Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Heat Exchanger Market by Type (Shell and Tube, Plate and Frame, Air-Cooled, Microchannel Heat Exchanger, and Others), End-user Industry (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverages, Power Generation, and Others), and Material of Construction (Carbon Steel, Stainless Steel, Nickel, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030." The report states that the global heat exchanger industry was valued at $16.7 billion in 2020 and is projected to garner $28.3 billion by 2030, with a noteworthy CAGR of 5.5% during the forecast period of 2021 to 2030.
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Prime determinants of growth:
The global heat exchanger market is experiencing growth due to factors such as the increasing industrialization in developing economies and surge in demand for oil and gas. Moreover, certain issues in the system like pressure drops and leakage restrain the market growth to some extent. Nevertheless, rapid development of nuclear power plants and rise in demand for petrochemicals will provide ample growth opportunities for the expansion of the market in the future.
The shell and tube segment to rule the roost
By type, the shell and tube segment garnered the major share in 2020 accounting for nearly one-third of the overall market share and is expected to lead the trail throughout the forecast timeframe. The same segment would display the highest CAGR of 5.9% from 2021 to 2030. The growth is attributed to the advantages of shell and tube heat exchanger like cost effective in comparison with plate type coolers and others, ease of servicing, high compatibility for use with different types of seawater coolants, and easily applicable in higher operating temperatures and pressure.
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The chemical segment dominated the market in 2020
In terms of end-user industry, the chemical segment grabbed the highest share in 2020 accounting for nearly one-fourth of the global heat exchanger market and is estimated to retain its dominance from 2021 to 2030. The growth is attributed to the heat exchanger’s ability to sustain the continuous chemical reactions and their application in complex processes like cooling, condensing, heating, separation, evaporation, and others. Moreover, the oil and gas segment would cite the fastest CAGR of 6.1% during the forecast period. The report also analyzes HVACR, power generation, food and beverage and petrochemical segments.
North America to witness the fastest growth with notable CAGR by 2030
The regional analysis in the report states that the North America region is projected to experience the fastest growth with an impressive CAGR of 5.9% from 2021 to 2030. This is due to surging upstream activities, oil and gas refineries, chemical industries resulting in a surge in demand for heat exchangers across the region. The market across the LAMEA region was largest in 2020, grabbing the highest share of more than one-third of the total market revenue. The growth is attributed to a huge consumer base involving chemical industry, sugar industries, oil and gas refineries, food industry, and many more.
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Leading market players:
- Exchanger Industries Limited
- Danfoss A/S
- API Heat Transfer
- Koch Industries, Inc.
- Xylem
- Hisaka Works. Ltd.
- Thermofin Gmbh
- Chart Industries
- Accessen Group
- Alfa Laval
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