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New York, United States, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Heat transfer occurs from one medium to the other medium by using heat exchangers. These media could be a gas, a liquid, or a mix of the two. The media may be in direct contact or separated from one another by a solid wall to prevent mixing. The rising demand for thermal management in different sectors like HVAC, Power Generation, Chemical, and Petrochemical industries are fostering its market growth.

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Key highlights of Heat Exchanger Market:

Pertinent driving factors of the Heat-Exchanger Market: 

(Rise in usage of heat-exchangers as cooling equipment in industries, advent of highly advanced technologies for boosting industry efficacy, etc.)

Bifurcation Analysis of the Heat-Exchanger Market The worldwide Heat -Exchanger Market is segregated into Product Type, End User, & Geography.

The Middle-East, & African territory 

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For Product-Type, the 'Shell & Tube' segment led the market by a decent share-percentage of 36.22% or around USD 6.22 Billion in 2021. This is owing to its frequent usage for the purpose of feed-gas cooling in petrochemical industries worldwide. This type of exchanger also utilizes the downflow of the feed gases via the cooling tubes. 

For End user, 'Chemical, and Petrochemical Industries' led the market by a share value of 22.93%. Heat-exchangers are frequently used in chemical industries for resistance to high corrosion, providing flexibility in designs, etc. These properties of heat-exchangers in the chemical industries help them to handle fluids with different pH levels. On the other hand, the higher penetration rate of the petrochemical products in some of the most modern-energy systems like solar panels, Evs, wind-turbine blades, etc., are expected to augment the market growth efficiently. A group of American scientists figured out that each wind turbine requires around 80 gallons of lubricant oil which can adequately be supplied by the petrochemical industries. This oil should be replaced after each year. They also discovered that approximately 3,800 wind turbines are required to power a large city such as N.Y. (New York).

On a regional basis, Europe led the market growth with a 32.83% share in 2021. The German government is investing a huge amount in the manufacturing of more chemical and petrochemical industries around Deutschland. Apart from that, the rising infrastructural investments in the HVAC sector of the U.K., and France are rising the need for heat-exchangers, thereby driving the market growth forward.

Some key players in Heat-Exchanger Market:

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