Heat Exchanger Market 2023-2030 Global Key Country Analysis: Alfa Laval, API Heat Transfer Inc., Danfoss, General Electric Company, Hisaka Works

According to a new report published by Delvens, titled, "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Raw Material (Steel, Copper, Aluminum), Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)", the global Heat Exchanger Market size is projected to reach a CAGR of 4.8% from 2023-2030.

Top players covered in the Heat Exchanger Market research report: 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., Exchanger Industries Ltd, BOYD Corp., Gunter Ltd, Wabtec Corp., SPX Flow, Lennox International Inc., Air Products Inc., Brask, Inc., Chart Industries, Swep International AB, Thermax Ltd, and Others.

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The heat exchangers market is expected to see a positive impact due to the increased demand for petrochemical products. There is also expected to be an increase due to increased demand from chemical HVACR, oil and gas industries, and government initiatives for the development of thermal and solar energy in countries such as Japan and India. Rapid industrialization in developing economies of APAC such as China and India owing to increased investment, raw material prices, and low-cost labor has also led to increasing in the global heat exchangers market.

On the other hand, Raw material price fluctuations have a big impact on heat exchanger manufacturers as they require copper, aluminum, steel, and other metals. The volatility in these is further dependent on other factors such as economic conditions, exchange rates, and supply chains. Price fluctuations lead to delays and cancellations of large capital which hamper the growth of the heat exchanger market. Thus, pricing trends are monitored closely to avoid slight changes in the market.

The disease of COVID-19 had serious effects on the growth of the heat exchangers market revenue. Due to the outbreak, the supply of raw materials has largely affected the market. This factor leads to the shutdown of many manufacturing companies in the heat exchanger industry. It is anticipated that the market will gain its previous position after the virus can be effectively eradicated across various countries.

Recent Developments

In 2021, ALFA LAVAL established a new facility in San Bonifacio, Italy, to produce brazed heat exchangers (BHE). The new facility will have additional capacity to meet the growing customer demand for heat exchangers. Moreover, the facility has an advanced research lab for refrigerant research and training centers. The company aims at increasing its production capacity and working in close collaborations with its customers.

In 2021, Kelvion invested USD 3.7 million for the second production facility in Tennessee, US. The company aims to expand in the US to meet the growing demand for heat exchangers in the data center and refrigeration industries in North America. Kelvion focuses on expanding its production capacities and reducing costs to improve its customer experience and product technology.

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Scope of the Report:

The type segment is further segmented into Shell & Tube, Plate & Frame, Air-Cooled, Others. The shell & tube segment is expected to remain the fastest growing segment during the forecast period because of its advantages over other types of heat exchangers that include, including low price as compared to plate type coolers, ease of application in higher operating temperatures and pressures, 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.

The material segment is further segmented into stainless steel and steel. The steel segment is expected to dominate the market during the forecast period. This is attributed to its highly beneficial characteristics, such as resistance against corrosion in a wide range of pH levels, lightweight, high thermal conductivity, and no requirement for special fluids, as it is compatible with plain clean water. It is a bit expensive; however, due to its aforementioned characteristics, it is preferred for long-run applications.

The end-use segment is fragmented into Chemical, Energy, HVACR, Food & Beverages, Power Generation, Pulp & Paper, and Others. The chemical segment is anticipated to dominate the market during the forecast period due to its high adoption of heat exchangers in the chemical industry owing to their application in a complex series of processes, such as heating, cooling, condensing, evaporation, separation, and others. In addition, heat exchangers also withstand continuous chemical reactions, allowing critical processes to be completed safely as well as efficiently.

Based on region, the market is divided into Asia Pacific, North America, Europe, South America, and Middle East & Africa. North America is expected to have significant growth during the forecast period. One of the major driving factors is the established companies with advanced technologies. Several companies are leading in the oil and gas sector, communication technology, IT sector, aviation, automobile, HVAC, etc.

Regional Analysis

North America to Dominate the Market

On the other hand, North America is expected to have significant growth during the forecast period. One of the major driving factors is the established companies with advanced technologies. Several companies are leading in the oil and gas sector, communication technology, IT sector, aviation, automobile, HVAC, etc.

The Asia-Pacific region is expected to have the largest contribution to the heat exchanger market share. It is because of the rising investments among the key players and the government. Developing countries like India, China, Bangladesh, and others such as Japan are increasing the capacity for power generation.

The heat exchanger market is projected to witness significant growth during the forecast period due to various factors. One of the prime factors driving the market is the increasing demand for petrochemical products. Furthermore, there is an anticipated increase in demand from chemical HVACR, oil and gas industries, and government initiatives for the development of thermal and solar energy in countries such as Japan and India. However, one of the major challenges that heat exchanger manufacturers face is raw material price fluctuations, which have a big impact on the market. These manufacturers require copper, aluminum, steel, and other metals, and the volatility in these is further dependent on other factors such as economic conditions, exchange rates, and supply chains. Despite these challenges, the market is expected to see a positive impact in the forecast period, and manufacturers are expected to adopt innovative production techniques to meet the growing demand.

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