Radiant Cooling System Market Size - By Type (Thermally Activated Building System, Radiant Cooling Panels), By Installation Surface (Floor, Wall, Ceiling), By Application Area (New Buildings, Existing Buildings/Renovation), By Building Type & Forecast, 2024 – 2032

Radiant Cooling System Market Size

Radiant Cooling System Market was valued at USD 2.29 billion in 2023 and is set to grow over 5.1% CAGR from 2024 to 2032. With increasing concerns about energy consumption and environmental impacts, there is a growing demand for energy-efficient Heating, Ventilation, and Air Conditioning (HVAC) solutions. Radiant cooling systems, which use water pipes or panels to cool indoor spaces through radiant heat transfer, offer significant energy savings compared to conventional air conditioning systems. As a result, the adoption of radiant cooling systems in commercial, residential, and industrial buildings is expected to grow.
 

Ongoing advancements in materials, control systems, and installation techniques are making radiant cooling systems more efficient, cost-effective, and easier to install. For example, the development of high-performance radiant panels with improved thermal conductivity and surface materials can enhance the cooling performance of these systems while reducing energy consumption. Smart building technologies and advanced control systems enable better monitoring and optimization of radiant cooling systems, further enhancing their efficiency and performance.

The installation of radiant cooling systems typically involves higher upfront costs compared to traditional HVAC systems. This cost barrier can deter some potential customers, especially in regions with no incentives or rebates available for adopting energy-efficient technologies. Retrofitting existing buildings with radiant cooling systems can be challenging and expensive due to the need to embed the radiant panels into floors, walls, or ceilings. The complexity of installation can also extend project timelines, causing inconvenience to building occupants. Building owners may be hesitant to adopt these systems if they perceive ongoing maintenance costs to be burdensome, which may affect market growth.
 

Radiant Cooling System Market Trends

While radiant cooling systems are more commonly used in commercial buildings, there is a growing interest in their applications in residential buildings. Homeowners seeking energy-efficient cooling solutions and improved indoor air quality contribute to the expansion of radiant cooling systems in the residential market. These systems offer benefits beyond energy efficiency including improved thermal comfort and indoor air quality. Manufacturers and building designers may continue to emphasize these benefits as part of marketing efforts to attract customers concerned with occupant comfort and health.
 

Government initiatives aimed at reducing energy consumption and Greenhouse Gas (GHG) emissions are also boosting the adoption of radiant cooling systems. Various regulations, standards, and incentives promote the use of energy-efficient HVAC technologies including radiant cooling systems. For example, building codes may incentivize or require the use of radiant cooling systems in certain regions or building types, further stimulating market demand. Overall, the radiant cooling system industry is expected to continue growing as building owners, developers, and homeowners seek energy-efficient, comfortable, and sustainable HVAC solutions. Technological advancements, regulatory support, and increasing awareness of the benefits of radiant cooling systems are expected to drive further innovations and adoption in the coming years.
 

Radiant Cooling System Market Analysis

Based on product type, the radiant cooling panels segment accounted for USD 1.66 billion in 2023. Radiant cooling panels operate at lower water temperatures compared to conventional forced-air systems, which can lead to higher energy efficiency, especially when coupled with energy-efficient chillers or heat pumps. Radiant cooling panels have fewer moving parts compared to traditional HVAC systems, leading to reduced maintenance requirements and potentially lower long-term operating costs. They offer flexibility in building design since they can be integrated into various architectural elements, such as ceilings, walls, or floors, providing both cooling and aesthetic benefits.
 

Based on installation surface, the ceiling segment held approximately 66% share of the market in 2023. Ceilings typically have larger surface areas compared to walls or floors in a room. This larger surface area allows for more efficient heat transfer between the cooling system and the room. Radiant cooling relies on radiative heat transfer rather than convective heat transfer. Placing the cooling surface on the ceiling reduces convective air movements, which can interfere with the effectiveness of radiant cooling. This is expected to propel segment growth.
 

Based on application area, the existing building/renovation segment captured more than 58% share of the radiant cooling system market in 2023. Retrofitting radiant cooling into existing buildings tends to involve less disruption compared to installing it in new constructions. Since the building structure is already in place, modifications can often be made without significant alterations to the existing infrastructure. Renovating existing buildings with radiant cooling systems can significantly improve energy efficiency. By utilizing the thermal mass of the building structure, radiant cooling systems can reduce the need for mechanical cooling and lower energy consumption, leading to cost savings and environmental benefits.
 

North America radiant cooling system market size surpassed USD 734 million in 2023. North America has been at the forefront of technological innovation including advancements in energy-efficient building systems. Radiant cooling systems, which utilize the principle of transferring heat through radiation, have gained traction as an efficient alternative to traditional air conditioning systems. North America has stringent building codes and regulations aimed at promoting energy efficiency and reducing carbon footprint. Radiant cooling systems, known for their energy efficiency and ability to comply with these standards, have seen increased adoption in commercial and residential buildings across the region. The rise in disposable income further contributes to this regional market trend.
 

Radiant Cooling System Market Share

In 2023, dominant market players including Jardine Engineering Corporation (JEC), Giacomini Spa, Danfoss Group, Emerson Electric Co., and Rehau collectively held a substantial 20%-25% market share. The market is highly fragmented. These industry leaders are actively engaged in strategic initiatives, such as mergers & acquisitions, facility expansions, and partnerships, to broaden their product portfolios, reach a wider customer base, and strengthen their market presence. These companies continuously invest in research & development to improve their products and incorporate new technologies, allowing them to stay ahead of the competition.
 

Radiant Cooling System Market Companies

Major players operating in the radiant cooling system industry are:

• Jardine Engineering Corporation (JEC)
• Giacomini Spa
• Danfoss Group
• Emerson Electric Co.
• Rehau
• Radiana Ltd.
• BeKa Heiz
• PillarPlus Inc.
• Oorja Energy Engineering Services Pvt Ltd
• SusPower L.L.C.
• Messana Radiant Cooling
• MrPEX Systems
• Uponor Oyj
• Watts Water Technologies Inc.
• Zehnder Group AG
   

Radiant Cooling System Industry News

• In September 2022, Giacomini SpA joined Q-RAD, a leading Italy-based company that makes high-quality radiant systems, to raise awareness about the advantages of radiant heating and cooling to save energy and provide comfort for people living in residential, tertiary, and industrial settings.
   
• In April 2021, a team of international researchers offered a new design for conventional HVAC systems through a newly designed radiant cooling system comprising tubes embedded in specialized membranes to prevent water condensation in hot & humid climates. This system saves energy and can mitigate the spread of respiratory diseases, such as COVID-19, in airtight buildings, and the research study was published in the journal ‘Applied Energy’.
   
• In August 2020, a collaboration between researchers and scholars from the University of British Columbia, the University of Berkeley, ETH Zurich in Singapore, and the University of Pennsylvania resulted in the development of a ‘Cold Tube’, an outdoor pavilion lined with novel insulated radiant panels that hold water pipes inside. This radiant cooling technology can mitigate climate change and contain the spread of COVID-19.
   

This radiant cooling system market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (Million Units) from 2018 to 2032, for the following segments:

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Market, By Type

• Thermally activated building system
• Radiant cooling panels

Market, By Installation Surface

• Floor
• Wall
• Ceiling

Market, By Application Area

• New building
• Existing building/renovation

Market, By Building Type

• Residential
• Industrial
• Commercial

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia    
  • Indonesia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA