Global heat exchanger market was stood around US$ 15 billion in 2020 and is likely to demonstrate a CAGR of around 7% during the forecast period (2021-2027). It is mainly owing to rapidly growing power industry, industrial sector across various regions coupled with growing food and beverage industry had escalated the application of heat exchanger to frequently used to lessen or kill microbials.
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In addition, the growing demand from the chemical industry, technology innovation, and rising focus on improving efficiency standards is projected to drive the market over the forecast period. Also, increasing refinery capacities coupled with new setups of chemical plants in the region is further expected to drive the market over the forecast period
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A heat exchanger refers to a device that generally used in the transmission of heat amongst two or more fluids, mainly between a hard surface and a fluid at dissimilar temperatures and thermal contact. It contains streams of hot and cold fluids, which are utilized to transfer thermal energy among the streams. They may be separated by a thermally conductive tube or plate or kept in direct contact if the fluids are immiscible.
The outbreak of COVID-19 had adverse impact on the heat exchanger market. The lockdown restrictions around the globe have shut down all the industries activities coupled with halted the ongoing expansion of chemical and power generation projected which had impacted the market demand for heat exchanger. Similarly, COVID-19 had negatively impacted the demand for refrigerator, and cooling device for food and beverages and chemical industries.
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Based on type, the heat exchanger market is segmented into shale & tube, plate & frame, air cooled, and others. The shell & tube cater the considerable market share. It is mainly owing to its ability to operate at higher temperature and pressure, easy pressure testing which helps in finding the faults which are preferred in a variety of applications such as chemical, petrochemical and oil & gas, food & beverage, and power generation.
Based on material, the heat exchanger market is divided into carbon steel, stainless steel, nickel, and others. Stainless steel captured significant share in the market and expected to have significant demand in the future as well. It is mainly owing to its beneficial characteristics of stainless steel 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.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia Pacific holds the prominent market share due to increasing industrial operations in the developing countries such as China, India, etc.
Some of the major players operating in the market include Alfa Laval, API Heat Transfer Inc, Danfoss, General Electric Company, Hisaka Works, IHI Corporation, Johnson Controls, Kelvion Holding GmbH, Koch Industries, Byod Corporation. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Heat exchanger Market Segmentation
Market Insight, by Type
· Shell & Tube
· Plate & Frame
· Air Cooled
· Others
Market Insight, by Material
· Carbon Steel
· Stainless Steel
· Nickel
· Others
Market Insight, by End-User
· Chemical
· Petrochemical and Oil & Gas
· HVAC and Refrigeration
· Food & Beverage
· Power Generation
· Paper & Pulp
· Others
Market Insight, by Region
· North America Heat Exchanger Market
o United States
o Canada
o Rest of North America
· Europe Heat exchanger Market
o Germany
o United Kingdom
o Spain
o Italy
o France
o Rest of Europe
· Asia-Pacific Heat exchanger Market
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of World Heat exchanger Market
Top Company Profiles
· Alfa Laval
o API Heat Transfer Inc
o Danfoss
o General Electric Company
o Hisaka Works
o IHI Corporation
