March 12, 2020
As per the report titled ‘Europe Heat Exchanger Market Statistics By Technology, Application, Country Outlook, Industry Size, Share, Growth Trends & Forecast, 2019 - 2025’, available with Market Study Report LLC, Europe heat exchanger market is projected to grow with a CAGR of 7% over 2019-2025.
The expanding oil and gas sector coupled with stringent government norms aimed to reduce the carbon footprint are augmenting the growth of Europe heat exchanger market. Rising demand for efficient heat transfer equipment in tandem with inflowing investments for the upgradation and expansion of industrial infrastructure are boosting the demand for heat exchangers in Europe.
Rapid industrialization in developing economies is fueling the need to increase the power generating capacity, which in turn is stimulating the demand for heat exchanger across power generation sector.
Based on the technology, Europe heat exchanger market is classified into shell tube, plate, air cooled, and others. Plate segment is expected to see modest growth during the forecast period. Increasing deployment of waste heat recovery systems across the industrial sector and escalating demand for thermal storage systems are supporting the product adoption. Moreover, growing focus towards energy optimization, especially in the food processing industry will boost the product adoption in the forthcoming years.
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Speaking of the application, Europe heat exchanger market is fragmented into oil & gas, power generation & metallurgy, chemical, marine, central heating & refrigeration, mechanical industry, food processing, and others. The demand for heat exchangers in chemical sector is expected to rise considerably in the coming years, owing to growing focus on resource recovery and utilization and growing investments towards the expansion of chemical production units. The implementation of stringent emission norms will further boost the product adoption across the chemical sector.
As per the regional analysis, UK heat exchanger market is presumed to gain decent traction in the forthcoming years, owing to the surging demand for centralized heating and cooling solutions across the residential and commercial sectors in tandem with strict GHG norms. Replacement of conventional systems with new heat exchanger systems on account of energy optimization will further expand the regional business landscape.
Elaborating further on the regional landscape, France heat exchanger market was valued at USD 300 million in 2018 and is expected to see a sizeable growth during the study period. Ongoing research & development activities for high efficiency and low-cost heat transfer solutions and strict government mandates are supporting the growth of heat exchanger market in France.
Prominent players in Europe heat exchanger market are KNM, Larsen & Toubro, HRS, Alfa Laval, Hitachi Zonsen, SPX-Flow, Thermowave, API, FUNKE, Wessels, IHI, SWEP International, Vahterus, Accessen, Doosan, Danfoss, Kelvion, Xylem and Koch.
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