Heat Exchangers Market
The Heat Exchangers Market is estimated to grow at a significant CAGR over the forecast period (2020-2027).
The factors driving the growth of Heat Exchangers Market includes increasing consumption of energy around the world, strict regulations imposed by Governments on carbon emissions, rise in the oil and gas exploitation activities and growing emphasis on utilizing renewable sources of energy. According to the report published by Bloomberg, the Global Renewable Energy Market is estimated to reach USD 1,512.3 billion by 2025, expanding at a CAGR of 6.1% over the forecast period (2018-2025), which will boost the Global Heat Exchanger Market in the approaching years. Moreover, the technological advancements in Heat Exchangers, increasing application of heat exchangers in the end-use industries such as Chemical, Automotive and Food & Beverages and rising adoption of advanced heat recovery devices, are some of the additional factors supplementing the Heat Exchanger Market share. In addition, rapid industrialization, rising investments by private players on infrastructure projects, growing popularity of Heating, ventilation, and air conditioning (HVAC) systems and increasing disposable incomes, are further propelling the market growth.
However, the growth of Heat Exchangers Market is hindered due to high maintenance cost of heat exchanger systems.
The leading players operating in the market are Guntner GmbH & Co. KG, Johnson Controls, Hisaka Works Ltd., Chart Industries, API Heat Transfer, Hindustan Dorr-Oliver Ltd., Kelvion Holding GmbH, Alfa Laval, Xylem and Danfoss, among others.
Type: Segment Analysis
As per the Heat Exchanger Market Report, the Shell & Tube Heat Exchangers segment is projected to expand at a remarkable CAGR during the forecast period. The increasing application of heat exchangers in Food & Beverages and Chemicals industry because they provide strong resistance to thermal blocks, easy to maintain and can withstand very high pressures, are some of the features contributing to the growth of the segment.
End-Use Industry: Segment Analysis
Based on End-Use Industry, the Energy segment is predicted to grow at a robust CAGR over the forecast period attributed to increasing energy and power consumption and rise in population growth rates across the globe.
Regional: Segment Analysis
According to the Heat Exchanger Market Research, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period. Rise in energy consumption, increasing investments in manufacturing sector, technological advancements in heat exchanger systems, rapid urbanization and growing disposable incomes, are some of the important factors augmenting the market growth in Asia-Pacific.
Segmentation by Type
- Plate & Frame Heat Exchangers
- Shell & Tube Heat Exchangers
- Air Cooled Heat Exchangers
Segmentation by End-Use Industry
- Food & Beverages
- HVAC & Refrigeration
- Pulp & Paper
- Power Generation
Global Heat Exchangers Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.