Global Heat Exchangers Market Expected to Grow at CAGR
New Delhi, April 21, 2022 (GLOBE NEWSWIRE) — The global heat exchanger market is growing at a high CAGR owing to increasing attention and investment in effective thermal management for energy conservation and cost reduction, as well as increasing installation of HVAC systems in the residential, commercial and industrial sectors.
A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the global heat exchanger market was worth USD 15.4 billion in 2021. It is estimated to grow at a CAGR of 4.70%, generating revenue of approximately USD 21.1 billion by the end of 2028. The global market heat exchanger market is booming due to increasing attention and investment towards efficient thermal management for energy conservation and cost reduction. In addition, increasing installation of HVAC systems in residential, commercial and industrial sectors also play a crucial role in the growth of the global heat exchanger market.
Expanding Power Generation Sector Drives Global Heat Exchanger Market Growth
Rising demand for renewable energy is fueling the growth of power generation sector which is further expected to propel the demand for heat exchangers during the forecast period. Heat exchangers are widely used in power plants to collect heat from hot waste gases to obtain energy. These systems play a crucial role in improving the efficiency of power plants because the exhaust gases still have some useful energy in the form of heat. This is estimated to drive the growth of the global global heat exchangers market.
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Expanding use of heat exchangers offers lucrative growth opportunities to the market
With rapid innovations in heat exchangers by manufacturers, the application of these systems can be widened which will play a crucial role in boosting its demand in the market. Heat exchangers are already used in many electrical devices such as chemical processing systems, automotive radiators, waste heat recovery systems, power plants, food processing systems, refrigeration, etc. As the demand for these applications increases, the market for heat exchangers is also expected to increase.
Global Heat Exchangers Market – By Raw Material
Based on raw material, the global heat exchanger market is segmented into steel, carbon steel, stainless steel, non-steel, copper, aluminum, titanium, nickel, and plastic. The steel segment accounts for the largest share of the global heat exchanger market as this type of raw material offers high durability and strength along with corrosion resistance. However, other materials other than steel, such as titanium, also hold substantial market shares.
Please see the heat exchanger market press release: https://www.blueweaveconsulting.com/press-release/global-heat-exchangers-market-is-forecast-to-grow-at-a-cagr-of-4-70-in-the-forecast-period
Global Heat Exchangers Market – Regional Overviews
Geographically, the global heat exchanger market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Europe dominates the global heat exchanger market due to the high adoption of HVAC systems in countries such as UK, France, Germany, etc. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period due to rising investment. in the chemical and electrical industry in emerging economies such as China, India, Thailand, etc.
Impact of COVID-19 on the Global Heat Exchangers Market
The COVID-19 pandemic has had a negative impact on the growth of the global heat exchangers market. Operations of end-user industries including chemical, oil and gas, power generation, etc. have been completely halted due to lockdown and social distancing norms. In addition, the pandemic has also caused fluctuations in heat exchanger raw materials due to disruptions in supply chain and mining operations. Additionally, the lack of manpower during the pandemic has had a direct impact on the growth of the global heat exchanger market.
The major players in the global heat exchanger market are ALFA LAVAL, Danfoss, Kelvion Holding GmbH, Mersen, Exchanger Industries Limited, General Electric Company, Sondex A/S, Xylem Inc., Hisaka Works, LTD., Modine Manufacturing, IHI Corporation . , Koch Industries, Royal Hydraulics and other leading players. The market is fragmented and competitive with the presence of numerous global and regional industry players. Companies are constantly launching new products and investing heavily in research as well as development activities to bring innovation to their offerings. Moreover, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also important in this market.
Don’t miss the business opportunity of the global heat exchanger market. Consult our analysts to gain crucial insights and facilitate the growth of your business.
The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Heat Exchangers market. It also highlights the factors driving the forecast of the total market size. The report promises to provide the global heat exchangers market recent technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- In March 2022, Supacolor, a US-based heat transfer manufacturer, has announced plans to add bundled sheets onto a single heat transfer sheet.
- In February 2022Lu-Ve Group, an Italian manufacturer of heat exchangers, announced the acquisition of a 75% stake in Refrion, the Italian producer of air-cooled condensers, air coolers and coils for 8.1 million euros.
|Years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in billions of dollars|
|Market coverage||United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, United Arab Emirates, South Africa, Saudi Arabia|
|Product Service/Segmentation||By raw material, by type, by end user, by region|
|Key players||ALFA LAVAL, Danfoss, Kelvion Holding GmbH, Mersen, Exchanger Industries Limited, General Electric Company, Sondex A/S, Xylem Inc., Hisaka Works, LTD., Modine Manufacturing, IHI Corporation, Koch Industries, Royal Hydraulics and others foreground.|
By raw material
- Carbon steel
- Stainless steel
Per end user
- HVAC and refrigeration
- food and drinks
- energy production
- Pulp and paper
- North America
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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