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Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global heat exchanger market reached a value of US$ 14.9 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global heat exchanger market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on type, material and end-use industry.

Breakup by Type:

  • Shell & Tube
  • Plate & Frame
  • Air Cooled
  • Others
     

Breakup by Material:

  • Carbon Steel
  • Stainless Steel
  • Nickel
  • Others
     

Breakup by End-Use Industry:

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

Breakup by Region

  • 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
       

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 2020
Historical Period 2015-2020
Forecast Period 2021-2026
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$ 2299
Five User License: US$ 3399
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)

1   Preface
2   Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Heat Exchanger Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Type
    6.1    Shell & Tube
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Plate & Frame
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Air Cooled
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4   Others
        6.4.1 Market Trends
        6.4.2 Market Forecast
7   Market Breakup by Material
    7.1    Carbon Steel
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Stainless Steel
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Nickel
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Others
        7.4.1 Market Trends
        7.4.2 Market Forecast
8   Market Breakup by End-Use Industry
    8.1    Chemical
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Petrochemical and Oil & Gas
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    HVAC and Refrigeration
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Food & Beverage
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Power Generation
        8.5.1 Market Trends
        8.5.2 Market Forecast
    8.6    Paper & Pulp
        8.6.1 Market Trends
        8.6.2 Market Forecast
    8.7    Others
        8.7.1 Market Trends
        8.7.2 Market Forecast
9   Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Europe
        9.2.1 Germany
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 France
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 United Kingdom
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 Italy
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Spain
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Russia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Asia Pacific
        9.3.1 China
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 Japan
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 India
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 South Korea
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Australia
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Indonesia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Argentina
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
        9.4.4 Colombia
           9.4.4.1 Market Trends
           9.4.4.2 Market Forecast
        9.4.5 Chile
           9.4.5.1 Market Trends
           9.4.5.2 Market Forecast
        9.4.6 Peru
           9.4.6.1 Market Trends
           9.4.6.2 Market Forecast
        9.4.7 Others
           9.4.7.1 Market Trends
           9.4.7.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Turkey
           9.5.1.1 Market Trends
           9.5.1.2 Market Forecast
        9.5.2 Saudi Arabia
           9.5.2.1 Market Trends
           9.5.2.2 Market Forecast
        9.5.3 Iran
           9.5.3.1 Market Trends
           9.5.3.2 Market Forecast
        9.5.4 United Arab Emirates
           9.5.4.1 Market Trends
           9.5.4.2 Market Forecast
        9.5.5 Others
           9.5.5.1 Market Trends
           9.5.5.2 Market Forecast
10  SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11  Value Chain Analysis
12  Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13  Price Indicators
14  Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Alfa Laval
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio 
        14.3.2    API Heat Transfer Inc.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio 
        14.3.3    Danfoss
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio 
        14.3.4    General Electric Company
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio 
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    Hisaka Works
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio 
        14.3.6    IHI Corporation
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio 
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Johnson Controls
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio 
        14.3.8    Kelvion Holding GmbH
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio 
        14.3.9    Koch Industries
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio 
           14.3.9.3 SWOT Analysis
        14.3.10    Lytron Inc.
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio 
        14.3.11    Mersen
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio 
        14.3.12    Modine Manufacturing
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio 
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Royal Hydraulics
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio 
        14.3.14    Sondex A/S
           14.3.14.1 Company Overview
           14.3.14.2 Product Portfolio 
        14.3.15    Xylem Inc.           
           14.3.15.1 Company Overview
           14.3.15.2 Product Portfolio 
           14.3.15.3 Financials
           14.3.15.4 SWOT Analysis

List of Figures

Figure 1: Global: Heat Exchanger Market: Major Drivers and Challenges
Figure 2: Global: Heat Exchanger Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Heat Exchanger Market: Breakup by Type (in %), 2020
Figure 4: Global: Heat Exchanger Market: Breakup by Material (in %), 2020
Figure 5: Global: Heat Exchanger Market: Breakup by End-Use Industry (in %), 2020
Figure 6: Global: Heat Exchanger Market: Breakup by Region (in %), 2020
Figure 7: Global: Heat Exchanger Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 8: Global: Heat Exchanger (Shell & Tube) Market: Sales Value (in Million US$), 2015 & 2020
Figure 9: Global: Heat Exchanger (Shell & Tube) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 10: Global: Heat Exchanger (Plate & Frame) Market: Sales Value (in Million US$), 2015 & 2020
Figure 11: Global: Heat Exchanger (Plate & Frame) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 12: Global: Heat Exchanger (Air Cooled) Market: Sales Value (in Million US$), 2015 & 2020
Figure 13: Global: Heat Exchanger (Air Cooled) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 14: Global: Heat Exchanger (Other Types) Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Global: Heat Exchanger (Other Types) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Global: Heat Exchanger (Carbon Steel) Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Global: Heat Exchanger (Carbon Steel) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Global: Heat Exchanger (Stainless Steel) Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Global: Heat Exchanger (Stainless Steel) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: Global: Heat Exchanger (Nickel) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: Global: Heat Exchanger (Nickel) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: Global: Heat Exchanger (Others) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: Global: Heat Exchanger (Others) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: Global: Heat Exchanger (Chemical) Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: Global: Heat Exchanger (Chemical) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: Global: Heat Exchanger (Petrochemical and Oil & Gas) Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: Global: Heat Exchanger (Petrochemical and Oil & Gas) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: Global: Heat Exchanger (HVAC and Refrigeration) Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: Global: Heat Exchanger (HVAC and Refrigeration) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: Global: Heat Exchanger (Food & Beverage) Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: Global: Heat Exchanger (Food & Beverage) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: Global: Heat Exchanger (Power Generation) Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: Global: Heat Exchanger (Power Generation) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: Global: Heat Exchanger (Paper & Pulp) Market: Sales Value (in Million US$), 2015 & 2020
Figure 35: Global: Heat Exchanger (Paper & Pulp) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 36: Global: Heat Exchanger (Other End-Use Industries) Market: Sales Value (in Million US$), 2015 & 2020
Figure 37: Global: Heat Exchanger (Other End-Use Industries) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 38: North America: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 39: North America: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 40: United States: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 41: United States: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 42: Canada: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 43: Canada: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 44: Europe: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 45: Europe: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 46: Germany: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 47: Germany: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 48: France: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 49: France: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 50: United Kingdom: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 51: United Kingdom: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 52: Italy: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 53: Italy: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 54: Spain: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 55: Spain: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 56: Russia: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 57: Russia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 58: Others: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 59: Others: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 60: Asia Pacific: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 61: Asia Pacific: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 62: China: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 63: China: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 64: Japan: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 65: Japan: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 66: India: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 67: India: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 68: South Korea: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 69: South Korea: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 70: Australia: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 71: Australia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 72: Indonesia: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 73: Indonesia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 74: Others: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 75: Others: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 76: Latin America: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 77: Latin America: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 78: Brazil: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 79: Brazil: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 80: Mexico: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 81: Mexico: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 82: Argentina: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 83: Argentina: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 84: Colombia: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 85: Colombia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 86: Chile: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 87: Chile: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 88: Peru: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 89: Peru: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 90: Others: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 91: Others: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 92: Middle East and Africa: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 93: Middle East and Africa: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 94: Turkey: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 95: Turkey: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 96: Saudi Arabia: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 97: Saudi Arabia: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 98: Iran: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 99: Iran: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 100: United Arab Emirates: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 101: United Arab Emirates: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 102: Others: Heat Exchanger Market: Sales Value (in Million US$), 2015 & 2020
Figure 103: Others: Heat Exchanger Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 104: Global: Heat Exchanger Industry: SWOT Analysis
Figure 105: Global: Heat Exchanger Industry: Value Chain Analysis
Figure 106: Global: Heat Exchanger Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Global: Heat Exchanger Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Heat Exchanger Market Forecast: Breakup by Type (in Million US$), 2021-2026
Table 3: Global: Heat Exchanger Market Forecast: Breakup by Material (in Million US$), 2021-2026
Table 4: Global: Heat Exchanger Market Forecast: Breakup by End-Use Industry (in Million US$), 2021-2026
Table 5: Global: Heat Exchanger Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 6: Global: Heat Exchanger Market: Competitive Structure
Table 7: Global: Heat Exchanger Market: Key Players

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Key Question Answered in this Report

The global heat exchanger market reached a value of US$ 14.9 Billion in 2020.

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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