Heat Exchangers Market Industry Outlook, Size, Growth Factors, and Forecast To, Insights on Scope And Forecast To, 2029

Global Heat Exchangers Market achieved a market value of US$ 16.24 billion in 2022, with the Heat Exchangers market poised to grow at a steady rate of 5.2% from 2023 to 2029, reaching nearly US$ 23.16 billion.

Market Overview:

Heat exchangers, essential devices used to transfer thermal energy between two or more environments employing different temperature working fluids, play a crucial role in various industries. These devices are widely employed in large-scale industrial operations to prevent overheating and recycle energy. Tube and plate heat exchangers, each offering a range of capabilities to meet temperature, density, viscosity, pressure, and chemical composition requirements, are prevalent in manufacturing.

In chemical plants, heat exchangers are utilized for multiple functions, including freezing hot liquids, heating, drying, cooling, and condensing. They also play a vital role in recycling heat energy from hot exhaust gases. The automotive industry relies on heat exchangers for temperature control, oil cooling, and intercooling in turbocharged vehicles, with finned-tube heat exchangers being the most commonly used type. The need for efficient thermal management in various industries, such as Chemical & Petrochemical, Oil & Gas, HVAC & Refrigeration, Power Generation, Food & Beverage, and Pulp & Paper, is expected to drive the growth of the heat exchangers market in the forecast period.

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What are Heat Exchangers Market Dynamics ?

The Heat Exchangers market faces several supply chain challenges, including demand volatility, global competition, environmental regulations, and safety risks, which have been exacerbated by the COVID-19 pandemic. Rapid adjustments in supply chains are necessary to address these challenges and avoid financial losses and quality issues. Some major industrial corporations have had to close sites and consider layoffs due to economic concerns.

What is Heat Exchangers Market Segmentation ?

by Material

Steel
Non-Steel
by Product

Plate & Frame Heat Exchanger
Shell & Tube Heat Exchanger
Air-Cooled Heat Exchanger
Others
by End-Use

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

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Who are Heat Exchangers Market Key Players?

1. • API Heat Transfer (US)
2. Advanced Cooling Technologies, Inc. (US)
3. Xylem Inc. (US)
4. Chart Industries, Inc. (US)
5. Koch Heat Transfer Company (US)
6. Southern Heat Exchanger Corporation (US)
7. SPX FLOW, Inc. (US)
8. General Electric Company (US)
9. Boyd Corporation (US)
10.Modine Manufacturing Company (US)
11.Royal Hydraulics, Inc. (US)
12.Dover Corporation (US)
13.HRS Heat Exchangers (UK)
14.• Kelvion Holding GmbH (Germany)
15.Güntner Group GmbH (Germany)
16.Funke Wärmeaustauscher Apparantebau GmbH (Germany)
17.GEA Group AG (Germany)
18.Valeo (France)
19.Mersen (France)
20.Alfa Laval AB (Sweden)
21.AB Arex (Sweden)
22.A.S.T.R.A. Refrigeranti S.p.A. (Italy)
23.Danfoss (Denmark)
24.• Johnson Controls International (Ireland)
25.IHI Corporation (Japan)

Table of content for the Heat Exchangers Market includes:

Part 01: Executive Summary

Part 02: Scope of the Heat Exchangers Market Report

Part 03: Heat Exchangers Market Landscape

Part 04: Heat Exchangers Market Sizing

Part 05: Heat Exchangers Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Heat Exchangers Market Regional Insights:

This growth has been facilitated by the increasing product penetration in a number of end-use industries, including food and beverage, petrochemicals, chemicals, HVAC & refrigeration, and power generation. Significant demand for heat exchangers is shifting from advanced economies like Europe and North America to developing nations like China and India in the Asia Pacific.

Over half of the world's sales of chemicals come from Asia Pacific. The rapid expansion of the chemical industry in Asia, especially in China and India, is thought to be a major factor driving the market for heat exchangers. Similarly, heat exchangers are used in the chemical industry for many different purposes, including benzene heat recovery, solvent condensation, and other material mixtures.

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