Heat Exchanger Market Overview With Detailed Analysis, Competitive Landscape & Industry Revenue to 2030
Research Reports
Mar 10, 2022
The global heat exchanger market is likely to grow at a 9.5% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. A heat exchanger, simply put, is a device that transfers the heat from a specific medium to another. Heat is transferred through conduction by exchanger materials that separate the mediums being used. They are more reliable and efficient in operation when specific parameters like installation, flow rate, and temperature differential guidelines are successfully evaluated.
Various factors are fuelling the global Heat Exchanger Market share. As per the recent MRFR market estimates, such factors include the growing adoption in different industrial applications such as spas and swimming pools, mining, power generation, mobile power plant, food process equipment, marine, and hydraulic and industrial processing, increase in power demand from non-commercial and commercial sector, growing population, economic growth in the developing nations, technological developments in heat exchangers, growth in HVACR process equipment, rising investments in manufacturing, industrial, and commercial projects, and rise in industrialization.
On the contrary, lack of awareness about energy efficiency in buildings, impact of the COVID-19 pandemic, high cost of heat exchangers, and fluctuations in raw material prices may impede the global heat exchanger market growth over the forecast period.
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Competitive Outlook
- Danfoss A/S
- Southern Heat Exchanger
- Koch Heat Transfer Company
- Xylem Inc.
- Gunter AG & Co. KG
- Sierra S.p.A
- SPX Corporation
- Hamon & Cie International SA
- Kelvion Holdings Gmbh
- Alfa Laval AB
- Hughes Anderson Heat Exchangers
- API Heat Transfer Inc.
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Segmentation
The global heat exchanger market has been segmented on the basis of type and application. Based on type, the market is further segmented into shell & tube, plate, regenerative and air cooled. Shell & tube heat exchanger segment is expected to dominate the market, mainly due to higher operating temperatures and pressure, huge potential of heat transfer, ease of fault detection, less pressure drop across the tube cooler and free from erosion.
Based on application the heat exchangers market is further classified as chemicals, oil & gas, power generation, HVACR, food & beverages, and others. Heat exchangers are the basic heat transfer equipment used in chemical process industries such as polymers and plastics, petrochemicals, agrochemicals and pharmaceutical companies. Hence, chemical segment holds the largest market share in heat exchanger market. Oil & gas industry also holds second largest market share owing to increase in refineries and mining machinery coolers.
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Regional Analysis
The Asia Pacific region is dominating the heat exchanger market, due to increasing investments in chemical industries and increasing power generation capacity in countries like China, Japan and India. Hence, the growth of manufacturing, chemical, and construction industries in Asia-Pacific is expected to dominate the market growth during the forecast period. According to World Nuclear Performance Report 2018, published by World Nuclear Association, four reactor construction projects has been commissioned by 2017 with a capacity of 4298 MW from countries such as India, Bangladesh and South Korea, which signifies a huge contribution from Asia-Pacific countries which drives the market demand for heat exchange market. Hence, global heat exchanger market generates a significant demand across verticals of industries for application of heat exchanger which brings the market growth during the forecast period.
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