Heat Exchanger Market to grow at a Significant Rate During the Forecast Period
Increasing demand for heat exchangers in various industries
is driving the growth of the Global Heat Exchanger Market in the forecast years.
According to TechSci Research report, “Global
Heat Exchanger Market By Product Type (Plate
& Frame {Brazed, Gasketed, Welded}, Shell & Tube, Air Cooled) By
Material (Carbon Steel, Stainless Steel, Nickel, and
Others) By End-User (Chemical, Petrochemical, Oil & Gas, HVACR, Food
& Beverage, Power Generation, and Others) By Region, Competition Forecast
& Opportunities, 2026”, the Global Heat Exchanger Market is expected to grow
at a promising rate during the forecast period. The market is anticipated to
show growth at an impressive CAGR in the upcoming five year, 2022-2026 on the
account of demand from various end-user industries and research and
technological developments to improve efficiency and enhance the performance of
the heat exchangers.
Due to the onset of COVID-19 and imposition of
complete lockdown to mitigate the coronavirus, there has been shutdown of many
manufacturing units and disruption in the supply chain resulting in interrupted
production and lesser supply of the Heat Exchangers all around the globe. Also,
the economy has been adversely affected in many countries resulting in the
hinderance to the growth of the Heat Exchanger Market. However, after relief
from lockdown market it is again going to pick up pace to grow significantly.
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Global heat exchanger market is segmented by
product type, material, end-user, and regional distribution. Based on end users
the market is categorized into chemical, petrochemical, oil & gas, HVACR,
food & beverage, power generation, and others. The chemical segment is
anticipated to dominate over the market Heat exchangers are widely used in the
chemical industry for various purposes like, condensation of solvents, benzene
heat recovery, cooling of water circuits, cooling of hydrocarbons, heating
& cooling of intermediate products, heating and cooling of reactors and
production processes that is directly involved with the increasing demand of
heat exchangers in the chemical industries thus driving the growth of the
global heat exchanger market in the forecast years.
Some of the major competitors in the market are ALFA
Laval AB, GEA Group Aktiengesellschaft, Xylem Incorporated, SPX Corporation, Danfoss,
Hamon & Cie (International) SA, Modine Manufacturing Company, FUNKE
Wärmeaustauscher Apparatebau GmbH, Sondex Holding, API Heat Transfer
Incorporated, among others. The companies are focusing on extensive research
and developments activities to stay competitive in the market. Other
competitive strategies include formation of alliances and partnerships.
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“Europe is a
promising ground for the future investments in the global heat exchanger
market. The region is booming with the growing chemical industries in the
recent five years, and a fair share of growth is expected in the heat exchanger
market too. Asia-Pacific region is anticipated to show the growth owing to the
increasing growth in construction sector in the region. Moreover, power and
energy sector along with chemical industries are also increasing thereby
driving the growth and making it a possible investment region for the upcoming
five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based Global management consulting firm.
“Global Heat Exchanger
Market By Product Type (Plate & Frame {Brazed, Gasketed, Welded}, Shell
& Tube, Air Cooled) By Material (Carbon Steel, Stainless Steel, Nickel, and
Others) By End-User (Chemical, Petrochemical, Oil & Gas, HVACR, Food &
Beverage, Power Generation, and Others) By Region, Competition Forecast &
Opportunities, 2026”, has evaluated the future growth potential of global heat
exchanger and provides statistics & information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global heat exchanger.
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