The air-cooled heat exchanger market is experiencing significant growth and is anticipated to grow throughout the forecast period. Heat exchanger is a system that transfer heat between two or more fluids. Heat exchangers can be used for cooling as well as heating processes. Air-cooled heat exchangers flow large a quantity of cooled air around a bank of finned tubes with the help of large fans to perform its cooling function. Air-cooled heat exchangers use ambient air as a cooling medium instead of water for direct cooling of various process mediums. Air-cooled heat exchangers are extensively used in chemical and petroleum industry for cooling or condensing purposes. Air-cooled heat exchangers are economical and environment friendly. As temperature control plays a key role, air-cooled heat exchangers are a vital component of various process industries. Major players in the industry are allocating resources to the development of more efficient and effective air-cooled heat exchangers.
Air-cooled heat exchangers consist of tube bundle, an air pumping device such as a fan or blower, a support structure, temperature control ducts, and other components. Hot process fluids enter through one end of the air-cooled heat exchanger via tubes, while the ambient air flows around and between the tubes. This enables the transfer of process heat to the air, thereby cooling the process fluid. The heated air is then discharged into the atmosphere. Air-cooled heat exchangers are available in a wide range of sizes, which increases their applicability in various heat exchange processes.
COVID-19 Impact analysis
- The COVID-19 pandemic ceasedthe production of air-cooled heat exchanger industry to halt, owing to the global lockdown. This has hampered the growth of the market in the last few months.
- Due to the steep decline in manufacturing and oil refining activities, COVID-19 has already affected the sales of air-cooled heat exchangers since second quarter of 2021, and is anticipated to have a negative impact on the market’s growth throughout the first quarter of 2022.
- The major demand for air-cooled heat exchangers was previously noticed from giant manufacturing and oil consuming countries including the U.S., Germany, Italy, UK, Japan, India, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for air-cooled heat exchangers.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Air-cooled heat exchanger manufacturers can afford declining sales only for a few months, after which the players have to modify their investment strategies. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
- With the increasing number of vaccinations and leniency in restrictions laid by the government, the manufacturing and oil refining industry has shown signs of recovery, which is a positive factory for the air-cooled heat exchangers market.
Top Impacting Factors
Increase in global population has significantly increased the number of automobiles on road, thereby increasing the demand for fuel. This has resulted in increased oil drilling and refining activities, thereby fuelling the demand for air-cooled heat exchangers as they are extensively used in refining facilities. Air-cooled heat exchangers are used in petrochemical industry and other high temperature processing facilities. They are energy efficient and environmentally friendly as they do not use water. Thus, they are an ideal condition in arid and semi-arid conditions. Furthermore, unlike water-based heat exchangers, air-cooled heat exchangers do not pose the threat of contamination and thus have a significantly lower maintenance cost. However, high initial and installation costs are a restraint on the growth of air-cooled heat exchanger market. The rapid growth of industries in developing countries has significantly increased the demand for fuel and power. According to the Ministry of Petroleum & Natural Gas, with a total of 23 refineries, India emerged as the fourth largest refining hub in the last few years. Such rapid growth of refineries offers lucrative growth opportunities for the air-cooled heat exchangers market.
- Major players in the industry are focused on developing more environment friendly air-cooled heat exchangers. For instance, in December 2020, Chart Industries, Inc. acquired Sustainable Energy Solutions, Inc. with the aim of integrating SES’s Cryogenic Carbon Capture technology into its range of air-cooled heat exchangers and brazed aluminum heat exchangers.
- Air-cooled heat exchanger manufacturers are providing, solutions with applications in a wide range of industries. For instance, Thermax Limited, offers custom-built air-cooled heat exchangers to suit specific customer requirement. The products offered by Thermax Limited feature, a highly efficient fin-to-tube heat transfer system.
Key Benefits of the Report
- This study presents the analytical depiction of the air-cooled heat exchangers industry along with the current and future trends to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the air-cooled heat exchangers market share.
- A quantitative analysis highlight the air-cooled heat exchangers market growth scenario to.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed air-cooled heat exchangers market analysis based on competitive intensity and how the competition will take shape in coming years.
Air-cooled Heat Exchangers Market Report Highlights
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