|European & North American Heat Exchangers Market, Forecast to 2025|
|Sustainability and Reduced Carbon Footprint are Key Themes as the Revenue Share of HVAC and Refrigeration Continues to Increase while that of Traditional Process Industries Decreases|
The European heat exchangers market recorded steady growth in 2019, following a period of economic downturn over the past few years. The market witnessed strong demand from end users, with a positive investment climate across key end-use industries such as chemicals and petrochemicals; heating, ventilation, and air conditioning (HVAC); and power generation. Currently, the growing shift toward renewable energy and reliable power generation is driving the need for compact and energy-efficient heat exchanger systems. However, market growth is set to be impacted by the increasing replacement of shell and tube heat exchangers with compact plate heat exchangers, limiting overall revenue growth. The commoditization of certain heat exchangers can also restrain market revenue growth.
The North American heat exchangers market is currently recording steady growth after a period of prolonged economic depression due to the weakening of the oil and gas industry. The emergence of the United States as a powerhouse in the oil and gas industry and the high availability of natural gas are driving market investments for heat exchangers. In particular, the shift toward gas-fired thermal power generation and a large number of renewable energy projects are expected to revive the demand for heat exchangers over the forecast period.