(Food-Beverage-News.Com, April 30, 2024 ) The report "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Energy, HVACR, Food & Beverage, Power, Paper & Pulp), Material (Metals, Alloys and Brazing Clad), and Region - Global Forecast to 2028" The global heat exchangers market size is estimated to be USD 20.5 billion in 2023 and is projected to reach USD 29.0 billion by 2028, at a CAGR of 7.1%, between 2023 and 2028.
Plate & frame is expected to be the fastest-growing segment in the heat exchangers market during the forecast period. They provide high heat transfer efficiency due to their large surface area and corrugated plate design, resulting in improved overall performance. Their simple construction allows for additional advantages of saving space and allows for easy customization and expansion. Maintenance and cleaning are convenient as the plates can be easily accessed and serviced. Plate and frame heat exchangers are versatile, cost-effective, and energy-efficient solutions suitable for various applications, making them a popular choice in the industry.
The material segment will be dominated by the metals segment and is also expected to register the highest growth rate during the forecast period. Metal is a commonly used material in heat exchangers due to its excellent thermal conductivity and durability. There are several types of metals that can be used in heat exchangers, and each has its own set of properties and characteristics that make it suitable for different applications. High thermal conductivity metals like copper, aluminium, and titanium enable effective heat transmission between the fluids in the heat exchanger. This implies that a heat exchanger composed of metal has a high efficiency of heat transfer. Metals are strong and durable they can also withstand corrosion and erosion, which can occur due to the fluids being transferred in the heat exchanger. Stainless steel is an ideal material for heat exchangers for handling high temperatures and corrosive fluids.
Asia Pacific is the second largest heat exchanger market in 2022. The emerging economies such as china and india are excepted to drive the heat exchanger market in Asia Pacific region. The growing urbanization, industrilisation, and rising population are the major factors driving the growth of heat exchanger market. Governments and private sector companies are heavily investing in infrastructural development to meet the infrastructural demand of the increasing population across the region. Hence, the rapidly growing infrastructure of the developing economies drives the heat exchangers market in HVACR application. There is a growing demand for crude oil and petroleum products, especially from India and China. This has triggered the need for more chemical and oil & gas plants across the region. This growth in the chemical and energy industry is also driving the demand for heat exchangers.
Heat Exchangers Market Key Players The key global players in the heat exchanger market include ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), BOYD Corporation (US), Johnson Controls (Ireland), Wabtec Corporation (US), XYLEM (US), and H. Güntner (UK) Limited (Germany).
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