Heat Exchangers Market Size, Trends & Analysis - Forecasts To 2025 By Type (Shell & Tube Heat Exchangers, Plate & Frame Heat Exchangers, Air Cooled Heat Exchangers); By Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper), By Region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa); Vendor Landscape, and Company Market Share Analysis & Competitor Analysis - Global Market Estimates
Heat Exchangers Market Insights
The Global Heat Exchangers market is expected to grow at a high CAGR over the forecast period. Growing industrialization in emerging economies in the Asia Pacific region is expected to boost the market for heat exchangers. Further, Increase in energy prices, growing demand for heating, ventilation and air conditioning services and need to comply with environmental regulation are factors expected to drive the market for heat exchangers during the forecast period.
Technological developments and innovation in the heat exchangers market are further projected to positively impact the heat exchangers market. However, a relatively slow market growth in European and North American region and low awareness about energy efficiency is likely to restrain growth in the heat exchangers market.
Heat Exchangers Market: Type Insights
On the basis of type, the heat exchangers market can be classified into shell & tube heat exchangers, plate & frame heat exchangers and air-cooled heat exchangers among others. The shell & tube heat exchanger segment is expected to hold the largest market share in terms of revenue during the forecast period. These heat exchangers are capable of managing fluids at high temperatures and pressures. These properties make shell & tube heat exchangers preferable in multiple applications such as power generation, food & beverage, petrochemicals and chemicals among others.
Heat Exchangers Market: Application Insights
The Global Heat Exchangers market is segmented into chemical, petrochemical and oil & gas, HVACR, food & beverage, power generation, and pulp & paper among others based on application. The chemical applications segment is expected to hold the largest market share in terms of revenue owing to increasing demand for heat exchangers from large-scale chemical industries in emerging economies. The HVACR (Heating Ventilation Air Conditioning and Refrigeration) segment is projected to grow at the highest CAGR during the forecast period owing to the fast-growing construction industry and investment in infrastructure projects over the world.
Heat Exchangers Market: Regional Insights
China and India are projected to grow at the highest CAGR in the heat exchangers market owing to rapid industrialization and demand for heat exchanger devices. Growing applications of heat exchangers in chemical, petrochemical, industrial and manufacturing sectors along with technological innovation in the same are expected to boost market growth during the forecast period. Europe is expected to hold the largest share of the heat exchangers market in terms of revenue. This growth can be attributed to various environmental regulations implemented by the European Union and growing environmental awareness.
Heat Exchangers Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase heat exchangers over the coming years. Some leading consumers of controlled release fertilizer are BASF, ExxonMobil, and EDF among others.
Heat Exchangers Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Heat Exchangers Market: Share & Competitor Analysis
Some of the key players operating in the Heat Exchangers market are Aggreko, Alfa Laval, Atlas Copco, Cummins, GEA group, SPX Corporation and Xylem Inc., Danfoss, Hisaka Works Ltd., API Heat Transfer, Hindustan Dorr-Oliver, Hamon Group, and Kirloskar Brothers Ltd
Please note: This is not an exhaustive list of companies profiled in the report.
In July 2018, Godrej & Boyce acquired the heat exchanger brands Yuba and Ecolaire from SPX Corporation
In November 2017, Kelvion developed heat exchanger plates for particles with mediums for industries such as food & beverage, pulp& paper, and petrochemicals among others.
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The global Heat Exchangers market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Heat Exchangers market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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