Frost & Sullivans analysis of the North American and European heat exchanger markets predicts that they will record a CAGR of 3.4% and 3.2%, respectively, from 2020 to 2025, with revenues reaching USD 4.7bn for North America and USD 5.02bn for Europe.
Frost & Sullivans latest research, North American Heat Exchangers Market, Forecast to 2025, and European Heat Exchangers Market, Forecast to 2025, analyzes the top product segments and end-user industries in North America and Europe and provides comprehensive revenue forecasts for the industry through 2025.
In Europe, the growing shift toward renewable energy and reliable power generation is driving the need for heat exchanger systems. Strong demand from end-user industries with a positive investment climate, HVAC and power generation, and prioritization of low carbon footprints and improved energy efficiency are expected to propel the demand for energy-efficient heat exchangers in the next five years.
As for North America, the growth of data centers and rising demand for energy efficiency have increased the number of heat exchanger applications for HVAC and refrigeration purposes. The focus on improving energy efficiency will propel stronger growth in the gasketed plate-and-frame segments going forward.