IMARC Group’s latest research report, titled “Heat Exchanger Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the heat exchanger market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global heat exchanger market size reached US$ 17.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.75% during 2023-2028.
Heat Exchanger Market Overview:
Heat exchanger refers to a device that transfers heat from one medium to another. It comprises streams of hot and cold fluids that are separated by a solid wall of the thermally conductive tube or plate, which helps eliminate direct contact between the two mediums. It is used in various applications, such as heating and air conditioning systems, refrigeration, power plants, chemical processing systems, automobile radiators, food processing systems, and waste heat recovery units. The main types of heat exchangers include shell-and-tube, finned tube, bare tube, plate-and-frame, spiral, and plate coil. In recent years, heat exchangers have gained traction due to their extensive employment in various industry verticals, such as oil and gas, chemical, petrochemical, HVAC, food and beverages, and power generation.
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Global Heat Exchanger Market Trends:
One of the primary factors driving the market is the augmenting demand for heat, ventilation, and air-conditioning (HVAC) in the industrial, commercial, and residential sectors. Additionally, the growing environmental concerns and rising awareness among individuals about the use of energy-efficient and environment-friendly devices are creating a positive market outlook. Other than this, the increasing focus on developing cost-effective and efficient product variants is positively influencing the market growth.
Besides this, all procedures in the petrochemical facilities involve high pressure and temperature, which leads to a necessity to optimize heat transfer and enhance energy savings. As a result, the growth of petroleum refinery industries for maintaining optimum temperatures, and extensive investments by oil and gas organizations in exploration and production activities are propelling the market growth. Other growth-inducing factors include constant technological advancements, rapid industrialization, and the increasing renovation of existing power plants and the construction of new ones.
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Key Market Segmentation:
Top Heat Exchanger Manufacturers Worldwide:
- Alfa Laval
- API Heat Transfer Inc.
- Danfoss
- General Electric Company
- Hisaka Works
- IHI Corporation
- Johnson Controls
- Kelvion Holding GmbH
- Koch Industries
- Lytron Inc.
- Mersen
- Modine Manufacturing
- Royal Hydraulics
- Sondex A/S
- Xylem Inc
Breakup by Type:
- Shell & Tube
- Plate & Frame
- Air Cooled
- Others
Breakup by Material:
- Carbon Steel
- Stainless Steel
- Nickel
- Others
Breakup by End-Use Industry:
- Chemical
- Petrochemical and Oil & Gas
- HVAC and Refrigeration
- Food & Beverage
- Power Generation
- Paper & Pulp
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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