Global Heat Exchangers Market – Industry Analysis, Demand for Size
A heat exchanger is a specific type of system, generally used to transfer heat between two or more liquids, primarily between a hard surface and a liquid with different temperatures and thermal contact. Heat exchangers do not use external heat or work communications. Some of the factors that will drive the heat exchanger market are increased investments in chemical, petrochemical and fuel processing industries, increasing energy demand, technical improvements and strict environmental standards and regulations. Due to advantages such as low price, the heat exchanger market is spreading in various industries. However, the power generation industry is the major end-use industry in the global heat exchanger market.
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Referring to the study âGlobal Heat Exchangers Market, 2021-2027â, the major companies operating in the Global Heat Exchangers Market include Paharpur Cooling Towers Private Limited, Alfa Laval AB, Kelvion Holding GmbH, SPX FLOW, Inc ., Baltimore Aircoil Company and among others. Leading companies have pursued various organic and inorganic growth strategies to strengthen their market positions. The introduction of new products is the main growth strategy of these leading companies in order to strengthen their regional presence and develop product portfolios to meet the growing demand for heat exchangers from emerging countries.
Based on the product type, the heat exchanger market can be segmented into cooling tower systems, shell and tube heat exchangers, air-cooled heat exchangers, gasketed plate and frame heat exchangers, heat exchangers brazed plate heat and others. The tube and shell heat exchanger segment dominates the global market due to the ease of maintenance and compatibility with various types of seawater coolants. Also, depending on the type of application , the market can be segmented into energy, chemicals, HVAC, oil and gas, refrigeration, and others. The chemicals segment is expected to experience a higher growth rate as they are applied in the complex series of processes such as heating, cooling, evaporation, condensation, separation and others during the process. forecast period.
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The increase in HVACR deployments and the growth of construction activities, followed by rapid industrial expansions in developing economies, the growth of technological advancements in the heat exchanger market and strict environmental regulations are major factors, which are responsible for the growth of the heat exchanger market. Apart from this, the lack of awareness of the energy efficiency of buildings and the regulation of fluorinated greenhouse gases can impact the market. In addition, the large secondary market for heat exchangers and the boom in nuclear power generation are prominent opportunities for the market.
Based on regional analysis, Asia-Pacific is a leading region in âGlobal Heat Exchanger Marketâ due to increasing number of power projects under construction in the region. The regions of North America and Europe are expected to experience a higher growth rate due to the growing preference for heat exchangers in the oil and gas industries and the focus on reducing the carbon footprint over the forecast period. It is expected that the future of the global heat exchanger market will be bright due to the increase in demand for district heating systems coupled with the growth of the economy of various countries during the forecast period.
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