The heat exchanger market is experiencing significant growth due to various factors such as increasing demand for energy-efficient solutions, industrial applications, advancements in technology, and rising focus on renewable energy sources. The market is expected to continue to grow in the coming years as the need for energy-efficient solutions and reduced emissions remains a priority for industries worldwide.
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In addition, the plate and frame heat exchangers segment is expected to experience strong growth due to their high efficiency and compact size, making them suitable for a wide range of applications. Advancements in technology and materials such as microchannel heat exchangers are also expected to drive market growth by improving energy efficiency and reducing the overall size and weight of heat exchangers.
Heat Exchanger Market Analysis
Heat Exchanger Market is projected to be worth USD 33.8 billion by 2030, registering a CAGR of 6.8% during the forecast period (2022 - 2030), according to the latest Market Research Future (MRFR) analysis.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global heat exchanger market based on type and application.
By type, the global heat exchanger market is segmented into air cooled, regenerative, plate, and shell and tube. Of these, the shell and tube segment will lead the market over the forecast period.
By application, the global heat exchanger market is segmented into food and beverage, HVACR, power generation, oil and gas, chemicals, and others. Of these, the chemicals segment will dominate the market over the forecast period followed by the oil and gas industry.
Key Players
The leading players profiled in the global heat exchanger market report include Hughes Anderson Heat Exchangers (U.S.), Koch Heat Transfer Company (U.S.), Hamon Cie International SA (Belgium), Sierra S.p.A (Italy), Gunter AG Co. KG (Germany), API Heat Transfer Inc. (U.S), Xylem Inc. (U.S.), SPX Corporation (U.S.), Danfoss A/S (Denmark), Southern Heat Exchanger (U.S.), Kelvion Holdings Gmbh (Germany), and Alfa Laval AB (Sweden), among others.
Regional Analysis
By region, the global heat exchanger market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, Europe will command the market over the forecast period. Growing demand and production capacity of plate and frame heat exchangers, the presence of major heat exchanger manufacturers, rising expenditure on refrigeration and HVAC industry, and growing trend of basic chemical consumption in different end use industries in the UK, Italy, France, and Germany are adding to the global heat exchanger market growth in the region. France, the UK, and Germany hold the utmost market share.
In the APAC region, the global heat exchanger market is predicted to have promising growth over the forecast period. Rapid urbanization and industrialization, large consumer base(food industry, sugar industries, oil and gas refineries, chemical industry, and others), growing need for heat exchangers in South Korea, Japan, India, and China for energy generation through nuclear power, increasing construction activities, rise in demand for energy, and the expansion of power generation and chemical industries are adding to the global heat exchanger market growth in the region.
