According to the latest report by IMARC Group, titled "Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global heat exchanger market is currently witnessing strong growth. A heat exchanger refers to a device that is designed to transfer heat from one medium to another. It consists of a solid wall of a thermally conductive tube or plate to prevent the mixture or direct contact of the two mediums. It is widely used for effectively controlling the temperature of a system or substance. Consequently, heat exchangers are widely used in air conditioning systems for removing the heat from a given room and transferring it to the outside air. Apart from this, they also find extensive applications in boilers, furnaces, refrigerators, power stations, sewage treatment plants and automotive radiators.
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 global market is primarily driven by the increasing installations of heat, ventilation and air-conditioning (HVAC) systems across the globe, especially in developing countries. Altering climatic conditions, inflating disposable incomes and changing lifestyle patterns have collectively contributed to the increased uptake of HVAC systems from the industrial, commercial and residential sectors. Heat exchangers form an indispensable component of these systems, thereby providing a thrust to the market growth. Apart from this, these devices are also used as a key component in the power generation sector. Rapid industrialization, rising requirement for uninterrupted power supply and the renovation of the existing power plants are boosting the sales of heat exchangers. Product innovations and extensive research and development (R&D) have led to the introduction of cost-effective and efficient product variants, which is acting as another major growth-inducing factor. In addition to this, stringent government regulations to reduce carbon emissions from various industries and growing applications in petroleum refinery industries for maintaining optimum temperature, are also creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to expand at a CAGR of around 6% during 2020-2025.
- On the basis of the type, the market has been divided into shell and tube, plate and frame, air cooled and others.
- Based on the material, the market has been classified into carbon steel, stainless steel, nickel and others.
- On the basis of the end use industry, the market has been categorized into chemical, petrochemical and oil and gas, HVAC and refrigeration, food and beverage, power generation, paper and pulp, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, 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 the detailed profiles of the key players. Some of these players include Alfa Laval, API Heat Transfer Inc., Danfoss A/S, General Electric Company, HISAKA WORKS, LTD., IHI Corporation, Johnson Controls, Inc., Kelvion Holding GmbH, Koch Industries, Inc., Boyd Corporation, Mersen Corporate Services SAS, Modine Manufacturing Company, Royal Hydraulics, Inc., Danfoss GmbH, and Xylem, Inc.
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