Heat Exchangers Market to Reach $28.3 Billion Globally by 2030 at a CAGR of 5.5%: Allied Market Research

PORTLAND, Oregon., March 2, 2022 /PRNewswire/ — Allied Market Research recently released 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 and gas, HVACR, food and beverage, power generation and Others), and Building Material (Carbon Steel, Stainless Steel, Nickel, and Others): Global Opportunities Analysis and Industry Forecast 2021-2030. » According to the report, the global heat exchanger industry was pegged to $16.7 billion in 2020, and should reach $28.3 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.

Drivers, constraints and opportunities-

Rising demand for oil and gas and increasing industrialization in developing economies has driven the growth of the global heat exchanger market. However, several issues in the system such as leaks and pressure drops are hampering the growth of the market. On the contrary, increasing demand for petrochemicals and rapid expansion of nuclear power plants are expected to open up lucrative opportunities for market players in the coming years.

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Covid-19 scenario:

  • In the early days of the pandemic, several industries ceased operations and the global supply chain was disrupted. Heat exchanger sales were also impacted due to the suspension of heat exchanger manufacturing.
  • The oil and gas industry has been severely affected by the COVID-19 outbreak. Crude prices fell in 2020 due to the resumption of spillover production. However, the activities supported upstream had no influence on the demand for heat exchangers.
  • Additionally, import and export business has been severely hampered which has impacted the industries that use heat exchangers and hence the global heat exchanger market.
  • The COVID-19 pandemic has had a rapid and drastic impact on the global automotive sector. However, a decline in automobile sales led to a decline in radiator sales, which had a significant influence on the heat exchanger market.

The shell and tube segment will dominate by 2030-

On the basis of type, the shell and tube segment accounted for nearly a third of the global heat exchanger market share in 2020 and is expected to maintain its dominance throughout the forecast period. This is attributed to its various advantages such as ease of application at higher operating temperatures and pressures, low price compared to plate coolers, etc. Shell and tube heat exchangers are a preferred choice due to ease of maintenance and compatibility for use with different types of seawater coolants. Additionally, this segment would showcase the CAGR fastest 5.9% by 2030. The report also includes analysis of plate and frame, air-cooled, microchannel and other heat exchangers.

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The chemical segment took the lion’s share in 2020-

Based on end-user industry, the chemical segment captured the lion’s share in 2020, contributing nearly a quarter of the global heat exchanger market, and is expected to maintain its lead over the period. forecast. This is due to their ability to withstand continuous chemical reactions and their application in a complex series of processes such as cooling, heating, condensation, separation, evaporation and others. The Oil & Gas segment, however, would exhibit the fastest CAGR of 6.1% by 2030. The report also includes analysis of the Hvacr, Petrochemical, Power Generation, and Food & Beverage segments. .

North America to exhibit the highest CAGR through 2030

By region, the global heat exchangers market across North America should register highest CAGR by 5.9% over the forecast period, due to rising upstream activities, chemical industry and oil and gas refineries, which in turn are expected to increase the demand for heat exchangers In the region. However, LAMEA’s market held the largest share in 2020, accounting for more than a third of the market. This is due to many factors such as a large consumer base including oil and gas refineries, chemical industry, food industry, sugar industries and others.

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Main market players

  • Alfa Laval,
  • Access group
  • Industries Chart
  • Thermofin Gmbh
  • Hisaka works. ltd.
  • Xylem
  • Koch Industries, Inc.
  • API heat transfer
  • Danfoss A/S
  • Interchange Industries Limited

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. CEO of Allied Market Research Pawan Kumar is essential to inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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