Global Heat Exchanger Market is expected to grow at a CAGR of 8.2% by 2023

Market Highlights
A heat exchanger is a device designed to efficiently transfer or "exchange" heat from one matter to another. Heat exchanger are one of the most common pieces of equipment used in power generation, chemical processing, electronics cooling, air-conditioning, refrigeration, and automotive applications. A variety of heat exchangers are used in industry and in their products. Heat exchangers are classified according to transfer processes, number of fluids, and degree of surface compactness, construction features, flow arrangements and heat transfer mechanisms. Moreover, it is designed to remove excess heat from aircraft engines, optics, power supplies, military equipment, and many other types of equipment that require cooling beyond what air-cooled heat sinks can provide. Heat Exchanger market is high in Europe, with Asia-Pacific region expected to be the most promising markets for Heat Exchanger Market.

Global Heat Exchanger Market is expected to grow at a CAGR of 8.2% during the forecasted period

Key Players
• Alfa Laval AB (Sweden),
• Kelvion Holdings Gmbh (Germany),
• Southern Heat Exchanger (U.S.)
• Danfoss A/S (Denmark),
• SPX Corporation (U.S.),
• Xylem Inc. (U.S.),
• API Heat Transfer Inc. (U.S),
• Gunter AG & Co. KG (Germany),
• Sierra S.p.A (Italy),
• Hamon & Cie International SA (Belgium).

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Market Research Future Analysis:
Europe is leading the market of Heat Exchanger. Strong market for plate & frame heat exchangers. The region has the presence of most of the global leaders in heat exchanger manufacturing. New emerging technologies and regulations in certain regions have also helped in the growth of heat exchanger industry. Innovative heat exchangers are that can withstand corrosive chemicals are gaining popularity.

Asia-Pacific is witnessing high industrial growth rate which will increase the demand for plate & frame heat exchangers for its diverse applications. China dominating the plate & frame heat exchangers market in Asia-Pacific region, being a major consumer and the fastest growing country in terms of plate & frame heat exchangers demand. Moreover, increasing number of plate & frame heat exchangers manufacturers from Asian countries are putting efforts for developing a strong base of plate & frame heat exchangers market, with a target of reducing plate & frame heat exchangers imports.

Heat exchangers are devices used to transfer heat energy from one fluid to another. Heat exchangers find widespread use in power generation, chemical processing, electronics cooling, air-conditioning, refrigeration, and automotive applications. Heat exchangers used in abundantly in chemical and process industries. It is also used in automobiles in the form of radiators and oil coolers. It is most preferred and widely accepted equipment due to its green and energy-efficient properties. The focus of various regulatory bodies to reduce the amount of greenhouse gases for meeting the future sustainability is further driving the market for heat exchangers.

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Europe is the largest region for heat exchanger market
Europe is the largest market for plate & frame heat exchangers. The region has huge installed plant capacities of plate & frame heat exchangers and is an export based plate & frame heat exchangers market. Due to stringent environmental regulations and increasing industrialization, the use of plate & frame heat exchangers in various end-user industries is gaining popularity. Increased investment in the chemical, petrochemical, food & beverages and HVACR industries and stringent environmental regulations are the major drivers triggering the growth of plate & frame heat exchangers market. Moreover, the stringency in the emission norms levied by the European Commission has brought about a lot of reforms in the manufacturing of automotive components. So, the demand for automotive light weight material has made the heat exchanger manufacturers to focus on energy-efficient and lighter materials in the manufacturing of heat exchangers.

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