According to Exactitude Consultancy the Global Heat Exchangers Market value is expected to reach USD 23.22 by 2029, growing at a 5.1% CAGR of 2023 to 2029
— Irfan Tamboli
LUTON, BEDFORDSHIRE, UNITED KINGDOM, May 5, 2023/EINPresswire.com/ -- Exactitude Consultancy explores the current market and explores the new opportunities in the growing Heat Exchangers market.
Is the need from chemical, petrochemical and other sectors driving the market? Read more to get answers and insights for such and other key questions from the report. By 2029, the Heat Exchangers market is expected to reach USD 23.22 Billion.
According to the latest market research completed and published by Exactitude Consultancy the Heat Exchangers market is expected to grow at 5.1% CAGR from 2022 to 2029. Thus, it will reach above 23.22 USD Billion from USD 15.6 Billion in 2021.
The industry outlook will see new potential as a result of the rising integration of the current product line with cutting-edge and next-generation network-based solutions for better fault detection and seamless operations. The advancements in technology provide numerous productivity advantages as well as real-time monitoring and problem diagnosis. The Industrial Internet of Things (IoT), among other cutting-edge technologies, are being researched and developed by a number of significant firms in this sector. This addition can significantly aid in lowering system downtime, energy usage, wear and tear, and efficient machine optimization.
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The report scope and market definition and market segments considered for the study:
Heat exchanger is a system that moves heat from a source to a working fluid. In both cooling and heating processes, heat exchangers are employed. To avoid mixing, the fluids may be in direct touch or separated by a solid wall. They are commonly employed in power plants, petrochemical plants, chemical factories, refineries for oil, sewage treatment, air conditioning, refrigeration, and space heating. In an internal combustion engine, a circulating fluid called engine coolant circulates through radiator coils as air passes by the coils, cooling the coolant and heating the incoming air. This is a classic example of a heat exchanger in action. Another illustration is the passive heat exchanger known as the heat sink, which transports heat generated by an electronic device to a fluid medium.
The working temperature of the system is controlled by a heat exchanger, which also recovers heat from the effluent. The machinery operates with two fluids or gas and fluid mixtures at various heat levels and temperatures. The primary methods of transferring heat between fluids or air are typically tubes or pipes. One passes over the pipes, while the other passes through them. They are utilized in a number of different processes, including chillers, vaporizers, reboilers, evaporators, and condensation.
A fluid runs through a bundle of tubes in the shell of a shell-and-tube heat exchanger, while another fluid flows over the tubes in the shell. The two fluids circulate through alternate channels between a series of thin plates that are stacked together to form plate-and-frame heat exchangers. Similar to shell-and-tube heat exchangers, fins are affixed to the tubes in finned-tube heat exchangers to increase their surface area and improve heat transfer.
Heat Exchangers Market Segmentation:
The research focuses on the segmentations of the Heat Exchangers market and the kind of application they provide in several end-use industries; the market is always expected to witness growth due to increasing segments for application. Based on the material, market is segmented into steel and non-steel. Steel segment holds the largest revenue. Due to its excellent strength, durability, and corrosion resistance, stainless steel is perfect for use in heat exchanger construction. Mild steel and stainless steel are the two steel types that manufacturers most frequently use. In the chemical industry, other non-metals like titanium are also utilized for aggressive media like nitric acid, hydrochloric acid, phosphoric acid, and chlorine, with applications in shipbuilding and the marine industry.
Based on the type, market is sub segmented into shell and tube, plate and frame, air-cooled. Shell and tube segment dominated the market . Products made of shell and tubes are composed of a collection of tubes arranged in a cylindrical shell with the tube axis parallel to the shell's axis. The floating-head type, U-tube design, and fixed tube sheet design are the three most typical varieties of shell and tube products.
On the basis of end user, market is segmented into chemical, energy, HVACR (heating, air conditioning, and refrigeration), power generation, food and beverage, pulp and paper. Chemical segment accounted for the largest share of heat exchangers market. The chemical processing industry (CPI) uses heat exchangers because of their attributes including strong corrosion resistance and design flexibility. Because to their characteristics, they can manage fluids with varied solid content.
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, trends
Segments covered
By Material, by Type, by End User, by region
Regional scope
North America; Europe; Asia Pacific; Latin America; MEA
Country scope
U.S.; Canada; Mexico; Germany; France; Italy; China; Japan; India; Brazil; Saudi Arabia; UAE
Key companies profiled
Alfa Laval, Johnson Controls International, Kelvion Holdings, Danfoss, SPX Corporation and Godrej & Boyce Manufacturing, Hindustan Dorr-Oliver, Hisaka Works, Xylem, API Heat Transfer, and Guntner.
Customization scope
Free report customization with purchase. Addition or alteration to country, regional & segment scope.
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Regional growth insights:
In 2022, Europe was the largest market, with 31.9% of worldwide sales. The demand for these goods in the HVAC & refrigeration industry is predicted to increase with rising public and private infrastructure initiatives. Additionally, it is anticipated that demand for heat exchangers with increased durability, improved efficiency, and less fouling would rise across a number of end-use sectors throughout the course of the projection period. In recent years, the European heat exchangers market has been characterized by a shift towards compact and high-efficiency products, as well as the integration of smart technologies to improve performance and reduce energy consumption. The market is also influenced by regulations aimed at reducing carbon emissions, such as the European Union's Eco-design Directive, which sets minimum energy efficiency standards for energy-related products.
The U.S. and Canada offer a potential market in North America. The region's booming automotive industry has increased demand for heat exchangers by encouraging the use of light and hybrid automobiles. In addition, the region serves as the hub for a large number of well-known businesses engaged in industries such as oil and gas, HVAC, automotive, aviation, and aerospace. The market in the Latin American region will be driven by increased investment in the oil and gas sector, particularly offshore investment, and improving refining facilities.
The market for heat exchangers is expanding as a result of the rising demand from Chemical, petrochemical, HVAC, food and beverage, and power generating sectors.
Heat exchangers offer an energy-efficient way to transfer heat from one fluid to another, which reduces energy consumption and operating costs. With increasing focus on energy efficiency and sustainability, the demand for heat exchangers is expected to grow. Rapid urbanization and growth in the construction sector have led to an increase in demand for HVAC systems, which use heat exchangers for efficient cooling and heating. The growing demand for HVAC systems is driving the growth of the heat exchanger market.
Competitive landscape and companies covered:
Some of the major players in this industry have taken a lead position, while others are trying to keep up with their innovations. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic).
The market players for the Heat Exchangers market are involved in the research and product development, distribution and sale and post-sale services.
The Heat Exchangers market key players include Alfa Laval, Johnson Controls International, Kelvion Holdings, Danfoss, SPX Corporation and Godrej & Boyce Manufacturing, Hindustan Dorr-Oliver, Hisaka Works, Xylem, API Heat Transfer, and Guntner.
May 18, 2020 : Alfa Laval has spent years working closely with customers to match them to the right heat transfer equipment for their needs. Much of that experience is now available in HEXpert: an online heat exchanger selector tool for demanding process applications, such as those in the petrochemical and oil & gas industries.
January 17, 2023 : SPX Technologies, Inc. announced its sustainability commitments. The company has committed to a 30% reduction in greenhouse gas emissions intensity by 2030, and greater transparency in our diversity and inclusion disclosures, as we focus on enhancing our performance annually.
Objectives of the research and the key questions answered:
The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local players, investment banks and VCs, chemical industries, governments and research personnel.
Major Points in Table of Content - https://exactitudeconsultancy.com/reports/17394/heat-exchangers-market/#table-of-content
Key Questions Answered: -
What is the expected growth rate of the heat exchangers market over the next 7 years?
Who are the major players in the heat exchangers market and what is their market share?
What are the end-user industries driving demand for market and what is their outlook?
What are the opportunities for growth in emerging markets such as Asia-Pacific, Middle East, and Africa?
How is the economic environment affecting the heat exchangers market, including factors such as interest rates, inflation, and exchange rates?
What is the expected impact of government policies and regulations on the heat exchangers market?
What is the current and forecasted size and growth rate of the global heat exchangers market?
What are the key drivers of growth in the heat exchangers market?
Who are the major players in the market and what is their market share?
What are the distribution channels and supply chain dynamics in the heat exchangers market?
What are the technological advancements and innovations in the heat exchangers market and their impact on product development and growth?
What are the regulatory considerations and their impact on the market?
What are the challenges faced by players in the heat exchangers market and how are they addressing these challenges?
What are the opportunities for growth and expansion in the heat exchangers market?
What are the service offerings and specifications of leading players in the market?
Exactitude Consultancy Services Key Objectives:
Increasing sales and market share
Developing new technology
Improving profitability
Entering new markets
Enhancing brand reputation
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