A direct contact heat exchanger using particle-suspended gas as a heat transfer medium is analyzed with an extended emphasis on the radiation, i. e., considering the radiation by both gas and particles. While the Runge-Kutta method is used for a numerical analysis of the momentum and energy equations, the finite volume method is utilized to solve the radiative transfer equation. Present study shows a notable effect by the gas radiation in addition to the particle radiation, especially when changing the chamber length as well as the gas and particle mass flow rate. When the gas and particle mass flow rate is raised, the gas temperature in the particle heater still increases as the gas absorption coefficient increases, which is different from the results for the small scale heat exchanger.