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The global heat exchanger market size was estimated at USD 17.38 billion in 2021 and is expected to reach USD 26.78 billion by 2030, registering a CAGR of 5.1% from 2022 to 2030.
The rising focus on efficient thermal management in various industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is expected to drive the demand for heat exchangers during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Heat Exchanger market
Rising demand from the chemical industry coupled with increasing technological advancements and a growing focus on improving efficiency standards is expected to drive the market over the coming years. Most processes in petrochemical facilities involve high pressure and temperature, thus, necessitating the optimization of heat transfer and the enhancement of energy savings, which, in turn, is likely to boost the demand for energy-efficient heat exchangers.
The U.S. dominated the North America heat exchanger market in 2021, owing to high electricity demand, industrialization, and investments in renewable power generation in the country. Rising investments by oil & gas companies in exploration & production activities in the U.S. are expected to boost the demand for these products in the oil & gas industry.
The significant power markets such as China, the U.S., India, Russia, and Japan are restructuring the operating models to adapt the structure of renewable energy and efficient utilization of energy by installing heat exchangers and shifting from traditional energy use. This is expected to drive the demand for heat exchangers during the forecast period.
Technological advancements such as tube inserts in heat exchangers are expected to complement the market growth. Furthermore, ongoing technological improvements to improve energy efficiency, total life cycle cost, durability, and compactness of heat exchangers are expected to drive the industry growth during the forecast period.
The manufacturers of these products face a long list of difficult supply chain challenges, including increasing demand variability, intense global competition, more environmental compliance regulations, increasing human- and nature-based risks, and inventory proliferation. The COVID-19 pandemic has created new challenges, which are compelling manufacturers to innovate their supply chains at a faster speed.
Based on the Product Insights, the market is segmented into Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger and Others.
Based on the End-use Insights, the market is segmented into Chemical & Petrochemical, Oil & Gas, HVAC & Refrigeration, Power Generation, Food & Beverage, Pulp & Paper and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
The global heat exchangers market is characterized by the presence of multinational as well as regional players that are engaged in designing, manufacturing, and distributing these products.
Some prominent players in the global heat exchanger market include
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