Loading...
0

Heat Exchangers Market Expected to Reach $29,316.0 Million by 2026

 
 

quote The global heat exchangers market is expected to witness considerable growth owing to increase in energy prices, rapid industrialization in Asia-Pacific, rise in concerns regarding loss of energy, and others quote

Eswara Prasad
Manager, Chemical and Material

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research titled,"Heat Exchangers Market by Type, End-User Industry, and Material of Construction: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global heat exchangers market accounted for revenue of $16,624.0 million in 2018 and is anticipated to generate $29,316.0 million by 2026. The market is projected to grow at a CAGR of 7.2% from 2019 to 2026.

Heat exchangers are devices that transfer heat from one fluid (liquid or gas) to another fluid (liquid or gas) without being in direct contact with each other. Moreover, heat exchangers, also known as regenerators, are used in end-user industries such as chemical, petrochemical, oil & gas, to minimize the loss of heat. As the incoming and outgoing fluids move in opposite directions, they are also known as counter-flow heat exchangers. Heat exchangers are designed as per end-user industry’s requirements. For instance, they are manufactured for a wide range of light hydrocarbons in the oil & gas industry. In addition, they are utilized for onshore, offshore, and floating applications such as in gas dew point control, NGL recovery, LNG liquefaction, and in sour gas compression cooling. In addition, heat exchangers are widely used in industrial oil coolers, boilers, chilled water systems, transmission & engine coolers, condensers, and evaporators in refrigeration systems to prevent excessive loss of energy during the transfer of heat. Various industries have adopted high-end energy-saving heat exchangers to mitigate the issue of their loss owing to the rise in the cost of energy.

The heat exchangers market is driven by numerous factors such as high demand from emerging economies, increase in energy prices, technological advancements in heat exchangers, and others.  There is a significant rise in demand from developing economies such as India, China, and Indonesia, owing to the rapid industrialization. However, scaling is one of the reasons that increases the maintenance cost of heat exchangers. On the contrary, rise in demand for heat exchangers from the nuclear power plant for power generation is anticipated to offer lucrative growth opportunity to the market.

The global heat exchangers market is segmented based on type, end-user industry, material of construction, and region. On the basis of type, the market is categorized into shell & tube, plate & frame, air-cooled, microchannel, and others. On the basis of end-user industry, it is classified into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and others. By material of construction, the heat exchangers market is categorized into carbon steel, stainless steel, nickel, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America countries analyzed in the report are the U.S., Canada, and Mexico. Europe is analyzed across Germany, France, Spain, Italy, the UK, Russia, and rest of Europe. Countries analyzed under Asia-Pacific are China, Japan, India, South Korea, Australia, New Zealand, Malaysia, Indonesia, Philippines, Thailand, Vietnam, and rest of Asia-Pacific. LAMEA is studied across Saudi Arabia, UAE, Kuwait, Qatar, South Africa, and rest of LAMEA. Heat exchangers market share has been analyzed across all regions.

Based on type, the shell & tube segment occupied the highest share of 30% in 2018, and is anticipated to continue its dominance throughout the analysis period. It is highly adopted in numerous end–user industries owing to its characteristics such as easy maintenance, high efficiency, compatible in high-pressure applications, compact design, and others

Based on end-user industry, the oil & gas industry is anticipated to grow at the fastest rate. This is due to significant surge in demand for heat exchangers from countries such as India, China, and U.S., owing to the rise in number of oil and gas industries; specifically in India, and China, where increase in oil usage has resulted in high investment for improving the refining capacity.

On the basis of material of construction, stainless steel accounted for the highest market share of 33.7% in 2018. As compared to other types of materials, stainless steel is highly adopted for manufacturing heat exchangers owing to its characteristics such as resistance to different types of deposited residues such as limestone, high durability, and excellent resistance to corrosion.

Based on Region, Europe is expected to garner the highest market share. This is owing to factors such as huge presence of end-user industries such as chemical industries, food & beverage industries, petrochemical, and others.

The market analysis covers in-depth information of major industry participants. The key players operating and profiled in the market include API Heat Transfer, Brask, Inc., Danfoss A/S, Güntner GmbH & Co. KG, Kelvion Holding GmbH, Koch Industries, Inc., Lytron Inc., Thermofin, and Xylem Inc.

Other players in the value chain of the market include HRS Heat Exchangers, Thermax Global, Harsco Industrial Air-X-Changers, Radiant Heat Exchanger, Air Products and Chemicals, Doosan Corporation, Sierra, Mersen, Barriquand Technologies, Swep International, and others.

Key Findings of The Heat Exchangers Marke:

  • Based on type, the shell and tube segment is expected to grow at the fastest growth rate of 7.6%
  • Based on end-user industry, oil & gas is expected to experience rapid growth with a rate of 7.9%
  • The Asia-Pacific heat exchangers market is projected to grow at the highest CAGR of nearly 7.6%, in terms of revenue, during the forecast period
  • A comprehensive analysis of the factors that drive and restrain the heat exchangers market growth is provided
  • An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves
  • The qualitative data in this report aims at the market dynamics, heat exchangers market trends, and developments in the heat exchanger industry
  • The quantitative data provides the heat exchangers market size in terms of revenue

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Shaun Godinho
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air-Cooled, Microchannel, and Others), End-User Industry (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverage, Power Generation, and Others), and Material of Construction (Carbon Steel, Stainless Steel, Nickel, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026 quote

View Report
 
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Heat Exchangers Market"
Purchase Enquiry