Heat Exchanger Market Business Insights, Industry Analysis, Forecast By 2030

Heat Exchanger Market Overview:

Heat Exchanger Market share is expected to be worth USD 33.8 billion by 2030, growing at a CAGR of 6.8%. (2022 – 2030).

Market Research Future Insights

Devices called heat exchangers are used to interchange or transfer heat from one medium to another. Not only are heat exchangers used in heating applications, but they are also employed in cooling applications, such air conditioners and freezers. Power stations, chemical plants, facilities for the processing of natural gas, sewage treatment facilities, and oil refineries all use it extensively. The chemical and natural gas processing industries’ increased demand for heat exchangers is a major factor in the market’s rapid growth.

Globally tightening environmental restrictions are the main factor influencing market demand. Additionally, the development of heat exchanger technology has a favourable impact on the market’s expansion. However, the market’s expansion can be hampered by volatile raw material costs and high synthetic costs.

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Due to the existence of a significant number of major and medium-sized competitors participating in regional markets, the global heat exchanger market looks to be highly fragmented and competitive. The review of recent actions taken by the major companies revealed the following important strategies: product launch, partnership and agreement, acquisition, and growth. During the projection period, strategic alliances between major players will help the growth and expansion objectives of the key players. Companies are spending in innovation/R&D, brand development, and developing solid customer relationships on the product and sales side in order to maintain their competitive position.

Covid-19 Impact on Heat Exchanger Market

Project Delays: Lockdowns, travel restrictions, and social distancing measures hindered project execution and maintenance activities. Many construction projects were delayed or put on hold, impacting the demand for heat exchangers in various applications.

Oil Price Volatility: The pandemic led to a significant drop in oil prices due to decreased demand and an oversupply. This affected investment in oil and gas projects, which are major consumers of heat exchangers, potentially leading to reduced demand in this sector.

Remote Work Challenges: The heat exchanger industry, like others, had to adapt to remote work arrangements, which might have affected communication, project management, and decision-making processes.

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Regional Analysis:

The European area dominates the world market for heat exchangers. In terms of both demand and production capability, it is a leading region for plate and frame heat exchangers. Germany, the United Kingdom, and France are important market growth contributors in Europe. The forecast period is expected to see the highest growth in the Asia Pacific area. A few of the important markets for Heat Exchanger in the Asia Pacific area include China, India, Japan, Australia, and Indonesia. Urbanization and industrialisation are key factors in the region’s market expansion. Due to the increase in use of heat exchangers in Middle Eastern refineries, the region is also an important market for these devices.

Market Segmentation:

The market is divided into Shell and Tube Heat Exchangers, Plate Heat Exchangers, Regenerative Heat Exchangers, and Air Cooled on the basis of type. The market’s type segment is dominated by Shell and Tube heat exchangers. It is one of the most often utilised types of heat exchangers worldwide. Oil refineries and other big chemical processes employ this exchanger for high-temperature and high-pressure applications. During the projection period, the Plate Heat sector is anticipated to develop at the greatest CAGR. This industry’s expansion is attributable to the expansion of its uses in the processing of hydrocarbons, petroleum & chemicals, and food & beverages.

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The market is divided into Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages, and Other categories based on application. Petrochemicals are the market leader in the application area, with chemicals coming in second. During the projection period, the HVACR segment is anticipated to increase at the greatest CAGR.

Key Players:

some of the prominent players in the Global Heat Exchanger Market

• Alfa Laval AB (Sweden)
• Kelvion Holdings Gmbh (Germany)
• Southern Heat Exchanger (U.S.)
• Danfoss A/S (Denmark)
• SPX Corporation (U.S.)
• Xylem Inc. (U.S.)
• API Heat Transfer Inc. (U.S)
• Gunter AG & Co. KG (Germany)
• Sierra S.p.A (Italy)
• Hamon & Cie International SA (Belgium)

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