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Heat Exchanger Market Revenue Growth, Demand, Segment, Future, Forecast By 2030

Oct 20, 2023 4:10 PM ET

Heat Exchanger Market Revenue Growth, Demand, Segment, Future, Forecast By 2030

Heat Exchanger Market Analysis:

By 2030, Heat Exchanger Market is expected to be worth USD 33.8 billion by 2030, growing at a CAGR of 6.8%. (2022 – 2030).

Market Research Future Insights

Devices called heat exchangers are used to interchange or transfer heat from one medium to another. Not only are heat exchangers used in heating applications, but they are also employed in cooling applications, such air conditioners and freezers. Power stations, chemical plants, facilities for the processing of natural gas, sewage treatment facilities, and oil refineries all use it extensively. The chemical and natural gas processing industries’ increased demand for heat exchangers is a major factor in the market’s rapid growth.

Globally tightening environmental restrictions are the main factor influencing market demand. Additionally, the development of heat exchanger technology has a favourable impact on the market’s expansion. However, the market’s expansion can be hampered by volatile raw material costs and high synthetic costs.

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Due to the existence of a significant number of major and medium-sized competitors participating in regional markets, the global heat exchanger market looks to be highly fragmented and competitive. The review of recent actions taken by the major companies revealed the following important strategies: product launch, partnership and agreement, acquisition, and growth. During the projection period, strategic alliances between major players will help the growth and expansion objectives of the key players. Companies are spending in innovation/R&D, brand development, and developing solid customer relationships on the product and sales side in order to maintain their competitive position.

Covid-19 Impact on Heat Exchanger Market

Disruption in the Supply Chain: The pandemic disrupted supply chains globally. Many heat exchanger manufacturers rely on a complex network of suppliers and international logistics. Lockdowns, travel restrictions, and factory closures in various countries disrupted the production of heat exchanger components and led to delays in manufacturing and delivery.

Reduced Industrial Activity: With lockdowns and restrictions in place, industrial activities were scaled back in many regions. This resulted in reduced demand for heat exchangers in industries such as manufacturing, oil and gas, and HVAC (heating, ventilation, and air conditioning).

Project Delays and Cancellations: Many industrial projects were delayed or canceled due to economic uncertainties brought on by the pandemic. This included projects in sectors like construction, energy, and infrastructure, which would have otherwise driven demand for heat exchangers.

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Remote Work and Digital Transformation: The pandemic accelerated the adoption of remote work and digital technologies in various industries. This shift may lead to increased use of digital monitoring and control systems for heat exchangers, enhancing their efficiency and reducing the need for on-site personnel.

Heat Exchanger Market Drivers:

Energy Efficiency Requirements: Increasing emphasis on energy efficiency and sustainability drives the demand for more efficient heat exchange solutions. Heat exchangers play a crucial role in various industries, helping them conserve energy and reduce operational costs.

Industrial Growth: As industrial sectors continue to expand, the need for heat exchangers in various applications such as manufacturing, petrochemical, and power generation also grows. These industries require efficient heat transfer systems to maintain their processes.

Regional Analysis:

The European area dominates the world market for heat exchangers. In terms of both demand and production capability, it is a leading region for plate and frame heat exchangers. Germany, the United Kingdom, and France are important market growth contributors in Europe. The forecast period is expected to see the highest growth in the Asia Pacific area. A few of the important markets for Heat Exchanger in the Asia Pacific area include China, India, Japan, Australia, and Indonesia. Urbanization and industrialisation are key factors in the region’s market expansion. Due to the increase in use of heat exchangers in Middle Eastern refineries, the region is also an important market for these devices.

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Market Segmentation:

The market is divided into Shell and Tube Heat Exchangers, Plate Heat Exchangers, Regenerative Heat Exchangers, and Air Cooled on the basis of type. The market’s type segment is dominated by Shell and Tube heat exchangers. It is one of the most often utilised types of heat exchangers worldwide. Oil refineries and other big chemical processes employ this exchanger for high-temperature and high-pressure applications. During the projection period, the Plate Heat sector is anticipated to develop at the greatest CAGR. This industry’s expansion is attributable to the expansion of its uses in the processing of hydrocarbons, petroleum & chemicals, and food & beverages.

The market is divided into Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages, and Other categories based on application. Petrochemicals are the market leader in the application area, with chemicals coming in second. During the projection period, the HVACR segment is anticipated to increase at the greatest CAGR.

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Key Players:

  • Alfa Laval AB (Sweden)
  • Kelvion Holdings Gmbh (Germany)
  • Southern Heat Exchanger (U.S.)
  • Danfoss A/S (Denmark)
  • SPX Corporation (U.S.)
  • Xylem Inc. (U.S.)
  • API Heat Transfer Inc. (U.S)
  • Gunter AG & Co. KG (Germany)
  • Sierra S.p.A (Italy)
  • Hamon & Cie International SA (Belgium)

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