Europe Heat Exchanger Market Outlook 2031:
The Europe Heat Exchanger market size was valued at USD 5.7 Billion in 2022 and is projected to reach USD 8.69 Billion by 2031, expanding at a CAGR of 4.8% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing demand for automotive and industrial sectors.
Heat exchanger is an equipment or device that transfers energy between two or more fluids at different temperatures. Various types of heat exchangers are developed for a wide range of domestic and industrial applications. This includes steam power plants, chemical processing plants, building heat & air conditioning systems, and transportation power systems.
Heat exchangers are applied in both cooling as well as heating processes. The fluids may be separated from solid wall to prevent mixing or may be in direct contact with each other. They are also used in space heating, refrigeration, petrochemical plants, petroleum refineries, natural gas processing, and sewage treatment. The heat exchanger is also utilized in an internal combustion engine. In this system, a circulating fluid, also known as engine coolant, flows through radiator coils and air flows past the coils, which cools the coolant and heats the incoming air.
Europe Heat Exchanger Market Trends, Drivers, Restraints, and Opportunities
- Rapid industrialization and urbanization are the major factors that are driving the heat exchanger market growth.
- Introduction of rigorous emission norms to reduce emissions is anticipated to propel the market expansion during the forecast period.
- Low weight and compact size of heat exchangers as compared to the conventional types is speculated to fuel the market growth.
- Shell and tube are the broadly used types of heat exchangers, which are major factors pushing the market growth during the forecast period.
- Low-pressure drop, economic viability, and high efficiency are some of the significant features that may favor product adoption over available alternatives, which in turn, can boost the market expansion in the coming years.
- The COVID-19 outbreak and the imposition of lockdown restrictions by governing agencies had negatively impacted the operations at various manufacturing units. However, the relaxation in the restrictions is expected to positively influence the market growth.
- Increasing cost of production of heat exchangers due to increasing price of raw materials can hamper the European heat exchangers market growth during the forecast period.
- Increasing R&D investments and ongoing technological advancements with the development of new hybrid heat exchangers is anticipated to create significant opportunities for the market players in the projected timeline.
Scope of the Europe Heat Exchanger Market Report
The report on the Europe heat exchange market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Europe Heat Exchange Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Residential, Commercial, and Industrial)
Germany, Italy, France, and Rest of Europe
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Vahterus Oy, Alfa Laval, Danfoss A/S, Hisaka Works Ltd, and LARSEN & TOUBRO LIMITED
Europe Heat Exchange Market Segment Insights
Industrial segment is projected to account for a large market share
On the basis of applications, the market is segmented into residential, commercial, and industrial. The industrial segment is expected to hold a key market share during the forecast period due to the rapid industrialization.
Shell and tube heat exchangers in industrial applications can manage fluids at high temperatures and pressures due to which they are preferred in a variety of applications, such as chemical, petrochemical, oil & gas, food & beverage, and power generation.
Germany to dominate the market
In terms of geographies, the market is categorized as Germany, Italy, France, and the Rest of Europe. Germany is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to rising concerns toward environmental pollution and shifting trends to curb carbon emissions across the industrial sector.
Growing demand for centralized heating systems across the commercial and residential sectors is contributing to the industry expansion in the country. Germany is transforming waste heat to electricity with the help of a heat exchanger, which is used in the thermal power plant.
The global Europe heat exchange market has been segmented on the basis of
- Rest of Europe
Key players competing in the Europe heat exchange market include Vahterus Oy, Alfa Laval, Danfoss A/S, Hisaka Works Ltd, and LARSEN & TOUBRO LIMITED.
Companies are engaging in partnerships and collaborations to expand their market share.