Heat Exchanger Market Size, Share, Industry Analysis and Forecast 2023-2028

Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A1854

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Market Overview:

The global heat exchanger market size reached US$ 17.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.75% during 2023-2028.

A heat exchanger is a device used for transferring heat between two mediums that are at different temperatures. It comprises hot and cold fluid streams separated by a solid wall of the thermally conductive plate, which aids in preventing direct contact between two fluids and gases. It assists in heating and cooling buildings and facilitates the efficient functioning of engines and machines. It is usually employed for numerous industrial and domestic applications to remove heat from an enclosed room and system. Besides this, heat exchanger finds application in boilers, furnaces, power stations, refrigerators, air conditioners, automotive radiators, and sewage treatment plants.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Heat Exchanger Market Trends:

The increasing global population, rising construction activities, and the escalating demand for heat, ventilation, and air-conditioning (HVAC) in the industrial, commercial, and residential sectors are among the key factors positively influencing the market. In addition, inflating disposable income levels, improving living standards, and extreme climatic conditions are driving the need for luxury items, such as air conditioners, boilers, and other electrical appliances. Apart from this, the growing environmental concerns and rising awareness among individuals about the use of energy-efficient and environment-friendly devices are creating a positive market outlook. In line with this, governments of various countries are implementing stringent regulations to minimize harmful carbon emissions, which is bolstering market growth. Moreover, several companies are adopting energy-efficient methods to curb the wastage of energy by deploying advanced heat recovery devices for several industrial applications. This, in turn, is catalyzing the demand for heat exchangers across the globe. Furthermore, key manufacturers are constantly investing in research and development (R&D) activities to launch cost-effective and advanced product variants, which is anticipated to propel market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global heat exchanger market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, material and end-use industry.

Breakup by Type:

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Shell & Tube
Plate & Frame
Air Cooled
Others

Shell and tube are the most popular types of heat exchanger as they are budget friendly and offer numerous advantages, such as the ease of application at extreme pressures and temperatures.

Breakup by Material:

Carbon Steel
Stainless Steel
Nickel
Others

Stainless steel is widely used in manufacturing heat exchangers due to its high strength, durability, and ability to resist corrosion.

Breakup by End-Use Industry:

Chemical
Petrochemical and Oil & Gas
HVAC and Refrigeration
Food & Beverage
Power Generation
Paper & Pulp
Others

The chemical industry accounts for the majority of the market share as heat exchangers are widely used in chemical processing applications on account of their design flexibility and high corrosion resistance.

Breakup by Region:

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North America
- United States
- Canada
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Others
Middle East and Africa
- Turkey
- Saudi Arabia
- Iran
- United Arab Emirates
- Others

Europe exhibits a clear dominance in the market due to rising construction activities in residential and commercial complexes, along with the escalating demand for heat exchangers across different industry verticals in the region.

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the top heat exchanger manufacturers 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, Xylem Inc., etc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Type, Material, End-Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered	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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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