(Food-Beverage-News.Com, December 19, 2022 ) The global Heat Exchangers Market size is expected to witness high growth during the forecast period owing to the booming chemical industry and increasing demand for energy across the globe. Heat exchangers have industrial and commercial application in various industries such as chemical, energy, power, HVACR, pulp & paper, and food & beverages. The heat exchangers market size is estimated at USD 15.6 billion in 2021 and is projected to reach USD 19.9 billion by 2026, at a CAGR of 5.0% during the forecast period. Heat exchangers, such as shell & tube and plate & frame, are commonly available in the market and are used in various end-use industries. Heat exchangers market growth is primarily driven by significant rise in HVACR deployment, and other industrial activities, surging energy prices, and rapid industrial expansion in the developing economies.
Based on type, the heat exchangers market is segmented into shell & tube, plate & frame, air-cooled, and others. Shell & tube segment to dominate the heat exchangers market during the forecast period. Shell & tube heat exchanger are suitable for high operating temperatures and pressures applications. It is ideal for various end-use industries such as chemical, food & beverage, oil & gas, pulp & paper, and others such as metallurgical, wastewater treatment, and mining. Moreover, depending upon the application, shell & tube type of heat exchangers can be installed in vertical or horizontal position, and offers a relatively large ratio of heat transfer area to volume and weight.
Based on raw materials, the heat exchangers market is segmented into steel and non-steel. Stainless steel is resistant to corrosion, rust, and stain which makes it an ideal material for manufacturing heat exchangers. Steel segment is projected to dominate the heat exchangers market in terms of value during the forecast period. Stainless steel, and carbon steel are generally used for manufacturing components of heat exchangers such as tubes, plates, seals, gaskets, and shells. Moreover, depending upon the application, non-steel metals, such as aluminum, brass, grades of chrome-moly steel, copper, cupro-nickel, inconel, lead, monel, nickel, red brass, and titanium are also used to manufacturer heat exchangers. For instance, titanium is used for marine applications of heat exchangers.
Europe is the largest market for heat exchangers in 2020, owning to established manufacturing, automotive, and industrial sector. Moreover, in 2020, Europe has set up zero-emission regulations for commercial and residential buildings. These energy efficiency regulations on new residential and commercial infrastructure, focus on less carbon-intensive processes, and demand for sustainable energy consumption will also increase the demand for heat exchangers during the forecast period. Furthermore, APAC is expected to witness high growth during the forecast period owing to rising demand for heat exchanger from chemical industry in developing economies of India and China which is expected to boost the demand for heat exchangers in APAC during the forecast period.
The heat exchangers market comprises major players such as ALFA LAVAL (Sweden), Kelvion Holding GmbH(Germany), Exchanger Industries Limited (Canada), Mersen (France), Danfoss (Denmark), API Heat Transfer (US), Boyd Corporation (US), H. Güntner (UK) Limited (Germany), Johnson Controls (Ireland), XYLEM (US), and others.
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