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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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