Global Heat Exchangers Market is expected to reach USD 26.55 Billion by 2024 from USD 13.93 Billion in 2016 at a CAGR of 8.4%.
Surge in power requirement for commercial and non-commercial purposes, and increase in population and economic growth in the developing nations are of the factors driving the market growth. Technological development in heat exchanger and growth have a impact on the heat exchanger market such as the development of waste heat recovery heat exchangers and the introduction of exhaust gas recirculation coolers. Fluctuating prices of raw material may hamper the growth of the heat exchanger market.
Heat exchangers market based on type has been segmented into shell & tube, air cooled, plate & frame and others. Shell & tube type heat exchanger segment is is most popularly used exchanger.Shell & tube heat heat exchanger offers high surface are with high efficiency and performance. Heat exchangers are widely accepted equipment owing to its eco-friendly and energy-efficient properties.
Chemical, petrochemical and oil & gas, food & beverage, paper & pulp, power generation and others. Chemical segment dominates the heat exchanger market. Heat exchanger in chemical industry is used for heating, cooling , steam generation and heat transfer. Heat exchanger is commonly used in synthesis flow process of various derivative chemical. Chemical segment is followed by oil & gas industry.
Geographically, the heat exchangers market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is expected to hold largest shares of the market during the forecast period. This is due to the large installed plant capacities of heat exchangers and it is an export-based heat exchangers market.
Scope of the report:
Heat Exchangers Market, by Type:
- Shell & Tube
- Air Cooled
- Plate & frame
Heat Exchangers Market, by Application:
- Petrochemical and Oil & Gas
- Food & Beverage
- Paper & Pulp
- Power Generation
Heat Exchangers Market, by Geography:
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Key Players Analysed in the Report:
- Alfa Laval AB (Sweden)
- Danfoss A/S (Denmark)
- Kelvion Holdings Gmbh (Germany)
- SPX Corporation (US)
- API Heat Transfer Inc. (US)
- Xylem Inc. (US)
- Gunter AG & Co. KG (Germany)
- Hindustan Dorr-Oliver Ltd. (India)
- Hamon & Cie International SA (Belgium)
- Hisaka Works, Ltd. (Japan)
This article is published by Maximize Market Research Company
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