Global heat exchanger market expected to generate around USD 24.48 billion in revenue by the end of 2024, growing at a CAGR of around 8.9% between 2018 and 2024. Rising industrialization leads to an increase in the demand for heat exchangers, which will fuel the growth of the heat exchangers market in the upcoming years.
The report covers forecast and analysis for the heat exchangers market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion). The study includes the drivers and restraints for the heat exchangers market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the heat exchangers market on a global level.
In order to give the users of this report a comprehensive view of the heat exchangers market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein type and application segment are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, technology, and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, the product portfolio of various companies according to the region.
The study provides a decisive view of the heat exchangers market by segmenting the market based on type, application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. This segmentation includes the demand for heat exchangers market based on all the segments in all the regions and countries.
Some key players of the global market for heat exchangers are Cummins, Alfa Laval, Atlas Copco, Aggreko, Xylem Inc., SPX Corporation, GEA group, Hisaka Works Ltd., Kirloskar Brothers Ltd., Danfoss, Xylem, Kelvion Holdings, API Heat Transfer, Modine Manufacturing Company, Gunter, HRS Heat Exchangers, Hisaka Works, and Hindustan Dorr-Oliver.
This report segments the global heat exchangers market as follows:
Global Heat Exchangers Market: Type Segment Analysis
Global Heat Exchangers Market: Application Segment Analysis
Global Heat Exchangers Market: Regional Segment Analysis
Heat exchangers transfer the heat from one matter to another and are separated by a wall to prevent mixing. They are used for both cooling and heating processes. Heat exchangers are significant in various industries, such as chemical plants, petroleum refineries, sewage treatment, oil and gas, and food, among others. They are also used in aircraft applications, as they improve the fuel efficiency by eliminating heat from the engine. They also prevent overheating during power generation, general heat transference, air cooling, waste heat recovery, etc. Furthermore, heat exchangers provide various benefits, such as adaptability, flexibility, and ease of maintenance. In addition, it allows an increase in the heat transfer capabilities.
Rising industrialization leads to an increase in the demand for heat exchangers, which will fuel the growth of the heat exchangers market in the upcoming years. Furthermore, increase in manufacturing activities, technological development related to heat exchangers, and growth in the oil and gas productions are the key factors positively influencing the heat exchangers market. Growing use of the heat exchangers in the water treatment plants, which optimizes the water temperature and increases the efficiency of the plant, is also primarily fueling the expansion of the heat exchangers market. Additionally, rising demand for heat exchangers in commercial business and commercial complexes is also contributing to the market growth. However, fluctuating prices of the raw materials might hamper this market’s growth in the upcoming years.
On the basis of types, heat exchangers market is segmented into air-cooled, shell and tubes, and plate and frames, among others. Based on application, this market is classified into HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration), chemical, petrochemicals, power generation, food and beverages, and oil and gas, among others.
On the basis of geography, Europe is projected to dominate the market during the forecast timeframe. This growth can be attributed to the rising demand of the heat exchangers in the region. Moreover, the presence of global market players, such as Kelvion Holdings, Danfoss, Gunter, and SWEP International, is positively influencing the market growth in the region. The Asia Pacific region is anticipated to hold a considerable market share during the forecast period. Growing industrialization and increasing demand for heat exchangers from emerging countries, such as China and India, are likely to boost the market growth. Moreover, China registered a huge development in heat exchangers market due to the increasing demand for heat exchangers from the chemical and refrigeration industries.
Some key players operating in the global market for heat exchangers are Cummins, Alfa Laval, Atlas Copco, Aggreko, Xylem Inc., SPX Corporation, GEA Group, Hisaka Works Ltd., Kirloskar Brothers Ltd., Danfoss, Kelvion Holdings, API Heat Transfer, Modine Manufacturing Company, Gunter, HRS Heat Exchangers, and Hindustan Dorr-Oliver.
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