According to the latest report by IMARC Group, titled " United States Heat Exchanger Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the United States heat exchanger market reached a value of US$ 3.22 Billion in 2021. A heat exchanger represents advanced equipment designed to facilitate the heat transferring procedure from one fluid to another while controlling the temperature and avoiding intermixing of two substances. It operates on the thermodynamic principle, wherein the device comprising hot and cold fluids is used for transferring thermal energy among streams. The employment of heat exchangers in the food and beverage (F&B) sector aids in regulating the temperature to meet pasteurization requirements, cleaning fluids to remove residues, and ensuring lower environmental impact at minimal operating and maintenance costs. They also find extensive applications in refrigerators, sewage treatments, air conditioning appliances, automotive radiators, waste heat recovery units, boilers, and furnaces.
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.
United States Heat Exchanger Market Trends:
There has been an increasing demand for centralized heating and cooling systems across various residential and commercial sectors, which, in turn, has facilitated the widespread adoption of heat exchangers in the heat, ventilation, and air-conditioning (HVAC) systems to optimize the efficiency and overall performance of the system at lower maintenance costs. Additionally, the rising environmental concerns have prompted the Federal Government of the United States (US Federal Government) to promote the uptake of renewable energy sources and eco-friendly devices, such as heat exchangers, to inhibit greenhouse gas (GHG) emissions, which are acting as other growth-inducing factors.
In line with this, significant technological advancements, such as the incorporation of tube inserts to enhance tube side performance in the heat exchangers by modifying the flow stream characteristics, are contributing to the market growth. Moreover, the extensive utilization of stainless-steel heat exchangers owing to their several beneficial properties, including corrosion-resistance, lightweight, and high thermal conductivity, is propelling the market growth. Other factors, such as continuous investments in research and development (R&D) activities and ongoing strategic collaborations amongst key players to engineer advanced heat exchangers with enhanced energy efficacy, are creating a positive outlook for the market across the country. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.52 Billion by 2027, growing at a CAGR of 5.50% during 2022-2027.
- Based on the type, the market has been categorized into shell and tube, plate and frame, air cooled, and others. Amongst these, the shell and tube segment dominates the market.
- On the basis of the material, the market has been segmented into carbon steel, stainless steel, nickel, and others. Stainless steel currently holds the largest market share.
- Based on the end use industry, the market has been segregated into chemical, petrochemical and oil and gas, HVAC and refrigeration, food and beverage, power generation, paper and pulp, and others. At present, the chemical industry represents the leading segment.
- Based on the regions, the market is dominated by the South, followed by the Northwest, Midwest, and West US.
- The competitive landscape of the market has also been examined, along with the profiles of the key players.
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