Heat Exchanger Market Scenario Highlighting Major Drivers & Growth Forecast - 2030

Global heat exchanger market size was valued at $16.7 billion in 2020, and is projected to reach $28.3 billion by 2030, at a CAGR of 5.5% from 2021 to 2030. Heat exchangers are devices designed to transfer heat between two or more fluids that is liquids, vapours, or gases of different temperatures. Depending on the type of heat exchanger employed, the heat transferring process can be gas-to-gas, liquid-to-gas, or liquid-to-liquid and occur through a solid separator, which prevents mixing of fluids or direct fluid contact. Other design characteristics, including construction materials and components, heat transfer mechanisms, and flow configurations, also help to classify and categorize the types of heat exchangers available. In addition a diverse selection of these heat exchanging devices is designed and manufactured for use in both, heating and cooling processes application across a wide range of industries.

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Heat exchangers help control fluid temperatures in food, beverages, and pharmaceutical processing for pasteurization, sterilization, clean-in-place, and other hygienic operations. In addition, ingredients in cosmetics and pharmaceuticals are mixed at specific temperatures to ensure safe use and product quality are done by heat exchangers. However, rise in pharmaceutical, cosmetic, chemical, and petrochemical industries across the globe is expected to act as a major driving factor for the growth of the heat exchanger market.

The heat exchanger industry is segmented on the basis of type, end-user industry, material of construction, and region.

Based on type, the shell and tube segment accounted for nearly one-third of the global heat exchanger market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is attributed to its various advantages such as ease of application in higher operating temperatures and pressures, low price as compared to plate type coolers, and others. Shell and tube heat exchangers are a preferred choice owing to the ease of servicing and their compatibility for use with different types of seawater coolants. Moreover, this segment would showcase the fastest CAGR of 5.9% by 2030. The report also includes analysis of plate and frame, air-cooled, microchannel heat exchangers, and others.

Based on end-user industry, the chemical segment held the lion's share in 2020, contributing to nearly one-fourth of the global heat exchanger market, and is expected to continue its lead during the forecast period. This is owing to their ability to withstand the continuous chemical reactions and their application in a complex series of processes such as cooling, heating, condensing, separation, evaporation, and others. The oil and gas segment, however, would showcase the fastest CAGR of 6.1% by 2030. The report also includes an analysis of the Hvacr, petrochemical, power generation, and food & beverage segments.

By region, the global heat exchanger marketacross North America is expected to register the highest CAGR of 5.9% during the forecast period, owing to rising upstream activities, chemical industry, and oil & gas refineries, which in turn are expected to increase the demand of heat exchanger in the region. However, the market across LAMEA held the largest share in 2020, accounting for more than one-third of the market. This is due to numerous factors such as a large consumer base including oil & gas refineries, chemical industry, food industry, sugar industries, and others.

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The global heat exchanger market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Accessen Group, Ala Laval, API Heat Transfer, Chart Industries., Danfoss A/S, Hisaka Works. Ltd., Exchanger Industries Limited, Koch Industries, Inc., Thermofin Gmbh, and Xylem.

Key Findings of Study
• On the basis of type, the shell and tube segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
• On the basis of end-user industry, the chemical segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
• On the basis of material of construction, the stainless-steel segment registered the highest market share and is projected to maintain the same during the forecast period.
• On the basis of region, the LAMEA region registered the highest market share and is projected to maintain the same during the forecast period.

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