Heat Exchanger Market Growth
WILMINGTON, DE , UNITED STATES, May 3, 2024 /EINPresswire.com/ -- The global heat exchanger market size was valued at $16.7 billion in 2020, and is projected to reach $28.3 billion by 2030, at a CAGR of 5.5% from 2021 to 2030.
Heat exchangers are devices designed to transfer heat between two or more fluids that is liquids, vapours, or gases of different temperatures. Depending on the type of heat exchanger employed, the heat transferring process can be gas-to-gas, liquid-to-gas, or liquid-to-liquid and occur through a solid separator, which prevents mixing of fluids or direct fluid contact.
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗦𝗮𝗺𝗽𝗹𝗲 𝐏𝐃𝐅 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/request-sample/2049
Other design characteristics, including construction materials and components, heat transfer mechanisms, and flow configurations, also help to classify and categorize the types of heat exchangers available. In addition a diverse selection of these heat exchanging devices is designed and manufactured for use in both, heating and cooling processes application across a wide range of industries.
Heat exchangers help control fluid temperatures in food, beverages, and pharmaceutical processing for pasteurization, sterilization, clean-in-place, and other hygienic operations. In addition, ingredients in cosmetics and pharmaceuticals are mixed at specific temperatures to ensure safe use and product quality are done by heat exchangers. However, rise in pharmaceutical, cosmetic, chemical, and petrochemical industries across the globe is expected to act as a major driving factor for the growth of the heat exchanger market.
The heat exchanger industry is segmented on the basis of type, end-user industry, material of construction, and region. On the basis of type, the market is categorized into shell and tube, plate and frame, air-cooled, microchannel heat exchanger, and others. On the basis of end-user industry, it is divided into chemical, petrochemical, oil & gas, HVACR, food & beverages, power generation, and others.
On the basis of material of construction, it is classified into carbon steel, stainless steel, nickel, and others. The others segment further includes, nickel alloys, titanium, copper, and molybdenum. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
𝐁𝐮𝐲 𝐍𝐨𝐰 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/faaab884ef175e72c0b8256d7e0b4a40
The global heat exchanger market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the heat exchanger market growth.
𝐈𝐦𝐩𝐚𝐜𝐭 𝐎𝐟 𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐎𝐧 𝐆𝐥𝐨𝐛𝐚𝐥 𝐇𝐞𝐚𝐭 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭
The manufacturing of heat exchanger stopped for a specific period due to high peak of COVID-19, which highly impacted sales of the heat exchanger.
According to the Organization for Economic Co-operation and Development (OECD), a surge in the price of crude oil began during the lockdown, due to extensive supply and less demand, which increased the production of electricity. However, there is no impact of COVID-19 on the heat exchanger market, due to the extensive production of oil.
Sales of heat exchanger is directly proportional to the demand for oil & gas. The oil & gas industry is negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in crude prices in 2020 due to the resumed overflow production, However, the continued upstream activities has not impacted the demand for heat exchanger.
COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global heat exchanger market due to impact of COVID-19.
Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using heat exchanger and thereby, affecting the global heat exchanger market.
𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2049
𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲
On the basis of type, the shell and tube segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
On the basis of end-user industry, the chemical segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
On the basis of material of construction, the stainless-steel segment registered the highest market share and is projected to maintain the same during the forecast period.
On the basis of region, the LAMEA region registered the highest market share and is projected to maintain the same during the forecast period.
𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬
Accessen Group
Alfa Laval
API Heat Transfer
Chart Industries.
Danfoss A/S
Hisaka Works. Ltd.
Exchanger Industries Limited
Koch Industries Inc.
Thermofin Gmbh
Xylem
David Correa
Allied Market Research
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