Report ID: SQMIG20C2011 | Region: Global | Published Date: April, 2023 | Pages: 158 | Tables: 94 | Figures: 58
Heat Exchangers Market size was valued at USD 15.94 billion in 2021 and is poised to grow from USD 16.64 billion in 2022 to USD 27.55 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
Heat exchanger is a device that transfers heat between two or more process fluids. Heat exchangers are widely used in both industrial and home settings. Many different types of heat exchangers have been invented for use in steam power plants, chemical processing facilities, building heating and cooling systems, transportation power systems, and refrigeration units. The trend toward reducing heat waste in industrial processes is increasing demand for heat exchangers in a variety of industries, including chemical, food and beverage, power generation, oil and gas, and so on. One major advantage of heat exchangers in these sectors is that they increase the efficiency of the operational processes. The chemical sector had a substantial revenue share in 2020 and is expected to expand at a rate of 7% by 2027. The majority of the demand is projected owing to the rise of the chemical sector in China. Aside from these industries, the automotive sector will witness an increase in demand for heat exchangers.
Since various chemicals used for different applications are manufactured at differing temperatures, the chemical industry has been a forerunner in the deployment of heat exchangers. In recent years, the HVAC business has picked up speed, with increased installations in the commercial and residential sectors driving market expansion. Similarly, the growth of the food and beverage sector as well as the car industry, with increased food output and vehicle demand, would provide opportunities for this market. Furthermore, the market is seeing the development of new technologically sophisticated items in order to improve the product's competency. These elements will increase market rivalry while simultaneously boosting market growth.
US Heat Exchangers Market is poised to grow at a sustainable CAGR for the next forecast year.
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The Global Heat exchangers market is segmented based on Product, End-Use, Material, and Region. Based on Product it is categorized into: Plate & frame heat exchanger, Shell & tube heat exchanger, Air-cooled heat exchanger, Others. Based on End-Use it is categorized into: Chemical, Food & Beverage, HVAC & refrigeration, Oil & Gas, Power Generation, Pulp & Paper, Others. Based on Material it is categorized into: Steel, Non-Steel. It is attributed to its high beneficial characteristics, such as resistance against corrosion in a wide range of pH levels, lightweight, high thermal conductivity, and no requirement of special fluids, as it is compatible with plain clean water. It is a bit expensive; however, due to its aforementioned characteristics, it is preferred for long-run application. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Heat Exchangers Market Analysis by End-Use
The chemical sector will continue to dominate the heat exchanger market. Heat exchangers are used in a variety of sectors, including chemical, energy, HVACR, food & beverage, power generation, paper & pulp, and others. This is attributed to its high adoption of heat exchangers in the chemical industry owing to their application in a complex series of processes, such as heating, cooling, condensing, evaporation, separation, and others. The rapidly increasing chemical industries in China, India, and the United States are driving the heat exchangers market. Furthermore, the strong growth in this area might be due to rising consumption of petroleum products and higher crude oil and natural gas exports. The energy industry is expected to be the fastest-growing end consumer of heat exchangers between 2021 and 2026, with a CAGR of 5.6 %. Rising natural gas and crude oil extraction operations in North America, the Middle East, and Africa are also driving the heat exchangers market. In addition, heat exchangers also withstand the continuous chemical reactions, allowing critical processes to be completed safely as well as efficiently.
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In terms of regional insights, in 2020, Europe held the dominant market position with a revenue share of 33%. It is expected that the European market will grow at a modest CAGR of 5% between 2020-2027. This growth was attributed to the demand for heat exchangers from various industries in Germany, France, UK. Furthermore, the increasing demand for heat exchangers from HVAC and refrigeration will further expand the market growth. The regions of the Middle East and North America will see positive market growth by 2027.
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Heat Exchangers Market Driver
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The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:
Heat Exchangers Market Top Players Company Profiles
Heat Exchangers Market Recent Developments
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It is anticipated that with growing food output and vehicle demand, the food and beverage sector, as well as the automobile industry, would present chances for this market. In addition, the market is witnessing the creation of new technologically complex products in order to boost the product's competency. These factors would promote market rivalry while also enhancing market growth.
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|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Heat Exchangers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Heat Exchangers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Heat Exchangers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQMIG20C2011