Chicago, July 16, 2024 (GLOBE NEWSWIRE) -- The Global Heat Exchanger Market size is estimated to be USD 23.0 billion in 2024 and projected to reach USD 32.3 billion by 2029, at a CAGR of 7.0%, between 2024 and 2029, as per the recent study by MarketsandMarkets™. The heat exchangers market has witnessed significant technological advancements driven by the growing emphasis on energy recovery, cost reduction, and environmental sustainability. Heat exchangers play a crucial role in HVACR systems, contributing significantly to energy conservation and reduction of energy bills. The demand for low-maintenance, durable heat exchangers with unique designs and high heat transfer rates is witnessing substantial growth due to the increasing demand for energy-efficient HVACR products. Thus, the surge in demand for HVACR systems is propelling the heat exchanger market forward.
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Browse in-depth TOC on "Heat Exchanger Market”
350 - Market Data Tables
57 - Figures
334 - Pages
List of Key Players in Heat Exchanger Market:
- ALFA LAVAL (Sweden)
- Kelvion Holding GmbH (Germany)
- Danfoss (Denmark)
- Exchanger Industries Limited (Canada)
- Mersen (France)
- API Heat Transfer (US)
- Boyd (US)
- H. Güntner (UK) Limited (Germany)
- Johnson Controls (Ireland)
- Xylem (US)
- Wabtec Corporation (US)
- SPX FLOW (US)
- LU-VE S.p.A. (Italy)
- Lennox International Inc. (US)
- Modine Manufacturing Company (US)
Drivers, Opportunities and Challenges in Heat Exchanger:
- Drivers: Growing demand for heat pumps in Europe
- Restraint: Fluctuations in raw material prices
- Opportunity: Rising aftermarket
- Challenge: Regulations concerning fluorinated gases
Key Findings of the Study:
- Metals is projected to be the fastest growing material of heat exchangers, in terms of value, during the forecast period
- Shell & Tube is the largest type of the heat exchangers, in terms of value
- Europe captures the largest share in the heat exchangers market during the forecast period, in terms of value
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On the basis of Material, the metals material segment is expected to lead the market in terms of value in 2024. Metal is a popular choice for heat exchangers because of its exceptional thermal conductivity and durability. Different types of metals are applicable in heat exchangers, with each metal possessing distinct properties and characteristics that make it suitable for diverse applications. Metals such as copper, aluminum, and titanium are known for their high thermal conductivity. They facilitate efficient heat transmission between fluids in the heat exchanger. Metal-based heat exchangers offer superior heat transfer efficiency. Moreover, they exhibit strength and resilience, effectively resisting corrosion and erosion caused by the fluids being transferred within the heat exchanger.
On the basis of Type, the shell & tube segment accounted for the largest share in the heat exchanger market. The design of shell & tube heat exchangers is simple and are suitable for use in systems characterized by high operating temperatures and pressures. These heat exchangers are well-suited for industries such as chemical, oil & gas, food & beverage, pulp & paper, as well as wastewater treatment, metallurgical, and mining sectors. They serve as evaporators and condensers and can be installed vertically or horizontally depending on operational requirements.
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On the basis of End-use industry, the chemical industry accounted for the largest share in the heat exchanger market. The chemical industry operates on a large scale, with manufacturing facilities producing chemicals in bulk quantities. This scale of operations necessitates the use of numerous heat exchangers to meet the heating and cooling requirements of different processes. Stringent regulations governing environmental protection and workplace safety in the chemical industry often require the use of efficient heat exchange systems to minimize energy consumption and emissions. Continuous advancements in heat exchanger technology have resulted in the creation of increasingly efficient and dependable systems, thereby further improving their applicability to the rigorous conditions encountered in chemical production.
On the basis of Region, Asia Pacific is the fastest growing market for heat exchanger in 2023. Asia Pacific is currently undergoing rapid industrialization, particularly in countries such as China, India, and Southeast Asian nations. This industrial expansion is fueling the demand for heat exchangers across diverse sectors, including chemicals, power generation, oil & gas, and manufacturing. Moreover, ongoing infrastructure development projects, such as the construction of refineries, power plants, and manufacturing facilities, are driving the need for a substantial number of heat exchangers to facilitate various processes such as cooling, heating, and more. Additionally, the escalating energy demand in the Asia Pacific region, propelled by factors such as population growth, urbanization, and economic development, necessitates the expansion of energy infrastructure.
ALFA LAVAL
ALFA LAVAL is a global leading manufacturer specializing in heat transfer, separation, and fluid handling equipment. Its key products are separators, heat exchangers, pumps, and valves. The company has three operating business segments: marine, energy, and food & water. It provides heat exchangers through its energy division. ALFA LAVAL has a broad product portfolio for heat exchangers and offers Aalborg, Cetetube, ViscoLine, Pharma-line, AlfaQ, AlfaCond, AlfaVap, and BaseLine. It also provides customized products for specific applications and operating conditions. The company supplies its products and solutions to various industries such as chemicals, machinery & manufacturing, energy, biotech & pharmaceuticals, food & beverages, transportation, mining, minerals & pigment, marine, semiconductors & electronics, metallurgy, automotive, and pulp & paper. ALFA LAVAL's heat exchangers are designed to efficiently transfer heat using a variety of technologies such as shell & tube, plate & frame, and brazed plate Moreover, it also support services covering installation, maintenance, and repair for its heat exchanger solutions. The company has its operations in Americas, Asia Pacific, the Middle East & Africa, and Europe.
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