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Rise of oil & gas demand and growing industrialization in developing economies have boosted the growth of the global heat exchanger market

PORTLAND, Ore. , March 2, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Heat Exchanger Market by Type (Shell and Tube, Plate and Frame, Air-Cooled, Microchannel Heat Exchanger, and Others), End-user Industry (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverages, Power Generation, and Others), and Material of Construction (Carbon Steel, Stainless Steel, Nickel, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030." According to the report, the global heat exchanger industry was pegged at $16.7 billion in 2020, and is expected to reach $28.3 billion by 2030, growing 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.

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The shell and tubesegment to dominate by 2030-

Based on type, the shell and tube segment accounted for nearly one-third of the global heat exchanger market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is attributed to its various advantages such as ease of application in higher operating temperatures and pressures, low price as compared to plate type coolers, and others. Shell and tube heat exchangers are a preferred choice owing to the ease of servicing and their compatibility for use with different types of seawater coolants. Moreover, this segment would showcase the fastest CAGR of 5.9% by 2030. The report also includes analysis of plate and frame, air-cooled, microchannel heat exchangers, and others.

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The chemical segment held the lion's share in 2020-

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 Hvacr, petrochemical, power generation, and food & beverage segments.

North America to portray the highest CAGR through 2030

By region, the global heat exchanger marketacross 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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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