The global heat exchanger market size is expected to reach USD 26.78 billion by 2030, according to a new report by Grand View Research, Inc. Rising demand from various industries, including chemical & petrochemical, and power generation, along with an increasing focus on improving efficiency standards in expected to drive the market at a CAGR of 5.1%.
Heat exchangers are devices used to transfer heat between a source and a working fluid (Liquids, vapors, or gases) or heating a cooler fluid using the heat from a hotter fluid by transferring its heat. they remove waste heat from cabinets and panels without letting contaminants and used in many applications as refrigeration, heating and air-conditioning systems, power plants, chemical processing systems, food processing systems, automobile radiators, and waste heat recovery units. Industry growth is primarily driven by rise in HVACR deployment, and other industrial activities, surging energy prices, and rapid industrial expansion in the developing economies. Some common types of exchangers are finned tube heat exchanger or air cooled heat exchanger, shell and tube heat exchanger, Double pipe heat exchangers, Condensers, evaporators, boilers, and plate heat exchanger or gasket plate heat exchanger.
Gain deeper insights on the market and receive your free copy with TOC now @: Heat Exchanger Market Report
The presence of favorable government regulations in the emerging economies of China, India, Brazil, and Mexico about setting up new manufacturing facilities is expected to spur the demand for heat exchangers in various industries. In addition, upcoming nuclear power projects, particularly in the Asia Pacific, are anticipated to drive market growth during the forecast period.
Technological advancements coupled with constant efforts and investments by major market participants in product innovation and research & development are expected to increase the market competitiveness over the coming years. The adoption of novel techniques of additive manufacturing in the production of heat exchangers is likely to complement industrial growth.
The COVID-19 pandemic has severely impacted several economies worldwide. Containment measures, including lockdown imposed by various countries to curb the spread of COVID-19, have resulted in limiting the operations of the manufacturing facilities, thereby negatively impacting the demand for heat exchangers in 2020.
Competitive Analysis By Major Companies
The global heat exchangers market is characterized by the presence of multinational as well as regional players that are engaged in designing, manufacturing, and distributing these products. Product manufacturers strive to obtain a competitive edge over their competitors by increasing the application scope of their products. Strategies adopted by manufacturers include new product development, diversification, mergers & acquisitions, and geographical expansion. Some prominent players in the global heat exchanger market include Alfa Laval; Kelvion Holding GmbH; Danfoss; API Heat Transfer; Xylem Inc.; HRS Heat Exchangers.
For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/industry-analysis/heat-exchangers-market/request/rs5
Grand View Research has segmented the global heat exchanger market on the basis of product, end use, and region
Comments
Post a Comment