Global Heat Exchangers Market Size Worth US$ 19.9 Billion by 2026, at a CAGR of 5.0%- MarketsandMarkets™ Study

September 21 17:06 2022
Global Heat Exchangers Market Size Worth US$ 19.9 Billion by 2026, at a CAGR of 5.0%- MarketsandMarkets™ Study
Browse 153 market data Tables and 52 Figures spread through 243 Pages and in-depth TOC on “Heat Exchangers Market
Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Raw Material (Steel, Copper, Aluminum), Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region

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. The major factors driving the market are rapid industrialization in developing countries such as India and China, owing to increasing investments in manufacturing, commercial, and industrial projects. Moreover, rising demand for commercial refrigeration and air conditioning is fueling the demand for heat exchangers

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.  

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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.

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The major players in the market include ALFA LAVAL (Sweden), Kelvion Holding GmbH(Germany), Exchanger  Industries Limited (Canada), Mersen (France), and  Danfoss (Denmark). These players have adopted various growth strategies to expand their presence in the market further. New product launch, investment & expansion, and merger & acquisition have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global heat exchangers market. 

ALFA LAVAL is the largest manufacturer of heat exchangers in the world. The company has manufacturing facilities in North America, Latin America, Europe, Africa, and Asia-Pacific. In recent years, ALFA LAVAL  has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including investment & expansion, and new product launch, to maintain its leading position in the heat exchangers market. For instance, in February 2021, ALFA LAVAL  launched  AXP82 range of heat exchangers for high pressure industrial applications.

Kelvion Holding GmbH is one of the major players operating in heat exchangers market.  The company has business presence in 67 countries and has partners in North America, Europe, APAC, South America, and the Middle East & Africa. The company has adopted new product launch and expansion strategies in order to broaden its product portfolio and maintain its position in the market. For instance, in October 2021, Kelvion Holding GmbH expanded its manufacturing facility at Catoosa, Oklahoma, to manufacture heat exchangers for the oil & gas industry, after witnessing growing demand for heat exchangers in North America.

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