According to the latest report by IMARC Group, titled “India Heat Exchanger Market: Industry, Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India heat exchanger market is anticipated to grow at a CAGR of 7 % during 2022-2027. A heat exchanger refers to a device that transfers heat between two fluids at different temperatures. It contains streams of hot and cold liquids that are utilized to transfer thermal energy among the streams. The two fluids are separated by thermally conductive tubes and agitators, such as a helical ribbon impeller or a propeller. Heat exchangers assist in heating or cooling buildings and enable the efficient functioning of engines and machines. As compared to their conventional counterparts, heat exchangers consume lesser energy and ensure lower environmental impact at reduced maintenance and operational costs. As a result, they are widely used in various engineering applications, such as power plants, automobile radiators, refrigeration, food processing systems, waste heat recovery units, and heating and air-conditioning systems.
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.
India Heat Exchanger Market Trends:
The increasing energy demand is one of the key factors driving the market growth in India. In line with this, the rising adoption of renewable energy resources, such as solar and wind, is creating a positive outlook for the market. Heat exchangers form an essential component in wind turbines and are used in solar water heating systems to transfer solar energy absorbed in solar collectors to potable drinking water. Apart from this, the large-scale integration of artificial intelligence (AI) and the Internet of Things (IoT) that enables users to continuously monitor product performance in real-time while improving efficiency and reducing energy consumption cost-effectively is providing an impetus to the market growth. Moreover, the widespread adoption of heat exchangers in the new power units is favoring the market growth. Additionally, the increasing demand for heat, ventilation and air-conditioning (HVAC) systems from industrial, commercial and residential sectors due to extreme average climatic conditions is positively impacting the market growth. Other factors, including the rising expenditure capacities of consumers, extensive research and development (R&D) activities, and the growing adoption of energy-efficient and environmentally friendly devices, are anticipated to drive the market toward growth.
- On the basis of the type, the market has been divided into shell & tube, plate & 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 divided into chemical, petrochemical and oil & gas, HVAC and refrigeration, food & beverage, power generation, paper & pulp, and others.
- Based on region, the market has been categorized into North, West and Central, South, and East India.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players.
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