New York, Nov. 08, 2021 (GLOBE NEWSWIRE) — Heat Exchanger Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Heat Exchanger Market Research Report, Type, Application and Region – Forecast till 2027” the market is projected to be worth USD 33.57 billion by 2030, registering a CAGR of 8.35% during the forecast period (2022 – 2030), The market was valued at USD 17.84 billion in 2021.
List of the companies profiled in the global heat exchanger industry report include
- 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). ,
- Among others.
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The global heat exchanger market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
Market Research Future’s Review on Heat Exchanger Market
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the heat exchanger market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Browse In-depth Market Research Report (188 pages) on Heat Exchanger
Growing Use of Renewable Resources for Power Generation to Boost Market Growth
The growing use of renewable energy resources like solar and wind will boost the heat exchanger market value over the forecast period. Increased demand for energy as per the need to reduced GHC emissions is increasing the need to install the device.
Rising Trend for Effective Thermal Management to offer Robust Opportunities
The rising trend for effective thermal management in various industries such as refrigeration industries, HVAC, food and beverage, power generation, oil and gas, and chemical will offer robust opportunities for the market over the forecast period.
Instability of Raw Material Prices to act as Market Restraint
The instability of raw material prices and high maintenance cost may impact the global heat exchanger market share over the forecast period.
Availability of Cheap Alternatives to act as Market Challenge
The availability of cost-effective components and cheap alternatives coupled with complex installation of components may act as market challenges over the forecast period.
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The global heat exchanger market is bifurcated based on application and type.
By application, the chemical segment will lead the market over the forecast period. Chemicals are used extensively among companies like polymers, pharmaceuticals, plastics, petrochemicals, agrochemicals, and others.
By type, the shell and tube segment will dominate the market over the forecast period for high pressure, operating temperatures. These are also easy for detecting any fault and put less pressure around tube coolers.
North America to Lead Heat Exchanger Market
North America will lead the heat exchanger market over the forecast period. The presence of established companies with advanced technologies, increasing adoption in the oil & gas sector, IT sector, communication technology, HVAC, automobile, and aviation, the region being the home to several established companies operating in oil & gas, information & communication technology, HVAC, automobile, aviation, and aerospace, increasing investments in technological advances that will improve working efficiencies resulting to reduced energy consumption, increasing oil and gas E&P activities in Canada and the US, and surging energy demand in commercial and industrial sectors are adding to the global heat exchanger market growth in the region.
APAC to Have Admirable Growth in Heat Exchanger Market
The APAC region will have admirable growth in heat exchanger market over the forecast period. Rapid paced urbanization and industrialization in Japan, China, and India, rising capital expenditure, growing need for products from consumers, the presence of emerging economies such as Japan, India, and China, increase in urban population, rising standard of living, and growth in use in the refineries are adding to the global heat exchanger market growth in the region.
Segmentation of Market covered in the research:
Heat Exchanger Market Research Report, By Type (Shell & Tube, Plate, Regenerative, Air cooled), Application (Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages, Other), and Region (North America, Europe, Asia-Pacific, RoW) – Forecast till 2030
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