At CAGR of 6%, Heat Exchanger Market to Reach a Value of US$ 23.4 Billion by 2027

The latest report by IMARC Group, titled "Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global heat exchanger market size reached a value of US$ 16.3 Billion in 2021. Looking forward, the market is expected to reach a value of US$ 23.4 Billion by 2027, exhibiting a CAGR of 6% during the forecast period (2022-2027).

A heat exchanger is a major piece of equipment that transfers heat from one medium to another. It regulates the temperature of a substance or system and is generally developed for industrial and domestic applications such as air conditioners, which remove heat from an enclosed room. The heat exchanger consists of streams of hot and cold fluids that are separated by a solid wall of the thermally conductive tube or plate, which aids in preventing direct contact between the two mediums. As a result, it finds application across various essential components in boilers, furnaces, power stations, refrigerators, automotive radiators and sewage treatment plants.

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Global Heat Exchanger Market Trends:

The market is primarily driven by the significant growth of the oil and gas industries. Governments across various countries, especially the Middle East, are extensively investing to increase crude oil extractions, which is fueling the market growth. In addition, the rising demand for heat, ventilation, air conditioning (HVAC) systems across residential, industrial, and commercial sectors is propelling the market growth. In recent years, the fast-changing climatic conditions, changing lifestyles, and inflating per capita income of individuals are also facilitating the adoption of heat exchangers. Furthermore, research and development (R&D) activities have resulted in the launch of cost-effective and efficient product variants, which are providing a positive outlook to the market. Other factors, such as rapid industrialization, growth of petroleum refinery industries for maintaining optimum temperatures, and the increasing renovation of existing power plants and the construction of new ones, are escalating the demand for heat exchangers.

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List of Heat Exchanger Companies Worldwide:

• Alfa Laval
• API Heat Transfer Inc.
• Danfoss
• General Electric Company
• Hisaka Works
• IHI Corporation
• Johnson Controls
• Kelvion Holding GmbH
• Koch Industries
• Lytron Inc.
• Mersen
• Modine Manufacturing
• Royal Hydraulics
• Sondex A/S
• Xylem Inc

Key Market Segmentation:

Breakup by Type:

• Shell & Tube
• Plate & Frame
• Air Cooled
• Others

Breakup by Material:

• Carbon Steel
• Stainless Steel
• Nickel
• Others

Breakup by End-Use Industry:

• Chemical
• Petrochemical and Oil & Gas
• HVAC and Refrigeration
• Food & Beverage
• Power Generation
• Paper & Pulp
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

TOC for the Heat Exchanger Market Research Report:

• Preface
• Scope and Methodology
• Executive Summary
• Introduction
• Global Heat Exchanger Market
• SWOT Analysis
• Value Chain Analysis
• Price Analysis
• Competitive Landscape

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