The European heat exchanger market is expected to register a CAGR of more than 7.21% during the forecast period, 2020 - 2025. On account of the increasing focus on the development of the regional industrial sector, some government policies have been the major factors driving the demand for the heat exchanger market. The introduction of stringent emission norms to reduce emissions may further strengthen product adoption. The increasing cost of production of heat exchangers due to the ever-increasing cost of raw materials is anticipated to hamper the growth of the European heat exchangers market. The cost of these metals has increased significantly during recent years. which have been the major restraining factors for the heat exchanger market.
- The European heat exchanger market has been evolving to meet the ever-changing demands of industrial processes and the environment in which they have to work. The manufacturing companies have introduced new hybrid heat exchangers that are extremely efficient and flexible.
- Moreover, the low weight and compact size of these heat exchangers, as compared to the conventional ones, have provided added advantages in location, which has space constraints, such as offshore platforms. Thus, the introduction of new hybrid heat exchangers technology is a major opportunity in the market studied.
- Germany is expected to witness major industrial activities in the forecast period, and it is expected to dominate the market over the forecast period.
Key Market Trends
Industrial Segment to Dominate the Market
- The expansion of industrialization has been driving the market for heat exchangers in Europe.
- In 2019, Europe was the largest market for heat exchangers. The region has huge installed plant capacities of heat exchangers.
- Shell and tube are the most widely used types of heat exchangers that had accounted for the significant share of the industrial heat exchangers market in 2018.
- Shell and tube heat exchangers can manage fluids at high temperatures and pressures due to which they have been preferred in a variety of applications, such as chemical, petrochemical and oil and gas, food and beverage, and power generation.
Germany to Dominate the Market
- The German heat exchanger market size is anticipated to register a significant growth rate over the forecast period. Rising concerns toward environmental pollution, along with shifting trends to curb carbon emissions across the industrial sector, may augment business growth.
- The growing demand for centralized heating systems across the commercial and residential sectors may significantly contribute to industry expansion.
- Germany has been transforming waste heat to electricity with the help of a heat exchanger used in the thermal power plant and increase electricity consumption by 35%, 2025.
- Low-pressure drop, economic viability, and high efficiency are some of the significant features that may favor product adoption over available alternatives.
The European heat exchanger market is moderately fragmented. Some of the key players in the market studied are Vahterus Oy, Alfa Laval, Danfoss A/S, Hisaka Works Ltd, and Larsen & Toubro Limited, among others.
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