A Heat Exchanger is an equipment built for efficient heat transfer from one medium to another, whether the media are separated by a solid wall or the media are in direct contact. Technological advancements, rising environmental concerns and increasing energy consumption remain the key driving forces in the market. On the basis of applications, the market of heat exchangers can be broadly segmented into chemical, petrochemical, oil & gas, HVACR, food & beverage, pulp & paper, and power generation. Though chemical is the major application market for heat exchangers and serves majority of the heat exchangers market, HVACR is an emerging market and the demand for the same is growing at a high pace.
The World Integrated Trade Solution (WITS) of the World Bank recorded the United States to be the largest exporter of chemicals in the world, amounting for an export value of about USD 345.65 billion, followed by China with USD 158.75 billion worth of exports.
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Furthermore, there is an ever-increasing demand for chemicals that are more environment-friendly, backed with the imposition of stringent government regulations to control pollution on a global level. It is calculated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2021. On the other hand, estimations also show that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. This in turn, is projected to raise the in-flow of investments by market players for the development of new technologies to manufacture products with reduced toxicity.
The European region is the biggest market of heat exchangers, accounting for more than one-third of the total heat exchangers demand. There is a lot of scope in the Asia-Pacific market due to the surging demand for energy in the region. With the emerging technological developments and innovations in the region, the demand for heat exchangers may further augment at a higher pace.
Currently, the demand for heat exchangers is increasing in the end-user industries. The key drivers for increasing demand of heat exchangers are stringent environmental regulations, rise in demand for energy, and increased investments in the chemical, petrochemical, fuel processing, and HVACR industries. Technological developments & innovations, agreements, partnerships & collaborations are identified as key strategies to expand the heat exchangers market.
This study on heat exchangers market estimates its global demand and market size in terms of value for 2013 and projects the expected demand and also the market size for the same by 2031. As a part of the quantitative analysis, the study segments the global market by type and application at country level with current market estimation and forecast till 2031. The countries covered in the report are the U.S., Canada, Sweden, France, Germany, Italy, U.K., Japan, China, India, Brazil and Saudi Arabia. The segmentation by type includes shell & tube, plate & frame, air cooled, and printed circuit; while on the basis of its application, the segmentation includes chemical, petrochemical, oil & gas, HVACR, food & beverage, pulp & paper, and power generation.
As a part of qualitative analysis, the research provides report with a comprehensive review of key market drivers, restraints, opportunities, winning imperatives, and key issues in the market.
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It also includes company profiling and competitive strategies adopted by various market players including Alfa Laval AB (Sweden), GEA Group AG (Germany), SPX Corporation (U.S.), Xylem Inc. (U.S.), and Danfoss A/S (Denmark).
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