Heat exchanger market size worth USD 28.30 billion,
Pune, India, May 05, 2022 (GLOBE NEWSWIRE) — heat exchanger market the size is expected to increase from USD 16.95 billion in 2020 to USD 28.30 billion in 2028 at a CAGR of 7.3% during the period 2021-2028. Growing demand for energy and proactive strategies deployed by companies to strengthen their position are expected to drive demand for the product in the coming years.
Increase the demand for energy in the world to increase growth. This information is presented in the latest report published by Fortune Business Insights, titled “Global Heat Exchangers Market Analysis Report 2021-2028.
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|Forecast Period 2021 to 2028 CAGR||7.3%|
|2028 value projection||$28.30 billion|
|Market size in 2020||$16.95 billion|
|Historical data for||2017-2019|
|Number of pages||200|
|Segments Covered||By type, by application and regional forecast|
|Growth engines||Slow growth amid COVID-19; Several energy projects underway, a glimmer of hope|
|Increase energy demand to support growth|
Increase energy demand to support growth
The rate of population growth and rapid industrialization are factors that have propelled the demand for energy across the world. However, it also has a detrimental effect on the environment due to increased greenhouse gas emissions from industries. Therefore, several companies are adopting energy efficient methods to stop wasted energy and further improve process optimization by deploying advanced heat recovery devices in several industrial applications. This is expected to contribute to the growth of the global heat exchanger market over the forecast period.
Slow growth amid COVID-19; Several energy projects underway, a glimmer of hope
The COVID-19 pandemic which led to shutdown of industries amid the lockdown announced by government agencies around the world has had a seismic effect on the market. The market exhibited a slow growth rate in 2020 owing to the shutdown of industrial operations which reduced the demand for the product. However, businesses are getting back to normal with the operation, albeit at a snail’s pace, slowly resuming and recovering to pre-pandemic levels. Several energy projects are expected to drive the growth of the market.
For example, in September 2020, Vancouver International Airport launched its geothermal exchange system project to meet its demand for cooling, heating and electricity.
Large companies focus on partnerships to expand product portfolio and increase revenue
The market includes small, medium and large companies striving to maintain a stronghold. These companies partner with other companies to develop advanced heat transfer products to meet the world’s growing energy demand. Moreover, the adoption of strategies such as collaboration, merger & acquisition and expansion of facilities by other key players is expected to aid in the growth of the market.
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- Based on type, the market is categorized into shell and tube, plate and frame, air coolers, cooling towers, and others.
- On the basis of type, the shell and tube segment held a global heat exchanger market share of approximately 34.0% in 2020. This is attributed to the increasing adoption of shell and tube devices in refineries and industries. chemicals because of their ability to transfer large amounts of heat. at relatively lower operating costs.
- Based on application, the market is divided into chemicals, oil & gas, power generation, HVAC, automotive, pharmaceuticals, food & beverages, and others. Finally, on the basis of region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa.
What does the report include?
The Global Heat Exchangers Market report includes a detailed analysis of several factors such as key drivers and restraints which will impact the growth. This includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate that will further aid in the growth of the market. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to gain insights into current trends and industry developments that will drive the market growth between 2021 and 2028.
Asia Pacific – The region is expected to remain at the forefront and occupy the highest position in the market in the coming years. This is attributed to the rapid urbanization and industrialization of countries like India, China and Japan. Asia Pacific was $5.67 billion in 2020.
Europe – The market in the region is expected to witness considerable growth supported by the presence of stringent environmental regulations focused on reducing carbon emissions, propelling the adoption of advanced heat exchangers in the region between 2021 and 2028.
North America – The region is expected to show exponential growth in the coming years. This is attributed to factors such as the presence of established players in different industry verticals such as aviation, HVAC, aerospace, and automotive.
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- February 2021 – Alfa Laval partners with Carrier Global Corporation, one of the world’s leading providers of sustainable building and cold chain solutions. Under this partnership, Alfa Laval will supply state-of-the-art heat exchangers for Carrier’s commercial HVAC and refrigeration portfolios worldwide.
Global Leading Heat Exchangers Companies Profiled in the Report:
- Alfa Laval (Sweden)
- Kelvion (Germany)
- GEA Group (Germany)
- Danfoss (Denmark)
- SWEP (Sweden)
- Thermax Limited (India)
- API heat transfer (USA)
- Tranter, Inc. (USA)
- Mersen (France)
- Linde Engineering (UK)
- Air Products (USA)
- HISAKA WORKS, LTD. (Thailand)
- HRS heat exchangers (UK)
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Global Heat Exchanger Market Segmentation:
- shell and tube
- Plate and frame
- Air coolers
- Cooling towers
- Chemical products
- petroleum gas
- energy production
- Food and drinks
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)
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Heat Exchangers Market 2022