NEW YORK , May 12, 2022 /PRNewswire/ -- The heat exchanger market estimates a market value of USD 4.02 billion from 2021 to 2026 as per the latest market report by Technavio. In addition, the report projects the market to progress at a CAGR of 4.27%. 37% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the heat exchangers in APAC. Market growth in this region will be faster than the growth of the market in other regions. Favorable initiatives by the government will facilitate the heat exchanger market growth in APAC over the forecast period.
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Heat Exchanger Market: Segmentation Analysis
The market research report segments the heat exchanger market by End-user (Chemical, Fuel processing, HVAC, and Others), Product (Shell and tube, plate and frame, Cooling tower, Air-cooled, and Others), and Geography (Europe , APAC, North America , South America , and the Middle East and Africa ).
The heat exchanger market share growth by the chemical segment will be significant during the forecast period. Heat exchangers in chemical industries can be used for a range of applications such as the heating and cooling of the base, intermediate and final products, as well as heat recovery or tempering of containers, reactors, and autoclaves. The chemical industry requires heat exchangers that are corrosion-resistant and will prevent cross-contamination. Thus, it becomes crucial that manufacturers design heat exchangers which maintain an industry code and are Tubular Exchanger Manufacturers Association (TEMA) and American Society of Mechanical Engineers (ASME)-certified. Moreover, the various applications of heat exchangers in chemical industries will boost the market growth during the forecast period.
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Heat Exchanger Market: Rising demand from the water and wastewater industry to drive growth
The rising demand from the water and wastewater industry is one of the key driers supporting the heat exchanger market growth. Wide-scale developments in the water treatment industry have led to an increase in the demand for heat exchangers. Water is a critical element for the manufacturing industries such as pharmaceutical, food and beverage, and paper and pulp. The expanding production activities of such industries will have to comply with the stringent environmental regulations and water conservation norms set by governing bodies. New water treatment facilities will be established to meet the rising water demand, especially in developing economies, thereby creating significant demand for heat exchangers and increasing the growth potential of the global heat exchanger market during the forecast period.
Heat Exchanger Market: Technological advances in the design of heat exchangers are a major trend
Technological advances in the design of heat exchangers are the market trends that are contributing to market growth. Several players in the market have invested in the potential use of geothermal resources and are operating in the field of geothermal energy conversion. Thus, medium to low-temperature geothermal resources has been under consideration for the past few years with reference to the perspectives of the development of Organic Rankine Cycle (ORC) technology. Thus, the major components of a geothermal plant are the heat exchangers. Several types of heat exchangers are required for the operation in an ORC plant. Therefore, several technological advances in the design of heat exchangers are expected to positively influence the growth of the global heat exchanger market during the forecast period.
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Accelerate at a CAGR of 4.27%
Leading companies, competitive strategies, consumer engagement scope
Alfa Laval Corporate AB, API Heat Transfer Inc., Boyd Corp., Chart Industries Inc., Dai ichi Life Holdings Inc., Danfoss AS, Doosan Corp., Dover Corp., Exchanger Industries Ltd., General Electric Co., Guntner GmbH and Co. KG., Hisaka Works Ltd., Johnson Controls International Plc, Kelvion Holding GmbH, Koch Industries Inc., Mersen Corporate Services SAS, Radiant Heat Exchanger Pvt. Ltd., SPX FLOW Inc., Thermax Ltd., and Xylem Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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3.4 Market outlook: Forecast for 2021-2026
5.3 Chemical - Market size and forecast 2021-2026
5.4 Fuel processing - Market size and forecast 2021-2026
5.5 HVAC - Market size and forecast 2021-2026
5.6 Others - Market size and forecast 2021-2026
6.3 Shell and tube - Market size and forecast 2021-2026
6.4 Plate and frame - Market size and forecast 2021-2026
6.5 Cooling tower - Market size and forecast 2021-2026
6.6 Air cooled - Market size and forecast 2021-2026
6.7 Others - Market size and forecast 2021-2026
8.3 Europe - Market size and forecast 2021-2026
8.4 APAC - Market size and forecast 2021-2026
8.5 North America - Market size and forecast 2021-2026
8.6 South America - Market size and forecast 2021-2026
8.7 Middle East and Africa - Market size and forecast 2021-2026
8.8 US - Market size and forecast 2021-2026
8.9 China - Market size and forecast 2021-2026
8.10 Germany - Market size and forecast 2021-2026
8.11 Russia - Market size and forecast 2021-2026
8.12 Japan - Market size and forecast 2021-2026
9.3 Impact of drivers and challenges
11.7 Guntner GmbH and Co. KG.
12.3 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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