NEW YORK, Feb. 9, 2024 /PRNewswire/ — The heat exchanger market is estimated to grow by USD 5.06 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.1% during the forecast period. The market is segmented by end-user (Chemical and petrochemical, Oil and gas, HVAC and R, Power, and Food and beverages and others), product (shell and tube, plate and frame, cooling tower, air-cooled, and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). . Alfa Laval AB, API Heat Transfer Inc., Boyd Corp., Chart Industries Inc., Danfoss AS, Doosan Corp., Dover Corp., Exchanger Industries Ltd., General Electric Co., Guntner GmbH and Co. KG., Hisaka Works Ltd., Johnson Controls International Plc, Kelvion Holding GmbH, Koch Industries Inc., Radiant Heat Exchanger Pvt. Ltd., SPX FLOW Inc., Thermal Edge Inc., Thermax Ltd., Xylem Inc., and Mersen Corporate Services SAS are key companies. 

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The rising demand from the water and wastewater industry is a key factor driving market growth. Plate and spiral heat exchangers enhance water treatment energy efficiency, crucial in regions facing water scarcity like North Africa, the Middle East, and Southeast Asia. Population growth, urbanization, and higher water consumption drive the urgency for efficient treatment. India and China have government projects for wastewater treatment. Industries must comply with stricter water conservation regulations. In addition, APAC is estimated to contribute 37% to the growth by 2027. India’s significant oil and gas projects drive demand for heat exchangers, supported by 100% FDI in natural gas, petroleum, and refineries. China’s oil and gas exploration and extensive wastewater treatment sector, with over 3,500 municipal plants, further boost heat exchanger growth in APAC.

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Technavio has segmented the market based on end-user (Chemical and petrochemical, Oil and gas, HVAC and R, Power, and Food and beverages and others), product (shell and tube, plate and frame, cooling tower, air-cooled, and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). 

• The chemicals and petrochemicals segment will account for a major share of the market’s growth during the forecast period. Heat exchangers are essential in chemical industries for processes like product heating, cooling, and heat recovery. They require corrosion resistance and TEMA and ASME certifications. Industries like agriculture, food, environment, transportation, and decor also use heat exchangers. New petrochemical projects will boost the market demand for heat exchangers.

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• Technological advances in the design of heat exchangers is a primary trend shaping the market growth. 
• Fouling of heat exchangers is a significant challenge restricting market growth. 

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What are the key data covered in this Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of this Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Heat Exchanger Market industry across Europe, North America, APAC, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Heat Exchanger Market companies

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Heat exchangers contribute significantly to energy efficiency

Heat exchangers play a critical role in various applications, facilitating heat transfer in systems where heating or cooling is required. They are used in HVAC systems for heating, ventilation, and air conditioning, as well as in industrial processes for efficient energy management. Different types of heat exchangers, such as shell and tube heat exchangers, plate heat exchangers, and finned tube heat exchangers, are employed based on specific requirements. The choice of heat exchanger materials is crucial for durability and performance in diverse operating conditions. Overall, heat exchangers contribute significantly to energy efficiency and are integral to the global heat exchanger market.

Related Reports:

The Scraped Surface Heat Exchanger (SSHE) market is estimated to grow at a CAGR of 5.37% between 2022 and 2027 and the size of the market is forecast to increase by USD 107.94 million.

The Plate and Frame Heat Exchangers market is estimated to grow at a CAGR of 5.1% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,617.18 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by End-user

Segmentation by Product

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio