Heat Exchanger Market Present Scenario and Growth Prospects 2021 - 2030

Heat exchangers are devices designed to transfer heat between two or more fluids that are liquids, vapors, 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 the 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 applications 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, the 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, the material of construction, and region. On the basis of type, the market is categorized into shell and tube, plate and frame, air-cooled, microchannel heat exchanger, and others. On the basis of end-user industry, it is divided into chemical, petrochemical, oil & gas, HVACR, food & beverages, power generation, and others. On the basis of the material of construction, it is classified into carbon steel, stainless steel, nickel, and others. The other segment further includes nickel alloys, titanium, copper, and molybdenum. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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, and Hisaka Works. Ltd., Exchanger Industries Limited, Koch Industries, Inc., Thermofin Gmbh, and Xylem.

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The global heat exchanger market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2020-2030. The report includes a study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter's five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the heat exchanger market growth.

Impact Of Covid-19 On the Global Heat Exchanger Market

• The manufacturing of heat exchangers stopped for a specific period due to the high peak of COVID-19, which highly impacted sales of the heat exchanger.
• According to the Organization for Economic Co-operation and Development (OECD), a surge in the price of crude oil began during the lockdown, due to extensive supply and less demand, which increased the production of electricity. However, there is no impact of COVID-19 on the heat exchanger market, due to the extensive production of oil.
• Sales of heat exchanger is directly proportional to the demand for oil & gas. The oil & gas industry is negatively impacted by the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in crude prices in 2020 due to the resumed overflow production, However, the continued upstream activities have not impacted the demand for heat exchangers.
• COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global heat exchanger market due to the impact of COVID-19.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using a heat exchanger and thereby, affected the global heat exchanger market.
• According to the UNIDO, 30.0%-70.0% of the pre-COVID-19 workforce of various industries, such as chemical, petrochemical, oil & gas, HVACR, food & beverages, power generation, and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in a decline in demand for raw materials used in the heat exchangers. This is expected to decline the growth of the market during the forecast period.
• The COVID-19 pandemic has had a swift and severe impact on the globally integrated automotive industry. Factors include disruption in Chinese parts exports, large-scale manufacturing interruptions across Europe, and closure of assembly plants in the U.S. However, a decrease in sales of automobiles led to a decrease in the sales of radiators which in turn to gives a high impact on the heat exchanger market.

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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 the 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 the 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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