New York, June 22, 2021 (GLOBE NEWSWIRE) -- Heat Exchanger Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Heat Exchanger Market Research Report, Type, Application and Region - Forecast till 2027” The global is projected to reach USD 28.5 billion by 2027 from an estimated USD 17.1 billion in 2019, at a CAGR of 7.4%
Industry Trends
Rapid economic growth worldwide and diversified industrial application areas of heat exchangers, such as industrial processing and food process equipment, offer ample market opportunities. Besides, rising uses of heat exchangers in applications like marine & mining, hydraulics, mobile power plant, power generation, and spas & swimming pools create vast market demand.
Being the most efficient energy-saving source, heat exchanger is the best solution in mining, pulp & paper, coke, iron & steel-making industries, and metallurgy & heavy industries. Furthermore, increased power demand from commercial & non-commercial sectors, population growth, and economic growth in the developing nations are major heat exchanger market trends.
Conversely, volatility in price and the demand-supply gap in raw materials required for production are key factors impeding the market growth. Also, vast investments required for establishing heat exchanger production plants challenge the growth of the market. Nevertheless, rising investments in many regions would support the market growth throughout the assessment period.
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List of the key companies profiled in the Heat Exchanger Market Research Report are –
- Kelvion Holdings Gmbh (Germany)
- Alfa Laval AB (Sweden)
- Southern Heat Exchanger (US)
- SPX Corporation (US)
- Danfoss A/S (Denmark)
- Xylem Inc. (US)
- Gunter AG & Co. KG (Germany)
- API Heat Transfer Inc. (US)
- Sierra S.p. A (Italy)
- Koch Heat Transfer Company (US)
- Hamon & Cie International SA (Belgium)
- Hughes Anderson Heat Exchangers (US)
COVID-19 Analysis
The heat exchanger industry suffered unprecedented challenges due to the COVID-19 pandemic. Industry players faced many problems, including obtaining raw materials, attracting workers from quarantines, and delivering end products. Resultantly, the heat exchanger market experienced unexpected outages, whipsaw pricing, and wreaked havoc on the supply chains.
However, the market is speedily returning to normalcy, with the lockdown relaxing in many countries. Besides, various industries, including food & beverages and power generation, are creating significant market demand.
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Segments
The heat exchanger market analysis is segmented into types, applications, and regions. The type segment is sub-segmented into shell & tube, plate, regenerative, and air-cooled. Among these, the shell & tube heat exchanger segment holds the largest market share, witnessing vast application in higher operating temperatures and pressure due to huge potential of heat transfer, ease of fault detection, less pressure drop in the tube cooler and free from erosion.
The application segment is sub-segmented into chemicals, oil & gas, power generation, HVACR, food & beverages, and others. Among these, the chemical segment holds the largest market share, witnessing the vast uses of heat exchangers. The oil & gas industry holds the second largest market share due to increased refineries and mining machinery coolers. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
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Regional Analysis
The Asia Pacific region dominates the global heat exchanger market, witnessing increasing investments in chemical industries and increasing power generation capacity. Besides, the growth of manufacturing, chemical, and construction industries in the region escalate the heat exchanger market share. China, Japan, and India are generating a significant demand across industry verticals.
Reactor construction projects with a 4298 MW capacity, commissioned in India, Bangladesh and South Korea, contribute to the heat exchange market growth in the region. Additionally, improving economic conditions, alongside the rapid industrialization and urbanization, boosts the region's heat exchanger market size.
North America is the second-largest market for heat exchangers globally. Spurring rise in the oil & gas, power generation and mechanical & engineering industries are major heat exchanger market trends. Moreover, the early adoption of various advanced refrigeration solutions and the strong presence of notable industry players offering wide product ranges influence the heat exchanger market value.
Massive demand for hydraulic & instrumentation tubes from the mechanical & engineering sector drives the market's growth. The US holds a large share in the regional market due to the leading heat exchanger market vendors in these countries.
Europe also accounts for a prominent share in the global heat exchanger market. Rising investments by governments in the region propel the heat exchanger market revenues. Furthermore, rising uses of heat exchangers in oil & gas, power generation, and automotive sectors create substantial market demand. Countries such as Germany, France, the UK, and Norway account for considerable shares in the regional market.
Competitive Analysis
The heat exchanger market witnesses several strategic partnerships, alongside other strategies such as expansion, mergers & acquisitions, collaboration, and service & technology launches. Major industry players make vast investments in research and development activities and fostering their expansion plans.
For instance, on June 17, 2021, Singapore tech players Ascenix, Keppel Data Centres, CoolestDC, Red Dot Analytics, and New Media Express announced a collaboration with two of Singapore's top universities, the National University of Singapore (NUS) and Nanyang Technological University, (NTU Singapore), to build data center solutions for tropical climates.
The companies have teamed up with these universities as part of a new S$23 MN research program to develop innovative and sustainable cooling solutions for data centers in tropical locations. The new program is jointly funded by the National Research Foundation Singapore (NRF) and anchor industry partner Facebook, featuring several new and emerging cooling techniques such as a new desiccant-coated heat exchanger design and equipment such as a StatePoint Liquid Cooling System (SPLC).
Segmentation of Market covered in the research:
Information By Type (Shell & Tube, Plate, Regenerative, Air cooled), Application (Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages, Other), and Region (North America, Europe, Asia-Pacific, RoW)
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