The global heat exchanger market grew at a CAGR of around 7% during 2014-2019. A heat exchanger refers to a device that is used for transferring heat from one fluid to another. It is used for controlling the temperature of a system or substance. 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. These devices assist in heating or cooling buildings as well as enable efficient functioning of engines and machines. As a result, they are widely utilized in boilers, furnaces, refrigerators, automotive radiators, sewage treatment and air conditioning systems.
The significantly rising demand for heat, ventilation and air-conditioning (HVAC) from industrial, commercial and residential sectors is primarily driving the growth of the market. This can be accredited to the inflating disposable income levels, changing living standards and extreme average climatic conditions across the globe. Moreover, rising environmental concerns amongst individuals regarding the use of energy-efficient and environment-friendly devices are also influencing the market growth. Governments of several countries have implemented stringent regulations to reduce carbon emissions across various industries, which are creating a positive outlook for the heat exchanger market. Furthermore, manufacturers are constantly engaging in research and development (R&D) activities in the heat exchange technology to launch cost-effective and efficient product variants, which is expected to drive the market growth further. Looking forward, IMARC Group expects the global heat exchanger market is expected to expand at a CAGR of around 6% during 2020-2025.
Breakup by Type:
Breakup by Material:
Breakup by End-Use Industry:
Breakup by Region
The competitive landscape of the industry has also 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, Xylem Inc., etc.
Key Questions Answered in This Report:
The global heat exchanger market was worth around US$ 15.4 Billion in 2019.
The sudden outbreak of the COVID-19 pandemic, in the early 2020, has negatively impacted the market for heat exchangers due to disrupted supply chains and unavailability of raw materials.
According to the estimates by IMARC Group, the global heat exchanger market will exhibit moderate growth during the next five years.
Rapid adoption of heat, ventilation, and air-conditioning (HVAC) systems across the residential, commercial, and industrial sectors, is primarily augmenting the demand for heat exchangers.
The increasing investments in extensive R&D activities for the introduction of cost-effective and energy-efficient product variants, represent one of the key trends in the heat exchanger market.
On the basis of the type, the market has been bifurcated into shell and tube, plate and frame, air cooled and others. In this segment, shell and tube account for the largest market share.
On the basis of the material, the market has been bifurcated into carbon steel, stainless steel, nickel and others.
On the basis of the end use industry, the market has been bifurcated into chemical, petrochemical and oil and gas, HVAC and refrigeration, food and beverage, power generation, paper and pulp, and others. In this segment, petrochemical and oil & gas hold the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe dominates the global market.
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