Heat exchanger sales are expected to grow at a CAGR of 6% from 2022 to 2031
The demand for shell and tube heat exchangers is expected to grow at a significant CAGR from 2022 to 2031.
ROCKVILLE, MARYLAND, USA, May 23, 2022 /EINPresswire.com/ — According to industry analysis by Fact.MR, a market research and competitive intelligence provider, the global heat exchanger market is expected to increase at a CAGR of 6% from 2022 to 2031.
The market is likely to be driven by growing demand from the chemical industry, new inventions, and increasing focus on improving efficiency requirements over the next few years. The majority of operations in petrochemical plants involve heat and pressure, requiring heat transfer efficiency and energy savings, which is expected to increase the demand for energy-efficient heat exchangers.
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Profiled Key Companies
Alfa Laval Corporate AB
Southwest Thermal Technology
General electricity company
SPX Flow, Inc.
The main reason for the growing demand for heat exchangers is to maximize thermal efficiency. The rapid growth of the chemical and hydrocarbon sectors, along with various potential energy mega-projects, are expected to drive an increase in the demand for heat exchangers.
The growing number of nuclear reactors in emerging countries around the world offers significant revenue potential for heat exchanger manufacturers. For a nuclear power plant, heat exchangers provide overall efficiency and power output.
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Key Segments Covered by the Heat Exchanger Industry Research
Heat Exchangers Market by Product:
Heat Exchangers Market by End User:
Chemicals and Petrochemicals
Others (food processing, aerospace and medical)
Heat Exchangers Market by Region:
North America Heat Exchanger Market
Europe heat exchanger market
Asia Pacific Heat Exchanger Market
Latin America Heat Exchanger Market
Middle East & Africa Heat Exchanger Market
Key insights from market research
The global heat exchanger market will reach a valuation of US$34.24 billion by 2031.
The market in Europe represents 35% of the world market.
The demand for shell and tube heat exchangers is expected to increase significantly over the forecast period.
“The growing penetration of renewable energy technologies, increased power plant investment, refurbishment of existing nuclear facilities, and development of new nuclear power plant projects are all creating opportunities for heat exchanger manufacturers around the world. whole,” says a Fact.MR analyst.
Major market players are investing heavily in research and development to improve device efficiency. New product creation, diversification, mergers and acquisitions, and global expansion are all strategies used by manufacturers. These techniques help companies increase their market penetration and meet the changing technological demands of various industries.
In 2020, Danfoss launched a world first series of microplate heat exchangers for moderate alternative refrigerants to facilitate the transition to lower GWP refrigerants and improved efficiency. For OEMs opting for low GWP refrigerants that use screw and rotary compression, modern technology has overcome the design challenge.
More valuable information about the offer
Fact.MR, in its new offering, presents an unbiased analysis of the global heat exchangers market, presenting historical demand data (2017-2021) and forecast statistics for the period 2022-2031.
The study discloses essential market information on the basis of product (air cooled heat exchangers, plate and frame heat exchangers, shell and tube heat exchangers and others (condensers, oil coolers and radiators)) and end-user (HVAC, chemicals and petrochemicals, power generation and others (food processing, aerospace and medical)), in five major regions of the world (North America, Europe, Asia-Pacific, Latin America and MEA).
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