Heat Exchangers Market Size, Share, Trends and Forecasts
Chicago, July 22, 2022 (GLOBE NEWSWIRE) — The heat exchanger market size is estimated to be USD 15.6 billion in 2021 and is projected to reach USD 19.9 billion by 2026, growing at a CAGR of 5.0% during the forecast period, according to a recent report. MarketsandMarkets™ report. 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.
ALFA LAVAL is the largest manufacturer of heat exchangers in the world. The company has manufacturing facilities in North America, Latin America, Europe, Africa and Asia-Pacific. Over the past few years, ALFA LAVAL has adopted several business strategies to strengthen its market position. It has adopted various growth strategies, including investment and expansion, and new product launches, to maintain its leading position in the heat exchanger market. For example, in February 2021, ALFA LAVAL launched the AXP82 range of heat exchangers for high pressure industrial applications.
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Kelvion Holding GmbH is one of the major players operating in the heat exchanger market. The company is present in 67 countries and has partners in North America, Europe, APAC, South America, the Middle East and Africa. The company has adopted new product launch and expansion strategies to broaden its product portfolio and maintain its market position. For example, in October 2021, Kelvion Holding GmbH expanded its manufacturing facility in Catoosa, Oklahoma, to manufacture heat exchangers for the oil and gas industry, after seeing a growing demand for heat exchangers in North America. .
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.
The main players in the heat exchangers market are:
ALFA LAVAL (Sweden),
Kelvion Holding GmbH (Germany),
Exchanger Industries Limited (Canada),
API heat transfer (USA),
Boyd Corporation (USA),
H. Güntner (UK) Limited (Germany),
Johnson Controls (Ireland),
XYLEM (USA) and others.
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