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BANGALORE, India , March 9, 2022 /PRNewswire/ -- Global Heat Exchangers Market is Segmented by Type (Shell & Tube Heat Exchanger, Plate Heat Exchanger, Air Cooled Heat Exchanger), by Application (Electric Power & Metallurgy, Petrochemical, Shipbuilding Industry, Mechanical Industry, Food Industry, Central Heating): Opportunity Analysis and Industry Forecast, 2023–2028. It is published in Valuates Reports under the Heavy Machinery Category.
The global Heat Exchanger market size is estimated to be worth USD 16140 Million in 2022 and is forecast to be a readjusted size of USD 22630 Million by 2028 with a CAGR of 5.8% during the review period.
Major factors driving the growth of the heat exchangers market:
The Heat Exchanger market is expected to grow due to increased use in various end-user sectors such as. Heat exchangers are used in refrigeration, heating, and air-conditioning systems, power plants, chemical processing systems, food processing systems, automobile radiators, and waste heat recovery units, among other engineering applications.
Furthermore, the heat exchangers market is expected to increase as the world becomes more industrialized and nuclear power plants become more prevalent.
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TRENDS INFLUENCING THE GROWTH OF HEAT EXCHANGERS MARKET
The petrochemical industry's increasing use of heat exchangers is expected to drive the heat exchangers market. Condensation of solvents and other chemicals, cooling and heating of reactors, production units, and intermediate products, cooling of hydrocarbons and water, and heat recovery from materials and processes are all examples of heat exchanger applications in the petrochemical industry.
Heat Exchangers Market is expected to grow due to the increasing use of Shell & Tube Heat Exchangers in various industries. Shell and tube heat exchangers have an exterior shell with a bundle of tubes running through the middle, as the name suggests. These are the most common type of tube heat exchangers used in the process, petroleum, and HVAC industries, and they're found in a lot of big chemical plants.
The Heat Exchangers Market will be driven by the growing industrialization of developing economies. Rapid industrialization in APAC's developing economies, such as China and India , is expected to boost demand for heat exchangers due to rising investments, raw material prices, and low-cost labor. Manufacturing, commercial, and industrial projects in the region have also aided the global heat exchangers market's overall growth. Heat exchanger demand is rising due to increased demand from the chemical, HVACR, petrochemical, and oil & gas industries, as well as government initiatives in countries like Japan and India to develop thermal and solar energy.
The Heat Exchangers Market will be driven by the growing number of nuclear power plants. Heat exchangers have a significant impact on a nuclear power plant's overall efficiency and power output. The increased use of heat exchangers in nuclear reactors, as well as the upgrade of existing nuclear plants and proposed new nuclear power plant projects, are key opportunities for the heat exchangers market players.
Ability to increase efficiency by capturing waste heat to drive heat exchangers market growth. All industries around the world produce waste heat that can be trapped and reused to use high temperatures and high energies. Because the equipment is equipped with the functionality to do so, it is in high demand across all industry verticals. Their use ultimately pays off for the owner because it improves the heat and lowers the energy cost per unit. Furthermore, application industries like power plants and the food and beverage industry are growing at a healthy rate, boosting investment in such exchangers.
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HEAT EXCHANGER MARKET SHARE ANALYSIS:
Based on type, Shell & Tube Heat Exchanger is expected to be the most lucrative segment. This is due to its advantages over other types of heat exchangers, which include a lower price when compared to plate-type coolers, the ability to operate at higher temperatures and pressures, and more. Because of their ease of maintenance and compatibility with various types of seawater coolants, shell and tube heat exchangers are the preferred choice.
Based on application, petrochemical is expected to be the most lucrative.
Based on region, Asia-Pacific is the largest market, with a share of over 30%, followed by North America and Europe , both having a share over 50% percent.
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TOP COMPANIES IN THE HEAT EXCHANGER MARKET:
Top companies in the Heat Exchanger market include Alfa Laval, Kelvion (GEA), SPX, IHI, Danfoss (Sondex), etc. Global top five manufacturers hold a market share of over 35%.
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