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The Asia Pacific heat exchanger market is currently witnessing moderate growth. Heat exchangers are designed to transfer heat from one liquid to another and control the temperature of a system. These devices help to heat or cool buildings and enable the efficient performance of engines and machines. As compared to the conventional methods of cooling, heat exchangers use less energy and produce less pollution. Therefore, they find extensive application in sewage treatment, boilers, refrigerators, furnaces and air conditioning systems across the Asia Pacific region.
The rising population and rapid urbanization are positively fueling the need for power consumption. This represents one of the primary factors strengthening the heat exchangers market growth in the Asia Pacific. In addition to this, the installation of new power units has resulted in the increasing adoption of heat exchangers across the region. Moreover, the key market players are investing in research and development (R&D) projects to introduce an efficient upgrade for conventional heat exchangers. However, the coronavirus disease (COVID-19) outbreak and lockdown restrictions imposed by governments of several countries have led to temporary closures of manufacturing units across the Asia Pacific. This has severely affected the market growth, but it will witness growth once lockdown restrictions are uplifted. Looking forward, the market is expected to continue its moderate growth during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the Asia Pacific heat exchanger market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, type, material and end use industry.
Breakup by Type:
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Breakup by End Use Industry:
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The competitive landscape of the industry has also been examined along with the profiles of the key players.
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