Global Heat Exchanger Market size to grow at a CAGR of 5.2% in the forecast period of 2023

Sep 10, 2023

Global Heat Exchanger Market was valued at USD 17.49 Billion in 2022 and is expected to reach USD 26.24 Billion by the year 2030, at a CAGR of 5.2%

Market Overview:

A system component called a heat exchanger is used to transfer heat between two or more fluids. Different temperatures result from the heat exchange between two fluids.

Depending on the system's intended usage, different heat exchanger components are employed. Numerous engineering devices, including space heating systems, air conditioning systems, refrigeration systems, and food processing systems, as well as vehicle radiators, chemical processing systems, power plants, and waste heat recovery units, employ it for a variety of purposes.

A few examples of heat exchangers are economizers, air preheaters, evaporators, super-heaters, condensers, and cooling towers used in power plants.

Top Key Players for Heat Exchanger Market:

Alfa Laval AB (Sweden), API Heat Transfer Inc. (US), Danfoss (Denmark), General Electric Company (US), Hisaka Works Ltd.

(Japan), IHI Corporation (Japan), Johnson Controls International PLC (US), Kelvion Holding GmbH (Germany), Koch Industries Inc. (US), Boyd Corporation (US), Mersen SA (France) Modine Manufacturing Company (US), Royal Hydraulics Inc.

(US), Xylem Inc. (US), Aero Engineers (India), BMR HVAC (India), Exchanger Industries Limited (Canada) and Other Major Players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.

For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for Heat Exchanger Market:

Drivers:

Increasing Development in the Industrial Sector

During the forecast period, the industrial sector's continued development drives the growth of the heat exchanger market. The industrial sector is growing at an extremely high rate in developing nations.

Industrialization is crucial for economic growth since it gives jobs and revenue to the nation, which is anticipated to increase demand for heat exchangers. The expansion of the heat exchangers market internationally has also been facilitated by commercial and industrial operations in the area.

The market for heat exchangers is anticipated to benefit from rising petrochemical product demand.

Opportunities:

Increasing Adoption of Heat Exchangers in Aerospace Industries

The market for heat exchangers is expected to grow due to the growing utilization of these devices in the aerospace industry. In the aerospace industry, heat exchangers are crucial.

Heat exchangers are a common component in the systems of aircraft of various sizes, shapes, fixed wings, and rotary wings. Heat exchangers are used in aviation to lower the fuel's elevated temperatures, which improves the performance of the aircraft engines.

Although they may be used for both cooling and heating, aircraft heat exchangers are most frequently employed to cool the RAM air, hydraulics, gearboxes, auxiliary power units, etc.

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Segmentation Analysis of the Heat Exchanger Market:

By Type, Shell & Tube Heat Exchanger is dominating the growth of the heat exchanger market during the forecast period. Shell and Tube Heat Exchangers are one of the most famous types of heat exchanger; it is used on a large scale compared to others due to the flexibility this system allows for a use of a wide range of pressures and temperatures.

By Material, the Stainless-Steel segment is anticipated to grab the maximum market share in the heat exchanger market over the projected period. Various materials are used to make a heat exchanger but the correct choice of material is required for good quality product formation, material affects the function and service life of the product.

By Type

By Material

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Regional Analysis of the Heat Exchanger Market:

During the anticipated time, the Asia Pacific region will rule the heat exchanger market. The Asia-Pacific area is home to a large number of developing nations.

China and India are developing nations, and their governments are promoting industrialization and working to achieve it, which helps to strengthen their economies. The system benefits from industrial development since it creates jobs, generates income, and advances technology; as a result, the heat exchanger market in this area is expanding quickly.

The need for heat exchangers is widespread, which contributes to an increase in the market share of heat exchangers. The heat exchanger market will grow throughout the forecast period in the Asia Pacific region.

By Region

Key Industry Development:

In March 2022, Danfoss announced a new range of products in ETS that is electric expansion valves for heat pumps, process chillers, and close controls. To expand the business and make more choices available to the consumer Danfoss has announced this new product range.

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