Heat Exchanger Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020-2030
Heat Exchanger Market: Introduction
Heat exchangers are devices used to transfer heat from one source to another source. Some of the common examples include swimming pool heat exchangers and hydraulic oil cooler.
The heat exchangers include shell and tube exchangers, plate heat exhangers and air cooled heat exchangers. They are used in chemical industries, recycling industries, power generation industries, alcohol industries and other manufacturing industries for wastewater treatment, petroleum refining, power generation, wine and beer making etc.
Heat exchangers transfer heat by transfering the energy in the form of from liquid, air or gas mediums to another mediums. It can be used for both heating and cooling purposes.
From the past few years, the global market for heat exhangers is facing expansions and developments owing to rising industrialization, capital expenditure and new environment rules and regulations.
The heat exchanger market is currently experiencing a boost in its market growth although due to COVID-19, there has been some level of sluggishness. The long-term outlook on the heat exchanger market remains positive.
Heat Exchanger Market: Key Drivers
The growing investment in heat exhanger market from a range of industries including chemical, power-plant, petrochemical, and HVAC continues to be a key growth driver.
Innovations and advancements in technologies and the increaing focus on improving standards by the companies creates opportunities for this market and augment its market growth. In addition to the above mentioned industries, high demand for heat exhangers from engineering , industrial and commercial sectors are currently driving the market growth. The awareness regarding wastewater treatment nowadays is contributing to surge the market growth of heat exchangers. Waste waster treatment industries are highly dependent on the exchange heaters to ensure clean and purified water.
Heat Exchanger Market: Key Restraints
The manufacturing cost of heat exchangers is extremely high. High cost of production is eventually passed on the buyer, which has meant that these heat exchangers are off bounds for a significant percentage of buyers. In additon to this factor, the raw material cost keeps on fluctuating with time and this hike in cost of raw material hampers the growth of heat exchanger market.
The threat of substitutes is also high in the market, with the development of exhaust gas recirculation coolers limitng market growth to an extent.
Heat Exchangers Market: Applications
The heat exchangers are used in pharmaceutical companies to avoid cross contamination where the roughness certification plays a vital role.
Heat exchangers are useful in industrial processes for evaporating purposes such as removing water from solution by boiling the solution in evaporator tube. Heat exchangers act as condensors to reduce the temperature of vapours to the liquid temperature by leaving the heat to another fluid. It serves to condense the vapour out from the top.
Food industries use heat exchangers for sanitary applications to favour a good CIP (Clean in Place) of the product channel ensuring drainability as welll as best finishes.
Shell and tube heat exchangers are used for crude oil cooling in the manufacturing industries.
Heat Exchanger Market: Region-Wise Forecast
Globally, the market for heat exchangers is going through a favourable period and is experiencing superior growth rate. The rising demands from Asia Pacific, especially China and India are augmenting the market growth of heat exchangers. With the rising population, urbanization and investments from India, China and Australia in heat exhangers market, Asia Pacific continues to lead the market globally.
In addition to China, Europe is also witnessing a stable growth in this market. European countries are making investments to tackle global warming, green-house effect and other environmental problems.
U.S. and Canada are investing in technological advancements to reduce the rising emission of carbon gases and consumption of energy leading to rising demad for heat exchangers. Furthermore, Middle East and African markets are expected to gain a profitable market in the near future with rising demands of heat exchangers from oil and gas, automotive, aerospace and petroleum industries in South Africa , South Arabia and Bahrin.
By End-use Industry :
The heat exchanger market continues to be fragmented. The well-established market players are focusing on bringing improvisations in their operations to deliver superior products to their users. AlfaLaval Corporation is boosting its R&D efforts to improve the overall efficiency, performance , longevity and drainability and is leading the market for heat exchangers with largest market share.
Some of the other market players in this heat exchanger market are Alfa Laval AB, Kelvion Holdings Gmbh, Southern Heat Exchanger, Danfoss A/S, SPX Corporation, Xylem incorporation, API Heat Transfer Incorporation, Gunter AG and Corporation, Koch Heat Transfer company, Hughes Anderson Heat Exchangers, Johnson Controls International P/S, Chart Industries etc.
Market players such as SPX Corporation and API Heat Transfer Incorporation are making high investments in research and development programmes to stay competitive in the market and capture major market share.
The current size of heat exchanger market is nearly USD 15 billion. Over the period 2020-2030, the market is likely to grow at a CAGR of over 5%
Historically, the heat exchanger market has grown at nearly 4% to 4.5%. Due to COVID-19, there has been a deceleration in 2020
Demand for shell and tube is the highest owing to their ability to withstand heat at high temperatures
Europe continues to be one of the leading markets for heat exchangers globally.
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