According to the new market research report “Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Material (Steel, Non-Steel) Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region – Global Forecast to 2024″, The market size of heat exchangers is estimated to grow from USD 15.3 billion in 2019 to USD 20.5 billion by 2024, at a CAGR of 6.0% from 2019 to 2024. The market is driven by the number of factors namely growth in nuclear power production, increased demand for chemical and petrochemical products, and increased demand for processed food products. The rising energy prices, energy efficiency concerns, and stringent government regulations on the emission of CO2 are also on the key drivers for the heat exchangers market.
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The chemical segment led the heat exchangers market with the largest share in 2019. Heat exchangers have been successfully employed for years in the chemical industry to heat and cool base, intermediate, and final products. The high level of efficiency, productivity, and operational safety have made heat exchangers important equipment in chemical production processes. Expansion across the chemical industry in the emerging economies favors the market for heat exchangers. Specialty chemicals growing demand will have a positive impact on the heat exchangers market.
Shell & tube heat exchangers are the most common types of heat exchangers used globally. They are extensively used as power condensers, preheaters, oil coolers, and steam generators. These types of heat exchangers are considered to be an ideal choice for heavy-duty applications, owing to their high efficiency. Increased government investments on commercial building & construction projects are driving the demand for HVACR equipment, which, in turn, is expected to drive the demand for shell & tube heat exchangers, globally.
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64 – Tables
39 – Figures
130 – Pages
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The global heat exchangers market size is estimated to be USD 15.3 billion in 2019 and is projected to reach USD 20.5 billion by 2024, at a CAGR of 6.0%, between 2019 and 2024. The increasing energy prices, rapid industrialization in APAC, and stringent government regulations on energy efficiency and CO2 emissions are some of the major factors driving the demand for heat exchangers globally.
Increasing government regulations, technological advances, and the demand for efficient use of energy have led various end-use industries to focus on energy saving, thus leading to an increase in the need for heat exchangers. Some of the major players operating in the heat exchangers market are Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), and Gunter (Germany).
New product launches, expansions, and acquisition were key strategies adopted by the industry players to achieve growth in the heat exchangers market between 2015 and 2019. Companies took these strategies to expand their market share, revenue, and distribution network.
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Alfa Laval is a global leader in the manufacturing of various technologies such as heat transfer, separation, and fluid handling. Its essential products are separators, heat exchangers, pumps and valves. The company is a leader in the plate & frame heat exchangers market and holds more than 30.0% of the market share in the plate & frame segment. It has over 39 production units out, of which 20 are located in Europe, 11 in APAC, 6 in US, and 2 in South America, and its business operations are spread across 160 countries.
Kelvion is a leading manufacturer and distributor of heat exchangers. The company is a former heat exchanger division of GEA Group AG and is headquartered in Bochum, Germany. Kelvion Holdings has a strong foothold in the European market, especially in Germany. Every year, the company launches about 5-6 new types of heat exchanger and its equipment through its R&D programs. It has business operations across North America, Europe, South America, APAC, and the Middle East & Africa.
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