Global Heat Exchanger Market To Reach $ 29.31 Billion By 2026: Allied Market Research
The global heat exchanger market is expected to grow significantly during the forecast period owing to the strong preference for heat exchangers in the oil and gas industries.
PORTLAND, OREGON, UNITED STATES, January 6, 2022 /EINPresswire.com/ – According to the report published by Allied Market Research, the heat exchanger market generated $ 16.62 billion in 2018, and is expected to reach $ 29.31 billion by 2026, exhibiting a 7.2% CAGR from 2019 to 2026. The report provides detailed analysis of key drivers and opportunities, segments keys, investment pockets, competitive landscape and key players.
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Eswara Prasad, Director, Chemicals and Materials, said: âTechnological development in the heat exchanger market and increasing demand from various end user sectors are fueling the global heat exchanger market. On the other hand, corrosion and fouling of heat exchangers hamper the growth of the market. On the contrary, rapid industrialization in the Asia-Pacific region creates lucrative opportunities.
â¢ The COVID-19 pandemic has affected the production and supply chain network around the world. This has had a negative impact on the global heat exchanger market.
â¢ Due to blockages, many industries, including oil, gas and chemicals, have been closed or operated with limited capacity for a significant period. This has affected the demand for heat exchangers.
The global heat exchanger market is segmented on the basis of end user industry, construction material, type, and region.
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By construction material, the stainless steel segment held nearly a third of the total market share in 2018 and is expected to dominate throughout the forecast period. The carbon steel segment, however, is expected to post the fastest CAGR of 7.5% by 2026.
By the end-user industry, the chemicals segment was attributed nearly a quarter of the total market revenue in 2018 and is expected to dominate throughout the forecast period. On the other hand, the oil and gas segment will post the fastest CAGR of 7.9% throughout 2019-2026.
By geography, Europe generated the important part in 2018, holding nearly a third of the total market. On the other hand, the Asia-Pacific region would experience the fastest CAGR growth of 7.6% by 2026.
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The major players in the global heat exchanger market are Brask, Inc., API Heat Transfer, Danfoss A / S, Kelvion Holding GmbH, GÃ¼ntner GmbH & Co. KG, Lytron Inc., Koch Industries, Inc., Thermofin and Xylem Inc .
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