Chicago, July 22, 2022 (GLOBE NEWSWIRE) -- Heat Exchangers Market size is estimated at USD 15.6 billion in 2021 and is projected to reach USD 19.9 billion by 2026, at a CAGR of 5.0% during the forecast period, according to a recent report by MarketsandMarkets™. The major factors driving the heat exchangers market include growth of the chemical industry and rising demand for energy across the globe. Heat exchangers have industrial and commercial application in various industries such as chemical, energy, power, HVACR, pulp & paper, and food & beverages. Shell & tube, plate & frame, air-cooled heat exchangers are commonly available in the market and are used in various end-use industries. Heat exchangers market growth is primarily driven by rise in HVACR deployment, and other industrial activities, surging energy prices, and rapid industrial expansion in the developing economies.
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Increasing demand of shell & tube type of heat exchangers from various end-use industries
On the basis of type, the heat exchangers market is segmented into four types including, shell & tube, plate & frame, air-cooled, and others. Shell & tube segment dominates the heat exchangers market during the forecast period. Shell & tube heat exchanger are ideal for various end-use industries such as chemical, food & beverage, oil & gas, pulp & paper, and others such as metallurgical, wastewater treatment, and mining. Moreover, shell & tube type of heat exchangers offers a relatively large ratio of heat transfer area to volume and weight.
ALFA LAVAL is the largest manufacturer of heat exchangers in the world. The company has manufacturing facilities in North America, Latin America, Europe, Africa, and Asia-Pacific. In recent years, ALFA LAVAL has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including investment & expansion, and new product launch, to maintain its leading position in the heat exchangers market. For instance, in February 2021, ALFA LAVAL launched AXP82 range of heat exchangers for high pressure industrial applications.
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Kelvion Holding GmbH is one of the major players operating in heat exchangers market. The company has business presence in 67 countries and has partners in North America, Europe, APAC, South America, and the Middle East & Africa. The company has adopted new product launch and expansion strategies in order to broaden its product portfolio and maintain its position in the market. For instance, in October 2021, Kelvion Holding GmbH expanded its manufacturing facility at Catoosa, Oklahoma, to manufacture heat exchangers for the oil & gas industry, after witnessing growing demand for heat exchangers in North America.
Europe dominates the heat exchanger market
Europe is the largest market for heat exchangers, owning to established manufacturing, automotive, and industrial sector. European energy efficiency regulations, and demand for sustainable energy consumption will also increase the demand for heat exchangers during the forecast period. The major end use industries of heat exchangers in the region are chemical, energy, HVACR, and others.
Key Players in Heat Exchangers Market are:
- ALFA LAVAL (Sweden),
- Kelvion Holding GmbH(Germany),
- Exchanger Industries Limited (Canada),
- Mersen (France),
- Danfoss (Denmark),
- API Heat Transfer (US),
- Boyd Corporation (US),
- H. Güntner (UK) Limited (Germany),
- Johnson Controls (Ireland),
- XYLEM (US), and others.
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