Selbyville, Delaware, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The industrial heat exchanger market is predicted to cross USD 31.9 billion by 2032, as reported in a research study by Global Market Insights Inc. The market expansion is propelled by advancements in heat exchanger designs, emphasizing improved heat transfer efficiency, compactness, and superior materials.
There is an increasing focus on waste heat recovery systems, which capture and repurpose waste heat from industrial processes. This initiative not only bolsters sustainability objectives but also enhances energy efficiency and curtails greenhouse gas emissions. Heightened environmental regulations and emission standards are compelling industries to transition to more efficient and eco-friendly heat exchangers. Adhering to regulations, like the EU’s Energy Efficiency Directive and U.S. EPA standards, is spurring innovation and product development. Furthermore, rapid industrialization and economic upsurge in emerging markets, notably in the Asia-Pacific and Latin America, are fueling the demand for industrial heat exchangers.
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The industrial heat exchanger market from the shell and tube heat exchangers segment valued at over USD 7.4 billion in 2023, are projected to surge to USD 13.4 billion by 2032. Their versatility and reliability make shell and tube heat exchangers a preferred choice. Capable of managing a wide spectrum of temperatures, pressures, and fluids, they find applications across diverse industries. Their robustness is particularly beneficial in large-scale settings, such as refineries and petrochemical plants, where they adeptly manage substantial volumes and elevated flow rates.
The industrial heat exchanger market from the steel segment dominated the market with a 41% share in 2023. Steel's inherent strength and durability render it ideal for high-pressure and high-temperature scenarios. Its widespread application spans industries like oil & gas, chemical processing, and power generation, all of which demand robust materials. Moreover, steel's cost-effectiveness, being generally more affordable than exotic alternatives, makes it a preferred choice for numerous industrial applications.
In 2023, the North America industrial heat exchanger market surpassed USD 4.8 billion, with forecasts suggesting a rise to USD 8.5 billion by 2032. The region's stringent environmental regulations, aimed at curbing greenhouse gas emissions and enhancing energy efficiency, play a pivotal role. These regulations not only drive the market but also encourage the adoption of advanced heat exchangers that align with environmental and energy efficiency benchmarks.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021-2032
Chapter 3 Industrial Heat Exchanger Market Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing HVAC applications
3.6.1.2 Growing oil and gas industry
3.6.1.3 Advancements in technology
3.6.1.4 Increasing power generation
3.6.2 Industry pitfalls & challenges
3.6.2.1 Technological and design challenges
3.6.2.2 Regulatory and compliance issues
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
