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Rise of oil & gas demand and growing industrialization in developing economies have boosted the growth of the global market.
PORTLAND, OREGON, UNITED STATES, August 1, 2022 /EINPresswire.com/ -- Global heat exchanger market is projected to reach $28.3 billion by 2030, at a CAGR of 5.5% from 2021 to 2030. Rise of oil & gas demand and growing industrialization in developing economies have boosted the growth of the global heat exchanger market. However, several issues in the system such as leakage and pressure drops hinder the market growth. On the contrary, increase in demand for petrochemicals and rapid expansion of nuclear power plants are expected to open lucrative opportunities for the market players in the coming years.
Heat exchangers help control fluid temperatures in food, beverages, and pharmaceutical processing for pasteurization, sterilization, clean-in-place, and other hygienic operations. In addition, ingredients in cosmetics and pharmaceuticals are mixed at specific temperatures to ensure safe use and product quality are done by heat exchangers. However, rise in pharmaceutical, cosmetic, chemical, and petrochemical industries across the globe is expected to act as a major driving factor for the growth of the heat exchanger market.
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The heat exchanger industry is segmented on the basis of type, end-user industry, material of construction, and region. On the basis of type, the market is categorized into shell and tube, plate and frame, air-cooled, microchannel heat exchanger, and others. Based on end-user industry, the chemical segment held the lion's share in 2020, contributing to nearly one-fourth of the global heat exchanger market, and is expected to continue its lead during the forecast period. This is owing to their ability to withstand the continuous chemical reactions and their application in a complex series of processes such as cooling, heating, condensing, separation, evaporation, and others. The oil and gas segment, however, would showcase the fastest CAGR of 6.1% by 2030. The report also includes an analysis of the HVAC, petrochemical, power generation, and food & beverage segments.
By region, the global heat exchanger market across North America is expected to register the highest CAGR of 5.9% during the forecast period, owing to rising upstream activities, chemical industry, and oil & gas refineries, which in turn are expected to increase the demand of heat exchanger in the region. However, the market across LAMEA held the largest share in 2020, accounting for more than one-third of the market. This is due to numerous factors such as a large consumer base including oil & gas refineries, chemical industry, food industry, sugar industries, and others.
The global heat exchanger market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Accessen Group, Ala Laval, API Heat Transfer, Chart Industries., Danfoss A/S, Hisaka Works. Ltd., Exchanger Industries Limited, Koch Industries, Inc., Thermofin Gmbh, and Xylem.
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The global heat exchanger market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the heat exchanger market growth.
Impact Of Covid-19 On Global Heat Exchanger Market • The manufacturing of heat exchanger stopped for a specific period due to high peak of COVID-19, which highly impacted sales of the heat exchanger. • According to the Organization for Economic Co-operation and Development (OECD), a surge in the price of crude oil began during the lockdown, due to extensive supply and less demand, which increased the production of electricity. However, there is no impact of COVID-19 on the heat exchanger market, due to the extensive production of oil. • Sales of heat exchanger is directly proportional to the demand for oil & gas. The oil & gas industry is negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in crude prices in 2020 due to the resumed overflow production, However, the continued upstream activities has not impacted the demand for heat exchanger. • COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global heat exchanger market due to impact of COVID-19. • Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using heat exchanger and thereby, affecting the global heat exchanger market. • According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various industries, such as chemical, petrochemical, oil & gas, HVACR, food & beverages, power generation, and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in heat exchanger. This is expected to decline the growth of the market during the forecast period. • The COVID-19 pandemic has had a swift and severe impact on the globally integrated automotive industry. Factors include, disruption in Chinese parts exports, large scale manufacturing interruptions across Europe, and closure of assembly plants in the U.S. However, with decrease in sales of automobile led to decrease in the sales of radiator which in turn to gives a high impact on the heat exchanger market.
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