Heat Exchangers Market Challenges on Upcoming Trends 2031
Heat Exchangers Market: Introduction
Due to the persistent shortage of electricity, various governments are expressing their interest in diversifying their energy portfolio and using renewable energy sources. High demand from industries and households and the inability to meet electricity demands lead to the installation of new power plants powered by steam turbines. The heat exchanger market is driven by the growing number of power plants and the consequent increase in the use of heat exchangers in power plants.
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The use of heavy duty heat exchangers by large industrial consumers is also contributing to the growth of the market. The rapidly growing heating, ventilation, and air conditioning (HVAC) industry is encouraging the heat exchanger market to grow further.
Factors supporting the growth of the heat exchangers market
Rapid growth in energy consumption in various industries is expected to help grow the global heat exchanger market over the forecast period. For any power plant, condensers are a vital element as they connect the heat sink and the water/steam cycle. The performance of condensers has a direct impact on the production of power plants and the availability of electrical energy. Condensers are intended to meet high performance requirements. This group of heat exchanger devices is mainly implemented in most power plants. Thus, the demand for all types of heat exchangers is expected to rise across the globe, driving the growth of the global heat exchangers market.
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Additionally, strategic alliances and mergers and acquisitions will have a positive impact on the market. The introduction of hybrid heat exchanger technology will open new doors of opportunity in the market. The after-sales service segment is also expected to have huge growth potential, thereby benefiting the heat exchanger market.
However, the global heat exchanger market faces various regulations restricting the use of fluorinated greenhouse gases in heat exchangers. Rising prices of raw materials needed to manufacture heat exchangers will also limit the market growth.
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Expansion of the heat exchanger market
The global heat exchangers market is segmented on the basis of product type, end-user, and region.
In terms of product type, the global heat exchangers market has been divided into air-cooled, plate and frame, shell and tube, etc. The shell and tube segment of the global heat exchanger market accounted for the highest market share in 2020. With an increasing number of oilfield and infrastructure development projects planned across all regions, the shell and tube segment is expected to grow rapidly during the forecast. period. At present, the governments of countries facing constant power shortages are striving to improve power generation activities to meet the growing demand for electricity from various industries. The availability of several heat exchangers with advanced features is expected to drive the global heat exchangers market over the forecast period.
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Asia-Pacific accounted for 33.60% of the global heat exchanger market in 2020 and this market in the region is expected to grow at a CAGR of 6.34% from 2020 to 2031. Asia-Pacific market is expected to increase from US$6.12 billion in 2020 to US$12.03 billion by 2031.
Heat Exchangers Market: Key Players
The major players operating in the global heat exchangers market are SAACKE GmbH, Heatmaster BV, GEA Heat Exchangers, Alfa Laval Corporate AB and Southwest Thermal Technology.
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