How Will Heat Exchangers Market Generate $29,316.0 million, During 2019-2026?
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. 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.
By material of construction, the heat exchangers market is categorized into carbon steel, stainless steel, nickel, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America countries analyzed in the report are the U.S., Canada, and Mexico. Europe is analyzed across Germany, France, Spain, Italy, the UK, Russia, and rest of Europe. Countries analyzed under Asia-Pacific are China, Japan, India, South Korea, Australia, New Zealand, Malaysia, Indonesia, Philippines, Thailand, Vietnam, and rest of Asia-Pacific. LAMEA is studied across Saudi Arabia, UAE, Kuwait, Qatar, South Africa, and rest of LAMEA. Heat exchangers market share has been analyzed across all regions.
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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.
On the basis of material of construction, stainless steel accounted for the highest market share of 33.7% in 2018. As compared to other types of materials, stainless steel is highly adopted for manufacturing heat exchangers owing to its characteristics such as resistance to different types of deposited residues such as limestone, high durability, and excellent resistance to corrosion.
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.
The market analysis covers in-depth information of major industry participants. The key players operating and profiled in the market include API Heat Transfer, Brask, Inc., Danfoss A/S, Güntner GmbH & Co. KG, Kelvion Holding GmbH, Koch Industries, Inc., Lytron Inc., Thermofin, and Xylem Inc.
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.
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