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“The heat exchangers market is projected to grow at a CAGR of 6.0% during the forecast period.”
The heat exchangers market is estimated to be USD 15.3 billion in 2019 and is projected to reach USD 20.5 billion by 2024, at a CAGR of 6.0% between 2019 and 2024. Heat exchangers are environmentally-friendly, and they offer advantages, such as high operating efficiency and reduced energy consumption owing to which heat exchangers have high demand across a wide range of industries, including nuclear & thermal power plants, petroleum refineries, petrochemical plants, food processing plants, chemical, and HVACR.
“Energy segment is expected to be the fastest-growing end-use industry of the heat exchangers market during the forecast period.”
The energy industry segment is expected to grow at the highest CAGR between 2019 and 2024. The growth of this segment can be attributed to the expansion activities across upstream and downstream processing plants across the petrochemical and oil & gas sector. Growth in the exports of crude oil supported by the increased demand for fuel and petrochemical products is a major driving force for the heat exchangers market globally.
“APAC is projected to be the fastest-growing market for heat exchangers during the forecast period.“
APAC is projected to be the fastest-growing market for heat exchangers, in terms of value during the forecast period. China and India are two major markets for heat exchangers in Asia Pacific. The growth in the commercial building & construction industry, high-end real estate, and energy-saving policies are likely to drive the demand for heat exchangers in China and India.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
- By Company Type: Tier 1 – 55%, Tier 2 – 27%, and Others – 18%
- By Designation: C level –36%, Director level – 18%, and Others – 46%
- By Region: North America – 20%, Europe – 20%, APAC – 37%, Middle East & Africa – 15%, and South America – 8%
Key companies profiled in this market research report are Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), API Heat Transfer (US), Gunter (Germany), Hindustan Dorr-Oliver (India), Chart Industries (US), Hisaka Works (Japan), Johnson Controls International (Ireland),.
This report covers the heat exchangers market, in terms of value and forecasts its market size until 2024. The report includes the market segmentation based on type (shell & tube, plate & frame, air-cooled, and others), end-use industry (chemical, energy, HVACR, food & beverage, power generation, pulp & paper, and others), material (Steel and Non-Steel), and region (APAC, Europe, North America, and Middle East & Africa, and South America). The regions have been further segmented based on key countries into the US, Canada, Mexico, Germany, the UK, France, Russia, Italy, Sweden, Turkey, China, Japan, India, South Korea, Saudi Arabia, and Brazil. The report also provides company profiles and competitive strategies adopted by the key players in the global heat exchangers market.
Reasons To Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
- This report segments the heat exchangers market and provides the closest approximations of the overall market size for its segments across different verticals and regions.
- This report is expected to help stakeholders understand the pulse of the market and provide information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
- This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as new product launch, acquisition, and expansion.