April 30, 2021 07:34 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 30, 2021 (GLOBE NEWSWIRE) -- The global heat exchanger market size is expected to experience significant growth by reaching USD 28.30 billion by 2028 while exhibiting a CAGR of 7.3% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Heat Exchanger Market, 2021-2028.” The report further mentions that the market stood at USD 16.95 billion in 2020. The increasing demand for energy and proactive strategies deployed by the companies to strengthen their position is expected to boost the product’s demand in the forthcoming years. For instance, in July 2020, Kelvion secured a contract to supply K°Bloc compact welded plate heat recovery devices to a refinery group across Asia. The contract is expected to be worth USD 9 million and will expand the group's production facility.
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What does the Report Include?
The global market for heat exchanger report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate that will further contribute to market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
Increasing Demand for Energy to Aid Growth
The growing population rate and the rapid-paced industrialization are factors that have propelled the demand for energy across the globe. However, this also has a detrimental effect on the environment due to the rising greenhouse gas emissions from industries. Therefore, several companies are adopting energy-efficient methods to arrest waste energy and further enhance the process optimization by deploying advanced heat recovery devices across several industrial applications. This is expected to contribute to the global heat exchanger market growth during the forecast period.
Sluggish Growth amid COVID-19; Several Energy Projects in Pipeline a Glimmer of Hope
The COVID-19 pandemic that led to the shutdown of industries in the backdrop of lockdown announced by the government agencies worldwide has had a seismic effect on the market. The market exhibited a sluggish growth rate in 2020 due to halted industrial operations that reduced demand for the product. However, the companies are returning to normalcy with the operation, though at a snail’s pace, resuming and slowly regaining the pre-pandemic levels. Several energy projects are expected to favor the market’s growth. For instance, in September 2020, Vancouver International Airport commenced its geothermal exchange system project to meet its cooling, heating, and electricity demand.
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On the basis of type, the market is categorized into shell & tube, plate & frame, air coolers, cooling towers, and others.
Asia-Pacific – The region is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is attributable to the rapid-paced urbanization and industrialization in countries such as India, China, and Japan. Asia-Pacific stood at USD 5.67 billion in 2020.
Europe – The market in the region is expected to experience considerable growth backed by the presence of stringent environmental regulations that focus on the reduction of carbon emissions, propelling the adoption of advanced heat exchanger in the region between 2021 and 2028.
North America – The region is expected to showcase exponential growth in the forthcoming years. This is ascribable to factors such as the presence of established players across different industrial verticals such as aviation, HVAC, aerospace, and automobile.
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Major Companies Focus on Partnerships to Expand Their Product Portfolio & Boost Sales Revenue
The market comprises small, medium, and large companies striving to maintain a stronghold. These companies partner with other companies to develop advanced heat transfer products to cater to the growing demand for energy worldwide. Additionally, the adoption of strategies such as collaboration, merger and acquisition, and facility expansion by other key players is anticipated to contribute to the growth of the market.
List of the Companies Profiled in the Global Market:
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