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The Global heat exchangers market was valued at USD 17.93 billion in 2021 and it is predicted to reach USD 26.78 billion by 2030, rising at a compound annual growth rate (CAGR) of 5.1 % from 2022 to 2030.

The increased focus on effective thermal management in various industries, such as oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is likely to drive demand for heat exchangers during the forecast period. The market is also likely to be driven by rising chemical industry demand, technical developments, and a growing focus on improving efficiency requirements in the future years. The majority of operations in petrochemical plants involve high pressure and temperature, demanding heat transfer optimization and energy savings, which is projected to increase demand for energy-efficient heat exchangers.

A heat exchanger is a device that allows heat to be transferred from one fluid to another. It’s utilised to regulate a system’s or substance’s temperature. It contains hot and cold fluid streams that are used to transfer thermal energy between them. If the fluids are immiscible, they can be separated by a thermally conductive tube or plate or kept in direct contact. These devices aid in the heating and cooling of buildings, as well as the proper operation of motors and machinery.

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Get market information, tables, and figures extent in-depth TOC on Heat Exchangers Market by Type (Plate & Frame (Brazed, Gasketed, Welded), Shell & Tube, Air Cooled), By Raw Materials (Steel, Copper, Aluminium), By Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper) and Regional Analysis, 2022-2030

The global heat exchangers market is segmented based on type, raw materials and application.

In 2021, the shell and tube segment led the industry, accounting for largest of global revenue demand. A bundle of tubes is inserted in a cylindrical shell with the tube axis parallel to the shell axis to create shell & tube products. Floating-head type, U-tube design, and fixed tube sheet design are the three most prevalent forms of shell & tube goods. During the projected period, the plate and frame product sector is expected to grow at a CAGR of 5.6%.

The heat exchanger market is dominated by the steel segment. Due to its high strength, durability, and corrosion resistance, stainless steel is an excellent choice for heat exchanger construction. Mild steel and stainless steel are the most popular steel grades among manufacturers. Titanium and other non-metals are employed in the chemical industry for hostile media such as nitric acid, hydrochloric acid, phosphoric acid, and chlorine, and have applications in shipbuilding and the marine sector.

The chemical industry has been a pioneer in the use of heat exchangers because different chemicals are being used for different applications which are synthesised at different temperatures. These compounds must also be treated at specific temperatures and humidity levels, which is a crucial element of the chemical manufacturing process. Apart from that, the oil and gas sector, as well as the power sector, have expanded in response to increased energy demand, and hence provide good growth prospects.

The petrochemical sector is expected to develop in response to rising demand for fertilisers, plastics, packaging, digital devices, medical equipment, and textiles.

On the basis of geography, the global waterproofing membrane market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

In 2021, Europe dominated the market, accounting for largest share of global sales. The demand for these goods in the HVAC & refrigeration industry is expected to increase as public and private infrastructure investments increase. Furthermore, rising demand from a variety of end-use sectors for heat exchangers with improved durability, efficiency, and fouling resistance is likely to fuel industrial expansion over the projection period.

During the forecast period, Asia Pacific heat exchanger demand is expected to grow at a notable CAGR. The overall expansion of the heat exchangers market in Asia Pacific has been aided by rapid industrialization in the region’s developing countries, as well as rising investments in manufacturing, commercial, and industrial projects.

By Key Competitors and Market Share Analysis:

The global heat exchangers market is characterized by the presence of international and regional players involved in product creation, manufacture, and distribution. Product makers try to gain a competitive advantage over their competitors by expanding the scope of their products’ applications.

New product creation, diversification, mergers and acquisitions, and global expansion are all strategies used by manufacturers. These techniques help businesses grow their market penetration and respond to changing technological demands in a variety of industries.

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The following are some of the major market players operating across the globe:

Global Heat Exchangers Market: By Product Outlook (Revenue, USD Million, 2021 – 2030)

Plate & Frame (Brazed, Gasketed, Welded)

Global Heat Exchangers Market: By Raw Materials Outlook (Revenue, USD Million, 2021 – 2030)

Global Heat Exchangers Market: By Application Outlook (Revenue, USD Million, 2021 – 2030)

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