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Top Players in Heat Exchanger Market are Thermax Limited, HRS Group, Modine Manufacturing Company, GEA Group AG, Cipriani Heat Exchangers, Funke Warmeaustauscher Apparatebau GmbH, Danfoss Group, Noritake Co., Ltd, Kurose Chemical Equipment Co., Ltd, Alfa Laval AB, Tetra Pak International S.A., Sumisho Metalex Corporation, SRP Taiwan Heat Exchangers Company, and Tranter
The global heat exchangermarket will benefit from advancements in product designs and manufacturing systems. According to a report published by Fortune Business Insights, titled “Heat Exchanger Market Size, Share and Industry Analysis, By Type, By Application and Regional Forecast, 2019-2026,” the overallheat exchangermarket is expected to grow from USD 15.21 Billion in 2018 to USD 29.14 Billion by 2026 at a CAGR of 8.55% during the forecast period.
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Heat exchanger systems are used to transfer energy from one system to another. The flexibility offered by the product in applications across major industries such as automotive, refrigeration, and chemical processes, and oil and gas have led to widespread adoption across the world. In many large scale industries, waste or heat residues are released into the air. This factor has a significant impact on global warming and poses a severe threat to the environment. Heat exchangers will help reduce the emission of heat directly into the atmosphere. The growing emphasis on environment preservation and strict government guidelines will lead to a subsequent demand for heat exchangers in the coming years.
List of Top Key Players Mentioned in the Report:
An Overview of the Impact of COVID-19 on this Market:
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“Rolls Royce’s Partnership with EDF Energy is a Major Highlight”
The increasing number of initiatives taken to reduce greenhouse gas emissions will create a high product demand in industrial manufacturing units. As heat exchangers are gaining popularity on a global scale, major companies are looking to invest in the development of heat exchangers, with a view to generating substantial heat exchanger market revenue. In 2018, Rolls Royce signed a contract with EDF Energy for the supply of heat exchangers, aimed at the development of nuclear systems and Hinkley Point C. This contract will aid thee expansion of the company on a global scale. The report highlights company collaborations, similar to Rolls Royce’s latest activity and states the impact of such events on the global heat exchanger market.
“Asia Pacific to Exhibit Highest CAGR Driven by High Product Demand”
The report analyzes the global heat exchangers market based on segments such as product type, applications, end-users, and regional demographics. Based on regional demographics, the report classifies the market into North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. Among these regions, heat exchangers have witnessed the highest demand in the Asia Pacific, due to growing industrialization in several countries across this region. Huge investment in reducing excessive heat emission, coupled with the increasing population will aid the growth of the market in Asia Pacific. Fortune Business Insights states that the heat exchangers market in Asia Pacific was valued at USD 4.99 Bn in 2018.
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The huge demand for heat exchangers has led to an increase in the number of market entrants in recent years. Fortune Business Insights attributes a substantial amount of market growth to newer market players, in addition to the existing companies.
Major Table of Contents:
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