Heat exchanger market worth $19.9 billion by 2026
CHICAGO, June 20, 2022 /PRNewswire/ — According to new market research report “Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Raw Material (Steel, Copper, Aluminum), Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp and papers) and Region – Global Forecast to 2026″published by MarketsandMarkets™, the heat exchangers market size is estimated at $15.6 billion in 2021 and is expected to reach $19.9 billion by 2026 at a CAGR of 5.0% over the forecast period. Major factors driving the heat exchanger market include the growth of the chemical industry and the increasing demand for energy across the globe. Heat exchangers have industrial and commercial applications in various industries such as chemical, power, electrical, HVAC, pulp and paper, and food and beverage. Shell and tube, plate and frame, air-cooled heat exchangers are commonly available in the market and are used in various end-use industries. The heat exchanger market growth is mainly driven by increasing deployment of HVACR and other industrial activities, soaring energy prices and rapid industrial expansion in developing economies.
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Growing demand for shell and tube type heat exchangers from various end-use industries
On the basis of type, the heat exchanger market is segmented into four types, namely shell and tube, plate and frame, air-cooled, and others. The Shell & Tube segment dominates the heat exchangers market during the forecast period. Shell and tube heat exchangers are ideal for various end use industries such as chemical, food and beverage, oil and gas, pulp and paper and others such as metallurgy, wastewater treatment and mining. In addition, shell and tube type heat exchangers offer a relatively large ratio of heat transfer area, volume and weight.
Europe dominates the heat exchanger market
Europe is the largest market for heat exchangers, belonging to the established manufacturing, automotive and industrial sector. European energy efficiency regulations and the demand for sustainable energy consumption will also increase the demand for heat exchangers during the forecast period. The major end-use industries of heat exchangers in the region are chemical, power, HVAC and others.
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The heat exchanger market includes major players such as ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Exchanger Industries Limited (Canada), Mersen (France), Danfoss (Denmark), API Heat Transfer (USA), Boyd Corporation (USA), H. Güntner (UK) Limited (Germany), Johnson Controls (Ireland), XYLEM (USA) and others.
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