Europe Heat Exchanger Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast The Europe heat exchanger market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. 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.
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.