The global heat exchanger market is expected to grow by USD 2.81 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of about 3%.
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Technavio has announced its latest market research report titled Global Heat Exchanger Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on “Heat Exchanger Market Analysis Report by Product (Shell and tube, Plate and frame, Cooling tower, Air-cooled, and Others), Geography (Europe, APAC, North America, South America, and MEA), End-user (Chemical, Fuel processing, HVAC, and Others), and the Segment Forecasts, 2020-2024”.
https://www.technavio.com/report/heat-exchanger-market-industry-analysis
The market is driven by the demand from the water and wastewater industry. In addition, the growing demand from APAC countries is anticipated to boost the growth of the heat exchanger market.
Regions such as North Africa, the Middle East, and Southeast Asia are expected to face a severe shortage of freshwater in the next decade. This is mainly due to the improper recycling of water and poor wastewater management. Besides, factors such as population growth, rapid urbanization, and rising per capita consumption of water are increasing the scarcity of available water. Water is essential for manufacturing industries such as pharmaceutical, food and beverage, and paper and pulp. The growing production activities in these industries will increase the demand for freshwater in the coming years. Also, the need for adhering to stringent environmental and water conservation norms is compelling industries to adopt wastewater treatment plants. Heat exchangers are commonly used in water treatment plants to optimize the temperature of water and increase efficiency. Therefore, the rising adoption of wastewater treatment plants will positively influence the growth of the global heat exchanger market during the forecast period.
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Major Five Heat Exchanger Companies:
Alfa Laval AB
Alfa Laval AB operates its business through segments such as Energy, Food & Water, Marine, Greenhouse, and Operations & Other. The company offers heat exchangers for various industrial applications such as heating, cooling, and heat recovery to condensation and evaporation.
Chart Industries Inc.
Chart Industries Inc. operates its business through segments such as D&S East, D&S West, E&C Cryogenics, and E&C FinFans. The company offers brazed heat exchangers that can be used in low-temperature natural gas, air separation, and petrochemical processes.
Danfoss AS
Danfoss AS operates its business through segments such as Danfoss Power Solutions, Danfoss Cooling, Danfoss Drives, and Danfoss Heating. The company offers various heat exchangers such as micro channel heat exchangers, micro plate heat exchangers, brazed plate heat exchangers, welded heat exchangers, and others.
Doosan Heavy Industries & Construction Co. Ltd.
Doosan Heavy Industries & Construction Co. Ltd. operates its business through segments such as DHI, DI, DEC, and Cuvex. The company offers shell and tube heat exchanger for refinery, gas processing, and petrochemical plants.
Guntner GmbH and Co. KG.
Guntner GmbH and Co. KG. operates its business through a unified segment. The company offers plate heat exchangers under the brands, thermolinePlus, thermolineEco, thermolinePure, and others.
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Heat Exchanger Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Shell and tube
- Plate and frame
- Cooling tower
- Air-cooled
- Others
Heat Exchanger Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- Europe
- APAC
- North America
- South America
- MEA
Heat Exchanger Market End-user Outlook (Revenue, USD Billion, 2020-2024)
- Chemical
- Fuel processing
- HVAC
- Others
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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