The increasing demand from the chemical industry and the growing focus on improving efficiency standards. Also, the growing industrial expansion in developing countries are the factors that are expected to drive the heat exchanger market.
JERSEY CITY, NJ, September 19, 2022 /PRNewswire/ — Verified Market Research recently published a report: “market for heat exchangers” By type (shell and tube heat exchangers, plate and frame heat exchangers, air-cooled heat exchangers), by application (chemical, petrochemical and oil and gas, food and beverage, power generation) and by geography.
According to an extensive research by verified market research experts, the market size of Heat Exchangers has been assessed $16.03 billion in 2020 and is expected to be achieved $25.9 billion to 2028 and will grow at a CAGR of 6.14% during the forecast period of 2021 to 2028.
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37 – Numbers
Partnerships, collaborations and agreements
- in the Aug 2018Granges AB, a Swedish company, partnered with Mitsubishi Aluminum Co., Ltd., a Japanese company, to set up a new manufacturing facility for sheet metal materials for automotive heat exchangers North America.
mergers and acquisitions
- in the December 2018Alfa Laval announced an agreement to acquire certain innovations and activities from Airec, a Malmö. Sweden-based innovation company with a patent portfolio for dimple asymmetric heat exchangers. The new company will be integrated into Alfa Laval’s Energy Division’s Brazed & Fusion Bonded Heat Exchangers business.
Product launches and product enhancements
- In 2019, Alfa Laval established a plant in The United States to manufacture brazed plate heat exchangers. This manufacturing facility hits North America increasing demand for heat exchangers. It also offers its US customers quick response times and shorter lead times, which allows the company to increase its profits in the North American region.
Global Heat Exchanger Market Overview
A heat exchanger is a device that allows heat to be transferred from one medium to another. An example of a heat exchanger is a hydraulic oil cooler, which uses cold water or air to extract heat from the heated oil. Another example is pool heat exchangers, which use hot water from a boiler or solar-heated water circuit to heat the pool water. Heat exchangers are widely used in the chemical, petrochemical, oil and gas, food and beverage, and power generation industries.
The heat exchanger market is expected to be driven by increasing demand from the chemical industry and increasing emphasis on increasing efficiency requirements in the anticipated period. Additionally, the market is expected to grow in the coming years due to rising energy prices and industrial expansions in developing countries like those in the US Asia Pacific Region. In addition, the market is expected to be stimulated by both increasing demand for nuclear power generation and technological advances in the years to come. Among the regions North America, Europe, Asia Pacificand the rest of the world Europe will hold the largest market share due to increasing chemical demand in numerous end-use industries. That Asia Pacific The region is expected to grow the fastest due to rising energy consumption, increased construction activity and expansion of the chemical and power generation industries.
The main players in the market are Alfa Laval, Johnson Controls International, Kelvion Holdings, Danfoss, SPX Corporation and Godrej & Boyce Manufacturing, Hindustan Dorr-Oliver, Hisaka WorksXylem, API Heat Transfer, and Guntner.
Verified Market Research has segmented the global heat exchanger market based on type, application, and geography.
- Heat Exchangers Market by Type
- shell and tube heat exchanger
- Plate and frame heat exchanger
- Air-cooled heat exchangers
- Heat Exchangers Market by Application
- Petrochemical and Oil & Gas
- Food & Drinks
- power generation
- Heat Exchangers Market by Geography
- North America
- United Kingdom
- the rest of Europe
- Asia Pacific
- the rest of Asia Pacific
- THE LINE
- middle East & Africa
- Latin America
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