LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global thermostatic radiator valve market to grow at a CAGR of almost 3% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global thermostatic radiator valve market for 2017-2021. The market size has been calculated based on new and replacement demand for TRV from various regions.
Heating equipment finds high demand in Europe and the Americas owing to the extreme weather conditions. Replacement activities from the US, the UK, and Canada, along with rising construction activities, will create increased demand for heating equipment and controls such as TRVs. Domestic boilers and radiators exhibit a high installation rate in Europe and North America. Domestic boilers and radiators together occupy nearly one-third of the heating equipment market by volume in these regions.
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Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the global thermostatic radiator valve market:
Increasing adoption of condensing boilers in heating systems
There are two main systems for heating in buildings: furnace-based and boiler-based systems. The furnace-based technology finds prominence in the North American and APAC markets, whereas the boiler-based systems dominate the European market, which subsequently translates into a demand for TRVs.
Anju Ajaykumar, a lead unit operations research analyst at Technavio, says, “The major disadvantage of boiler-based systems is the high emissions. To this effect, regulators are formulating standards that necessitate the adoption of energy-efficient and low-emission boiler systems.”
Cost reduction and efficiency
Construction activities in Europe are expected to pick up in 2017 and onward, especially in the residential sector, which is expected to boost the demand for the heating system market in Europe and thereby spur the demand for heating system control devices such as TRVs. The construction outlook in about 19 major countries of Europe shows bright prospects with the Irish construction market being expected to exhibit the highest growth till 2017.
“In 2016, the new home completions in Europe witnessed an approximately 9% rise compared with the low-point in 2013. The influx of refugees from the Middle East into countries such as Norway and Germany is supplementing the growth of the housing sector in Europe,” adds Anju.
Energy saving potential of efficient TRVs
The use of TRVs ensures that the heat will only flow to the radiator when the room temperature is less than an adjustable set point. The boiler's heat can be redirected to rooms to be heated by the application of TRVs, permitting the overall setting to be dialed back, as windows remain closed in the overheated areas. TRVs can yield fuel savings between 3% and 20%.
Top vendors:
- Caleffi
- Danfoss
- Drayton
- Honeywell International
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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