Wilmington, Delaware, United States, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for radiant cooling systems was estimated to have acquired US$ 2.1 billion in 2022. It is anticipated to advance with a 5.3% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 3.4 billion.
Construction is anticipated to drive the global economy during the forecast period. The need for new buildings with residential radiant cooling systems is anticipated to increase due to rapid urbanization and the changing climate.
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The global market is anticipated to grow as a result throughout the projected period. Global expansion of commercial building projects is also advancing the industry.
Global Radiant Cooling Systems Market: Key Players
A number of local and international companies, making the business extremely competitive and stagnant, dominates the market for radiant cooling systems. The main companies are implementing growth strategies, such as investments in research and development, product expansions, and mergers and acquisitions, according to the most recent research of the radiant cooling systems market.
The following companies are well-known participants in the global radiant cooling systems market:
- BEKA Heiz- und Kühlmatten GmbH EKA Heiz
- Danfoss Group
- Emerson Electric Co.
- Giacomini SpA
- Jardine Engineering Corporation
- MrPEX Systems
- Rehau
- Uponor Oyj
- Watts Water Technologies Inc.
- Zehnder Group AG
Key developments in the global market for radiant cooling systems are:
| Market Player | Year | Key Developments |
| Giacomini SpA | 2022 |
|
| Danfoss Group | 2019 |
|
| SunTouch | 2022 |
|
Key Findings of Market Report
- The market dynamics are being influenced by the rising trend toward smart houses.
- A satisfactory living experience for oneself is also being ensured by considerable investments in energy-efficient, smart, and high-end security systems, thanks to technical breakthroughs and an increase in consumer disposable money worldwide.
- Artificial intelligence (AI) has been shown to be beneficial in radiant cooling systems because it can increase indoor environmental quality as well as energy efficiency.
- AI significantly minimizes carbon emissions when utilized in radiant cooling systems.
- AI would eventually be utilized to lower energy prices and usage.
- At a substantially lower energy cost, it is also feasible to preserve air quality for both temperature and humidity.
Market Trends For Radiant Cooling Systems
- Radiant cooling panels and thermally activated building systems are included in the market segmentation based on type. The radiant cooling panels type segment is expected to dominate the industry in the coming years.
- Radiant cooling panels are particularly efficient in cooling at relatively high temperatures (usually 15–19°C). Growth in the building sector is driving up demand for radiant panels. Radiant cooling is built on the radiation heat transfer method. With this method, comparable greater levels of comfort may be attained while consuming less energy.
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Radiant Cooling Systems Market Regional Outlook
Various reasons are propelling the growth of the radiant cooling systems market in different regions. These are:
- In 2022, North America accounted for a sizable portion of the global industry. During the forecast period, it will likely dominate the world market. The demand for radiant cooling systems in North America is primarily driven by the growth of the business sector, fast industrialisation, and escalating climate change challenges in the United States and Canada.
- The market size for radiant cooling systems in Asia Pacific is anticipated to grow in the near future due to rising consumer disposable income and a spike in government programs to promote green buildings.
Global Radiant Cooling Systems Market Segmentation
- Type
- Thermally Activated Building Systems
- Radiant Cooling Panels
- Installation Surface
- Floors
- Walls
- Ceilings
- Area of Application
- New Buildings
- Existing Buildings / Renovations
- Building Type
- Residential
- Industrial
- Commercial
- Administrative Buildings
- Hospitals & Nursing Homes
- Showrooms & Offices
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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