The heat exchanger market is poised for solid growth over the next seven years with its market size likely to exceed $26 billion by 2025, said a new study by Adroit Market Research. The heat exchanger industry is driven by its huge demand in various end-use industries.
The report covers the global heat exchanger market analysis for the current scenario as well as the growth prospects. The report details heat exchangers market by type and applications as well as focusses on the current market trends, competition, and dynamics including drivers, restraints and opportunities.
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The report also provides a detailed analysis of plate heat exchangers market share, key strategies adopted by industry participants, Porter’s Five Forces Analysis and value chain analysis for better decision making. Plate & frame heat exchangers market has been discussed in detail in terms of its demand impacted by different end-use industries and macroeconomic indicators for key geographical markets.
Rapid energy infrastructure expansion coupled with the growing emphasis on lowering heat energy costs in industries by increasing energy efficiency are some of the key market drivers for the growth of the global heat exchanger market.
Heat exchangers market share varies with regions owing to significant investments in the chemical, petrochemical, hear ventilation air-conditioning & refrigeration (HVACR), food & beverage and power generation. The rapid growth of process and discrete industries and their manufacturing operations globally are expected to expand the market growth. Rising demand for HVAC equipment in developing economies such as India and China significantly contribute to the demand over the forecast period. Other driving factors include heavy investments in the marine shipbuilding market, which has also catered to increased demand for heat exchangers.
In 2017, plate & frame heat exchangers market accounted for approximately 25% of the global heat exchanger market share. Plate & frame heat exchangers are further segmented into gasketed, brazed and welded heat exchangers. Plate heat exchangers are widely used in the processing of oil & natural gas such as refining, processing, transportation and storage. Additionally, these heat exchangers maintain temperature changes in natural gas, liquefaction plants and manufacturing industries and are expected to pose a lucrative opportunity for market growth over the next few years.
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Chemical application segment is expected to rise with a fast-paced CAGR of 5.5% over the forecast period. The chemical industry involves a series of processes such as heating, cooling, condensation, evaporation and separation. These processes undergo massive heat recovery occurring through cooling and heating of acids, caustic solutions and water solutions. This has led to an increased demand for heat exchangers in the chemical industry and therefore acts as one of the key driving factors for the growth of this application segment. Also, rising consumer purchasing power, particularly in developing countries of Asia Pacific and Latin America, is driving demand for chemicals and the products made from them.
Asia Pacific is projected to be the leader within the global heat exchangers market and maintain its prominence over the forecast period. Immense investments in the renewable energy sector have catered to massive growth opportunities for heat exchangers in this region. Increasing industrial activities in developing Asian countries such as China and India further leads to the adoption of better energy-saving equipment.
The global heat exchangers market is witnessing fierce competition owing to the presence of a large number of players. Companies such as Alfa Laval AB, Hughes Anderson Heat Exchangers Inc., Kelvion Holdings GmbH, API Heat Transfer, Inc., and Xylem Inc. are some of the leading industry players in the global heat exchanger market.
Key segments of the Global Heat Exchanger Market
Type Overview, 2015-2025 (USD Million)
- Shell and Tube Heat Exchanger
- Plate & Frame Heat Exchanger
- Air Cooled Heat Exchanger
- Cooling Towers
Application Overview, 2015-2025 (USD Million)
- Petrochemical and Oil & Gas
- Food & Beverage
- Paper and Pulp
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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