A heat exchanger is specific type of system, generally used to transfer heat between two or more liquids, mainly between hard surface and a liquid with different temperatures and thermal contact. Heat exchangers don’t use external heat or working communications. Some of the factors that will drive the heat exchanger market are increased investments in the chemical, petrochemical and fuel processing industries, rising energy demands, technical improvements, and strict environmental standards & regulations. Due to benefits such as low price, the heat exchanger market is becoming widespread in various industries. However, the power generation industry is the main end-use industry for the global heat exchanger market.
Referring to the study, “Global Heat Exchangers Market, 2021-2027” the key companies operating in the global heat exchangers market include Paharpur Cooling Towers Private Limited, Alfa Laval AB, Kelvion Holding GmbH, SPX FLOW, Inc., Baltimore Aircoil Company and among others. The leading companies have pursued various organic & inorganic growth strategies to strengthen their market positions. The introduction of new products is the main growth strategy of these leading companies in order to strengthen their regional presence and develop the product-portfolios to meet the rising demand for heat exchangers from emerging countries.
Based on product type, heat exchangers market can be segmented as cooling tower systems, shell & tube heat exchangers, air-cooled heat exchangers, gasketed plate & frame heat exchangers, brazed plate heat exchangers and others. Shell & tube heat exchanger segment dominates the global market owing to ease of servicing & their compatibility for use with various types of seawater coolants. In addition, based on application type, market can be segmented as power, chemicals, HVAC, oil & gas, refrigeration and others. The chemicals segment is predicted to witness higher growth rate as their application in the complex series of processes for instance heating, cooling, evaporation, condensing, separation, and others during the forecast period.
Rise in HVACR deployments & growth in construction activities, followed by rapid industrial expansions in developing economies, growth in technological advancements in heat exchangers market and stringent environmental regulations are some major factors, which are responsible for growth of the heat exchangers market. Apart from this, lack of awareness about buildings’ energy efficiency and regulations pertaining to fluorinated greenhouse gases may impact the market. Moreover, large aftermarket for heat exchangers and surge in nuclear power generation are leading opportunities for market.
Based on regional analysis, the Asia-Pacific is a leading region in “Global Heat Exchangers Market” owing to increase in number of power projects under construction across the region. The North-America and Europe regions are estimated to witness higher growth rate due to rise in preference for heat exchangers in oil & gas industries and increase in focus to reduce carbon footprint over the forecast period. It is predicted that future of the global heat exchangers market will be bright as a result of rise in demand for centralized heating systems coupled with growth in the economy of various countries during the forecast period.
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Global Heat Exchangers Market Size 2021-2027
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