Heat Exchangers Market Size, Witness Highest Growth in near future by 2030

The Global Heat Exchangers Market was valued at USD 17.10 billion in 2020 and is predicted to reach USD 41.87 billion by 2030 with a CAGR of 6.7% from 2021-2030.

Heat Exchangers are the devices used for transferring the heat energy between two or more surfaces of fluids such as liquids, vapors, or gases. These devices also help in the energy conservation and are widely used in different industrial and domestic applications such as in chemical processing, power plants, air conditioners and others. They help maintain the standard temperature and avoid any potential damage caused due to overheating or low temperature.

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Competitive Landscape

Lucrative growth opportunities make the heat exchangers market extremely competitive. Some of the major players in the market API Heat Transfer, Brask, Inc., Danfoss A/S, Güntner GmbH & Co. KG, Kelvion Holding GmbH, Koch Industries, Inc., Lytron Inc., Thermofin, and Xylem Inc. among others. Strategic alliances, acquisitions and innovations along with R&D are key strategies used by market players to maintain market dominance. For instance, in October 2019, Modine Manufacturing Company had announced their collaboration with RectorSeal, Houston, a leading manufacturer of quality HVAC/R tools and accessories, to introduce GulfClean, the industry's only two-step coil cleaner and salt reducer application for protecting coastal area residential and commercial HVAC equipment and their factory-applied coil coatings.

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Market Segmentations and Scope of the Study:

The heat exchangers market is segmented on the basis of type, end user, construction material and geography. On the basis of type, the market is segmented into shell & tube, plate & frame, air-cooled, microchannel and others. On the basis of end user, the market is segmented into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation and others. On the basis of construction material, the market is segmented into carbon steel, stainless steel, nickel and others. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.

Geographical Analysis

North America region is anticipated to hold the lion share in the market as it is home to many global players operating in Automobile, Electronics, Aviation and Defense sector. Also, increasing oil & gas and E&P activities in the U.S. and Canada along with surging energy demand in various industrial and commercial sectors is expected to drive the demand for heat exchangers in the region. However, Asia Pacific region is predicted to show rapid and consistent growth in the market share within the forecast period due to the rapid urbanization and rising capital expenditure in this region.

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