India Heat Exchanger Market Expected To Reach $ 890.0 Million By 2026
The increasing need for heat exchangers in nuclear power plants for power generation is driving the growth of the Indian heat exchanger market.
PORTLAND, OREGON, UNITED STATES, November 9, 2021 /EINPresswire.com/ — The Indian heat exchanger market represented sales of $ 454.4 million in 2018 and is expected to generate $ 890.0 million by 2026. The market is expected to grow at a CAGR of 8.6% from 2019 to 2026. Heat exchangers are devices that transfer energy between fluids at two different temperatures. Generally, the fluids are separated by a wall, which can be qualified as indirect contact.
The growth of the Indian heat exchanger market is drastically driven by the rapid industrialization which results in high adoption of process plant equipment, which further increases the demand for heat exchangers. For example, the food and beverage industry is growing at a remarkable rate in India, which is the second largest food producer after China. Heat exchangers play an important role in the food industry, as they are used for the production of fruit pulp, pasta, juice, hazelnut paste, yogurt and others. In addition, many industries in India have adopted high-end energy-saving heat exchangers to alleviate the problem of their loss, due to the increase in the cost of energy, which greatly stimulates the growth of the market. . On the contrary, the increasing need for heat exchangers in nuclear power plants for power generation is expected to provide lucrative growth opportunities for market expansion.
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The Indian heat exchanger market is segmented on the basis of type, material of construction and end user industry. On the basis of type, the market is classified into shell and tube, plate and frame, air-cooled, microchannel, and others. By construction material, it is fragmented into carbon steel, stainless steel, nickel and others. According to the end user industry, it is classified into chemicals, petrochemicals, oil and gas, HVACR, food and beverage, power generation, and others. The market share of heat exchangers in India has been analyzed across all segments.
Depending on the type, the shell and tube segment occupied the highest share by 33.2% in 2018, and is expected to continue to dominate throughout the analysis period. This is attributed to the fact that shells and tubes are adopted in many end user industries for applications such as waste heat recovery, condensation and others.
Chemicals is the largest end-user industry and is expected to hold a 25.9% share of the Indian heat exchanger market. In 2015, the Indian government launched a “National Chemicals Policy” project. The objective of this policy is to increase the share of the chemical sector in the country’s GDP. Thus, the increase of such initiatives by the Indian government is boosting the adoption of processing equipment such as heat exchangers, reactors, pressure vessels and others in the chemical sector, which in turn has significantly contributed to the growth of the heat exchanger market.
On the basis of construction material, stainless steel accounted for the highest share of 34.6% in 2018. This is due to the fact that heat exchangers based on stainless steel are adopted for long term applications. , due to their characteristics such as resistance to erosion at high fluid flow rates, no requirement for special fluids and improved compatibility with still water.
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The market analysis covers detailed information on major industry players including Alfa Laval, Danfoss, Heatex Industries Limited, HRS Process Systems Ltd., Kelvion Holding GmbH, KGC Engineering Projects Pvt. Ltd., REX Heat Exchanger (REX), Radiant Heat Exchanger Pvt. Ltd., Tranter and Universal Heat Exchangers Limited.
Other players in the value chain are BGR Energy Systems Limited, Flowtex Engineers, Abacus Heat Transfer Limited, JC Equipments Pvt. Ltd., KGC Engineering Projects Private Ltd, Kinam Engineering Industries, Comp Air Treatment System P. LTD. and Modern Heat Exchangers.
Key Findings of the Indian Heat Exchanger Market:
On the basis of type, the shell and tube segment is expected to gain a dominant share of 33.2%
Based on the end-user industry, oil and gas is expected to grow rapidly with a rate of 9.2%
On the basis of construction material, carbon steel heat exchangers are expected to grow at the highest CAGR of nearly 8.9%, in terms of revenue, during the forecast period.
A comprehensive analysis of factors driving and restraining the growth of the Heat Exchangers market is provided
An in-depth analysis of various government policies provides information that should enable companies to strategically plan their trade movements.
The qualitative data in this report targets market dynamics, India Heat Exchangers market trends,
Developments in the Indian heat exchanger industry are also studied.
Quantitative data provides the size of the heat exchanger market in India in terms of revenue
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