According to the IMARC Group, the global heat exchanger market reached a value of US$ 14.9 Billion in 2020. A heat exchanger refers to a device that is designed to transfer heat from one medium to another. It consists of a solid wall of a thermally conductive tube or plate to prevent the mixture or direct contact of the two mediums. It is widely used for effectively controlling the temperature of a system or substance. Consequently, heat exchangers are widely used in air conditioning systems for removing the heat from a given room and transferring it to the outside air. Apart from this, they also find extensive applications in boilers, furnaces, refrigerators, power stations, sewage treatment plants and automotive radiators.
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The global market is primarily driven by the increasing installations of heat, ventilation and air-conditioning (HVAC) systems across the globe, especially in developing countries. Altering climatic conditions, inflating disposable incomes and changing lifestyle patterns have collectively contributed to the increased uptake of HVAC systems from the industrial, commercial and residential sectors. Heat exchangers form an indispensable component of these systems, thereby providing a thrust to the market growth. Apart from this, these devices are also used as a key component in the power generation sector. Rapid industrialization, rising requirement for uninterrupted power supply and the renovation of the existing power plants are boosting the sales of heat exchangers. Product innovations and extensive research and development (R&D) have led to the introduction of cost-effective and efficient product variants, which is acting as another major growth-inducing factor. In addition to this, stringent government regulations to reduce carbon emissions from various industries and growing applications in petroleum refinery industries for maintaining optimum temperature, are also creating a positive outlook for the market. Looking forward, IMARC Group expects the global heat exchanger market to exhibit moderate growth during 2021-2026.
Top Heat Exchanger Manufacturer in 2021 :
- Alfa Laval AB
- API Heat Transfer Inc.
- Danfoss
- General Electric Company
- Hisaka Works Ltd
- IHI Corporation
- Johnson Controls International PLC
- Kelvion Holding GmbH
- Koch Industries Inc.
- Boyd Corporation
- Mersen SA
- Modine Manufacturing Company
- Royal Hydraulics Inc.
- Xylem Inc
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Heat Exchanger Leading Manufacturers Worldwide in 2021 – Stillwater Current - Stillwater Current
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