.62% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Tiemme SpA, Roth Industries, Rehau Group, Brugman, Uponor Infra Oy, Wirsbot, Giacomini SpA, Uponor Corporation, Luvata Oy, GF Piping Systems, Viega LLC, Danfoss, Caleffi Hydronics, Watts Water Technologies |
| Segments Covered |
Application, Radiant Panel Type, Mounting Type, Flow Medium, Control System, Regional |
| Key Market Opportunities |
The growing construction industry is increasing energy efficiency concerns rising demand for comfortable indoor environments, technological advancements, and supportive government regulations. |
| Key Market Dynamics |
Increasing energy efficiency Growing demand for sustainable cooling solutions Technological advancements Government regulations Rising awareness of thermal comfort |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Radiant Cooling System Market is expected to reach USD 2.1 billion in 2023 and is projected to grow at a CAGR of 10.62%, reaching USD 5.2 billion by 2032.
The key regions in the Radiant Cooling System Market are North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to hold the largest market share in 2023, followed by Europe and Asia Pacific.
Major applications of Radiant Cooling Systems include commercial buildings, residential buildings, and industrial facilities. Radiant Cooling Systems are increasingly being used in commercial buildings due to their energy efficiency and ability to provide a comfortable indoor environment.
Key competitors in the Radiant Cooling System Market include Uponor, Danfoss, REHAU, Viega, and Watts Water Technologies. These companies offer a wide range of Radiant Cooling Systems for various applications.
Growth drivers of the Radiant Cooling System Market include increasing demand for energy-efficient cooling solutions, rising awareness of the benefits of Radiant Cooling Systems, and government regulations promoting sustainable building practices.
Challenges faced by the Radiant Cooling System Market include high installation costs, lack of skilled labor, and competition from traditional cooling systems.
Opportunities for the Radiant Cooling System Market include growing demand for green building solutions, increasing adoption of smart building technologies, and government incentives for energy-efficient systems.
Key trends in the Radiant Cooling System Market include the integration of Radiant Cooling Systems with renewable energy sources, the use of advanced materials for enhanced performance, and the development of wireless control systems.
The competitive landscape of the Radiant Cooling System Market is characterized by a mix of established players and emerging companies. Established players have a strong market presence and a wide product portfolio while emerging companies are focusing on innovation and niche markets.
Key factors to consider when choosing a Radiant Cooling System include the size of the space, the desired cooling capacity, the energy efficiency of the system, and the cost of installation and maintenance.
