Europe Cooling Systems Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Cooling Systems Market Analysis
The Europe cooling systems market is expected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market now reached pre-pandemic levels.
- Over the medium term, increasing investment in the oil and gas downstream sector is expected to drive the market's growth.
- On the other hand, the increased share of renewables in the power sector is expected to hamper the Europe cooling systems market growth during the forecast period.
- Nevertheless, increasing advancements in the cooling system technology to achieve sustainable industrial growth are likely to create lucrative growth opportunities for the Europe cooling systems market in the forecast period.
- Germany dominates the market and will likely witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments in the energy sector (oil and gas, power, etc.) and chemical and petrochemical industries.
Europe Cooling Systems Market Trends
This section covers the major market trends shaping the Europe Cooling Systems Market according to our research experts:
Heat Exchangers to Witness Significant Growth
- A heat exchanger is a system or equipment that transfers heat between two or more mediums. These media are typically fluid, gas, or a combination of gas and liquid. Heat exchangers are classified into three types. Finned Tube heat exchangers: air or gas to fluid, Shell and tube heat exchangers: Fluid to fluid or Fluid to gas, Plate heat exchangers: Fluid to fluid or Fluid to Vapor.
- Heat exchangers are used in many engineering applications, such as heating and air-conditioning systems (HVAC), refrigeration, power plants, waste heat recovery units, food processing systems, automobile radiators, and chemical processing systems.
- In 2021, electricity production in Europe stood at 4,032.5 terawatt-hours. This represented an increase of nearly 4% compared to the previous year.
- Hydraulic systems are also one of the major end users of heat exchangers. They're used to maintain the desired temperature of the hydraulic fluid. Suppose the hydraulic oil or fluid temperature is less than the desired temperature. In that case, the fluid's viscosity increases, resulting in sluggish operation and excessive pressure drop.
- In March 2021, HRS Heat Exchangers received various orders for pharmaceutical heat exchangers placed by Pfizer, Moderna, and Oxford Astra Zeneca subcontractors. The order for heat exchangers would likely be used in the United Kingdom and Europe.
- On similar lines, if the temperature of hydraulic fluid or oil is higher than the operable temperature, the excess temperature can heat the oil, start oil decomposition, form varnish on system component surfaces, and begin to deteriorate system seals. Excess heat sooner or later spells trouble for any hydraulic system. Too much heat breaks down oil, damages seals and bearings, and increases wear on pumps and other components.
- Therefore, based on the factors mentioned above, the heat exchangers segment is expected to dominate the Europe cooling systems market during the forecast period.
Germany to Dominate the Market
- Germany is Europe's most industrialized and populous country, famed for its technological advancement. The country is one of the leading global producers of cars, vehicle parts, pharmaceuticals, aircraft, helicopters and spacecraft, refined petroleum, petroleum gas, engine parts, machinery having individual functions, medical instruments, human or animal blood, etc.
- The country witnessed a considerable expansion in the energy, chemical, and petrochemical industries in the last two decades. Moreover, the country has a well-developed manufacturing of cooling systems.
- In 2021, Germany generated 584.5 terawatt hours of electricity, an increase of nearly 2% from the previous year. Nevertheless, during the period in consideration, figures decreased by 1.9 terawatt hours and peaked at over 651 terawatt hours in 2017.
- Due to the rising demand for petrochemicals, the country also witnessed significant investments in the petrochemical sector. Similar to refineries which require process cooling for hydraulic systems, the construction of new petrochemical plants. For instance, in April 2022, INEOS Nitriles announced its intention to invest in a world-scale Acetonitrile production facility in Koln, Germany, which is expected to push the demand for cooling systems during the forecast period.
- In October 2022, Germany's Ministry for Economic Affairs and Climate Action issued a call for proposals for research and pilot projects to accelerate the transition to heat pumps and other climate-neutral forms of heating and cooling. Such key developments are expected to create significant demand for cooling systems.
- Therefore, the growing demand for cooling systems from various end-user industries is expected to drive the segment in the coming years.
Europe Cooling Systems Industry Overview
Europe's cooling systems market is moderately fragmented in nature. Some of the major players in the market (in no particular order) include Alfa Laval AB, Danfoss AS, General Electric Company, Parker Hannifin Corp., and Hydac International GmbH.
Europe Cooling Systems Market Leaders
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Alfa Laval AB
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Danfoss AS
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General Electric Company
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Parker Hannifin Corp.
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Hydac International GmbH
*Disclaimer: Major Players sorted in no particular order
Europe Cooling Systems Market News
- In May 2022, Alfa Laval signed an agreement with SSAB to develop and commercialize the world's first heat exchanger of fossil-free steel. The companies aim to create the first unit of heat exchanger made with hydrogen-reduced steel ready by 2023. This collaboration is an important step in Alfa Laval's aim to become carbon neutral by 2030. These heat exchangers could save energy by 50% and reduce CO2 emissions by 40%.
- In February 2022, Alfa Laval launched the new Alfa Laval AC540 brazed plate heat exchanger at their first online net-zero launch event. These brazed plate heat exchangers are designed to work with environmentally friendly refrigerants, such as R32, carbon dioxide, and other low-GWP refrigerants. Furthermore, the heat exchangers are ideal for multiple scroll chillers from 250-800kW.
Europe Cooling Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, until 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
6. Cooling Equipment
6.1 Heat Exchangers
6.2 Fans and Blowers
6.3 Other Cooling Equipment (fins)
7. End-user
7.1 Energy Sector (Oil & Gas, Power, etc.)
7.2 Chemical and Petrochemicals
7.3 Agriculture and Construction
7.4 Other End-Users
8. Application
8.1 Hydraulic Systems
8.2 Engine
9. Geography
9.1 France
9.2 Norway
9.3 Italy
9.4 Germany
9.5 Rest of Europe
10. COMPETITIVE LANDSCAPE
10.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
10.2 Strategies Adopted by Leading Players
10.3 Company Profiles
10.3.1 Alfa Laval AB
10.3.2 Thermax Limited
10.3.3 Danfoss AS
10.3.4 API Heat Transfer
10.3.5 Xylem Inc.
10.3.6 HRS Heat Exchangers
10.3.7 General Electric Company
10.3.8 SPX Flow Inc.
10.3.9 EJ Bowman
10.3.10 Parker Hannifin Corp.
10.3.11 W.W. Grainger Inc.
10.3.12 Hydac International GmbH
- *List Not Exhaustive
11. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Cooling Systems Industry Segmentation
A cooling system maintains the optimum operating temperature of various components, production processes, and machinery across industries, manufacturing units, heavy vehicles, etc.
The Europe cooling systems market is segmented by cooling equipment, end-user, application, and geography. Cooling equipment, the market is segmented into heat exchangers, fans and blowers, and other cooling equipment (fins). By end-user, the market is segmented into the energy sector (oil and gas, power, etc.), chemical and petrochemicals, agriculture and construction, and other end-users. By application, the market is segmented into hydraulic systems and engines. The report also covers the market size and forecasts for the Europe cooling systems market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD Million).
Europe Cooling Systems Market Research FAQs
What is the current Europe Cooling Systems Market size?
The Europe Cooling Systems Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Europe Cooling Systems Market?
Alfa Laval AB, Danfoss AS, General Electric Company, Parker Hannifin Corp. and Hydac International GmbH are the major companies operating in the Europe Cooling Systems Market.
What years does this Europe Cooling Systems Market cover?
The report covers the Europe Cooling Systems Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Cooling Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Cooling Systems Industry Report
Statistics for the 2024 Europe Cooling Systems market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Europe Cooling Systems analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
