The latest report by IMARC Group, titled “Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global heat exchanger market size reached a value of US$ 16.3 Billion in 2021. A heat exchanger is a major piece of equipment that transfers heat from one medium to another. It regulates the temperature of a substance or system and is generally developed for industrial and domestic applications such as air conditioners, which remove heat from an enclosed room. The heat exchanger consists of streams of hot and cold fluids that are separated by a solid wall of the thermally conductive tube or plate, which aids in preventing direct contact between the two mediums. As a result, it finds application across various essential components in boilers, furnaces, power stations, refrigerators, automotive radiators and sewage treatment plants.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Heat Exchanger Market Trends:
The market is primarily driven by the significant growth of the oil and gas industries. Governments across various countries, especially the Middle East, are extensively investing to increase crude oil extractions, which is fueling the market growth. In addition, the rising demand for heat, ventilation, air conditioning (HVAC) systems across residential, industrial, and commercial sectors is propelling the market growth. In recent years, the fast-changing climatic conditions, changing lifestyles, and inflating per capita income of individuals are also facilitating the adoption of heat exchangers. Furthermore, research and development (R&D) activities have resulted in the launch of cost-effective and efficient product variants, which are providing a positive outlook to the market. Other factors, such as rapid industrialization, growth of petroleum refinery industries for maintaining optimum temperatures, and the increasing renovation of existing power plants and the construction of new ones, are escalating the demand for heat exchangers. Looking forward, the market is expected to reach a value of US$ 23.4 Billion by 2027, exhibiting a CAGR of 6% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into shell and tube, plate and frame, air cooled, and others.
- On the basis of the material, the market has been classified into carbon steel, stainless steel, nickel, and others.
- The market has been categorized based on the end-use industry into chemical, petrochemical and oil and gas, HVAC and refrigeration, food and beverage, power generation, paper and pulp, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others).
- The competitive landscape of the market has been examined, with some of the key players being Alfa Laval, API Heat Transfer Inc., Danfoss, General Electric Company, Hisaka Works, IHI Corporation, Johnson Controls, Kelvion Holding GmbH, Koch Industries, Lytron Inc., Mersen, Modine Manufacturing, Royal Hydraulics, Sondex A/S, and Xylem Inc.
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