Heat Exchangers Market Outlook, Opportunity and Statistical Analysis Report by 2026

Increase in the demand from various end-user industries and several technological advancements in the heat exchangers are the major drivers for the growth of the global heat exchangers market. However, corrosion and fouling issues related with heat exchangers impede the market growth. On the other hand, rapid industrialization in Asia-Pacific will provide major opportunities for market growth in the upcoming years.

Global heat exchangers market accounted for revenue of $16,624.0 million in 2018 and is anticipated to generate $29,316.0 million by 2026. The market is projected to grow at a CAGR of 7.2% from 2019 to 2026.

Heat exchangers are devices that transfer heat from one fluid (liquid or gas) to another fluid (liquid or gas) without being in direct contact with each other. Moreover, heat exchangers, also known as regenerators, are used in end-user industries such as chemical, petrochemical, oil & gas, to minimize the loss of heat. As the incoming and outgoing fluids move in opposite directions, they are also known as counter-flow heat exchangers. Heat exchangers are designed as per end-user industry’s requirements. For instance, they are manufactured for a wide range of light hydrocarbons in the oil & gas industry.

In addition, they are utilized for onshore, offshore, and floating applications such as in gas dew point control, NGL recovery, LNG liquefaction, and in sour gas compression cooling. In addition, heat exchangers are widely used in industrial oil coolers, boilers, chilled water systems, transmission & engine coolers, condensers, and evaporators in refrigeration systems to prevent excessive loss of energy during the transfer of heat. Various industries have adopted high-end energy-saving heat exchangers to mitigate the issue of their loss owing to the rise in the cost of energy.

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The heat exchangers market is driven by numerous factors such as high demand from emerging economies, increase in energy prices, technological advancements in heat exchangers, and others. There is a significant rise in demand from developing economies such as India, China, and Indonesia, owing to the rapid industrialization. However, scaling is one of the reasons that increases the maintenance cost of heat exchangers. On the contrary, rise in demand for heat exchangers from the nuclear power plant for power generation is anticipated to offer lucrative growth opportunity to the market.

The global heat exchangers market is segmented based on type, end-user industry, material of construction, and region. On the basis of type, the market is categorized into shell & tube, plate & frame, air-cooled, microchannel, and others. On the basis of end-user industry, it is classified into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and others.

Based on material of consumption, the stainless-steel segment accounted for nearly one-third of the total market share in 2018 and is expected to dominate throughout the forecast period. The fact that it is highly adopted owing to its beneficial characteristics such as resistance against corrosion in a wide range of pH levels, lightweight, high thermal conductivity etc. has spurred the growth of the segment. The carbon steel segment, on the other hand, is anticipated to garner the fastest CAGR of 7.5% till 2026.

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Based on type, the shell & tube segment occupied the highest share of 30% in 2018, and is anticipated to continue its dominance throughout the analysis period. It is highly adopted in numerous end–user industries owing to its characteristics such as easy maintenance, high efficiency, compatible in high-pressure applications, compact design, and others

Based on end-user industry, the oil & gas industry is anticipated to grow at the fastest rate. This is due to significant surge in demand for heat exchangers from countries such as India, China, and U.S., owing to the rise in number of oil and gas industries; specifically in India, and China, where increase in oil usage has resulted in high investment for improving the refining capacity.

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Based on Region, Europe is expected to garner the highest market share. This is owing to factors such as huge presence of end-user industries such as chemical industries, food & beverage industries, petrochemical, and others.

Leading market players analyzed in the research include Brask, Inc., Xylem Inc., Danfoss A/S, Kelvion Holding GmbH, API Heat Transfer, Koch Industries, Inc., Lytron Inc., Güntner GmbH & Co. KG, and Thermofin.

Other players in the value chain of the market include HRS Heat Exchangers, Thermax Global, Harsco Industrial Air-X-Changers, Radiant Heat Exchanger, Air Products and Chemicals, Doosan Corporation, Sierra, Mersen, Barriquand Technologies, Swep International, and others.

Key Findings of The Heat Exchangers Market:
• Based on type, the shell and tube segment is expected to grow at the fastest growth rate of 7.6%
• Based on end-user industry, oil & gas is expected to experience rapid growth with a rate of 7.9%
• The Asia-Pacific heat exchangers market is projected to grow at the highest CAGR of nearly 7.6%, in terms of revenue, during the forecast period
• A comprehensive analysis of the factors that drive and restrain the heat exchangers market growth is provided
• An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves
• The qualitative data in this report aims at the market dynamics, heat exchangers market trends, and developments in the heat exchanger industry
• The quantitative data provides the heat exchangers market size in terms of revenue

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