FARMINGTON, March 1, 2023 (GLOBE NEWSWIRE) — The global market for heat exchangers will be valued at $15.94 billion in 2021. The market is expected to grow from $16.64 billion in 2022 to $27.55 billion in 2030 at a CAGR of 7.5% over the forecast period. The COVID-19 pandemic is shocking and unprecedented worldwide. As a result, demand for heat exchangers was lower than expected in all regions compared to pre-pandemic levels. According to our research, the global market is down 5.3% in 2020 compared to 2019.
The global market is expanding as more and more people install HVAC systems and work in other industries. This increase will be facilitated by the use of more heat exchangers and the production of renewable energy.
Request a Sample Copy of the Report Evaluating Heat Exchanger Market Size, Share and Trends by Type (Shell and Tube, Plate & Frame, Air Coolers, Cooling Towers, etc.), by Application (Chemical, Oil & Gas, Power Generation, HVAC, Automotive , Pharmaceutical, Food & Beverage, Others), forecasts by region and segment, 2023-2030″ published by Contrive Datum Insights.
The market is segmented into cooling towers, air conditioners, plate-and-frame, shell-and-tube and others. In most cases, shell-and-tube sections are the most common. They are used in places such as chemical and petrochemical plants, the oil and gas industry, and power generation because they can handle liquids at high temperatures and pressures. In the food industry, plate heat exchangers are also often used. The product is safe to consume thanks to the many plates inside the frame that reduce or eliminate micro-organisms.
The chemical industry, oil and gas, power generation, heating, ventilation and air conditioning (HVAC), automotive, pharmaceuticals, food and beverages, etc. are different segments of the industry. The chemical segment is the market leader due to the significant development of the chemical industry. Solvent condensation, hydrocarbon cooling, reactor heating and cooling are all used in the production of chemicals. Among other things, they are widely used in crackers in the process of refining oil and gas and converting natural gas into liquids. Over the past few years, more HVAC systems have been installed in residential and commercial buildings, fueling the expansion of the industry. These products increase the performance of machines and engines, as well as cool and heat homes and buildings. These types of products are also on the rise due to the expansion of the transportation and food industries.
The region with the largest market share for heat exchangers is Asia-Pacific. The region hosts emerging economies such as China, India and Japan, which are expected to have a significant impact on the development of the market due to population growth, increased capital expenditures, increased urbanization and improved living standards. Another important factor influencing the market is the expansion of the local chemical industry.
Europe is expected to witness significant growth in the future. The region has a thriving manufacturing, industrial and automotive sector. For homes and businesses, the county wants to implement zero emission regulations. In addition, she wants to focus on energy efficient technologies that can expand the market. In addition, strict environmental protection policies in Europe require a 20% increase in energy efficiency and a 20% reduction in greenhouse gas emissions. In response to global warming, many European countries are turning to energy efficient technologies.
The North American market may include the US and Canada. The growing preference for passenger cars and hybrid vehicles in the region has benefited the automotive industry and created a large market for heat exchangers. In addition, many of the largest companies in the oil and gas, HVAC, automotive, aerospace and other industries are located in the region. The increase in refining capacity and increased investment in the oil and gas industry, especially offshore investment, will stimulate the market in Latin America.
About 28% of the world’s carbon dioxide is produced from the energy needed to cool, heat and light buildings. (carbon dioxide). This is stated in a press release from the World Green Building Council. (VGBK). The use of advanced and economical thermal energy systems is one of the best ways to reduce greenhouse gas (GHG) emissions and demand for primary energy. Switching to these systems and taking other energy saving measures could significantly reduce the CO2 emissions needed to limit global temperature rise to 2-3 degrees Celsius.
To improve fault detection and more uptime, more and more existing product lines will be integrated with next-generation advanced web solutions. The prospect of this business will now have new potential. Technological advances have made it easier to see and diagnose problems in real time and have improved productivity in several ways. In addition to working on cutting-edge technologies such as the Industrial Internet of Things, many of the most important players in the field are also involved in research and development. (Industrial Internet of Things). This addition can significantly impact downtime, energy consumption, wear and tear, and energy bills. This can benefit both preventive maintenance and equipment optimization.
There are many different commercial, industrial, medical, educational and other environments in which heat exchangers can be used. These systems are not suitable for smaller capacities, especially in homes, as economies of scale are difficult to overcome. However, there are market restrictions preventing wider adoption. For example, many people in Africa and Latin America are unaware of the technology’s many benefits and cost saving potential. One of the main factors holding back the market is the high cost of installation. However, as technology improves, the cost of producing these things will decrease.
Leading market players: Alfa Laval (Sweden), Kelvion Holding Gmbh (Germany), GEA Group (Germany), Danfoss (Denmark), SWEP International AB (Sweden), Thermax Limited (India), API Heat Transfer (USA), Tranter, Inc (USA), Mersen (France), Linde Engineering (UK), Air Products (USA), HISAKA WORKS, LTD (Thailand), etc.
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Post time: Apr-28-2023