20-Apr-2022 | Facts and Factors
According to Facts & Factors, the global heat exchangers market was worth around USD 15,489.5 million in 2021 and is estimated to grow to about USD 20,521.3 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.8% over the forecast period. The report analyzes the heat exchangers market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the heat exchangers market.
Heat exchangers are crucial components of multiple industries and are anticipated to see a hike in demand owing to rising industrial activity on a global scale. The heat exchangers market will be majorly driven by economies with high industrial activity.
Browse the full “Heat exchangers Market By Material (Steel, Non-Steel), By Type (Shell & Tube, Plate & Frame, Air Cooled), By End-use industries (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” report at https://www.fnfresearch.com/heat-exchangers-market
Heat exchangers are common in industries such as energy, chemical, manufacturing, etc. and the rising expansion of these industries in the global landscape is projected to be the major driver for the heat exchangers market growth over the forecast period. Especially expansion of chemical manufacturing and increasing demand for sustainable energy will be the major industries running the sales of heat exchangers through 2028.
However, the fluctuations in raw materials create uncertainty in the manufacturing process of heat exchangers and this is expected to have a restraining effect on the global market potential and hurt the revenue generation capacity of multiple heat exchangers manufacturers. Heat exchangers companies are trying to combat this by finding more stable raw materials for the production to reduce the volatility of the process but this is not expected to affect market potential anytime soon.
The pandemic of 2020 led to lockdown restrictions on a global scale that were put in place to curb the spread of coronavirus and subdue the pandemic situation. This led to a catastrophic impact on the world economy and caused multiple industries to ram down their operations amidst strict outdoor activity restrictions.
Lack of skilled workforce, unavailability of raw materials, disrupted supply chain and logistics were some other factors that further hindered the industrial activity and created a negative trend for heat exchangers market growth in 2020.
The heat exchangers market is expected to make a steady recovery in the post-pandemic era and is anticipated to see a hike in sales revenue as more industries return to their normal operating capacities and new ones are established to meet the high demands of the increasing population.
The global heat exchangers market is segregated based on type, material end-use industries, and region. Based on End-use industries, the heat exchangers market is segmented into chemical, energy, HVACR, food & beverage, power generation, pulp & paper. The most prominent segments to watch out for will be the chemical and energy industries as they are projected to be the biggest end-use markets for heat exchangers through 2028.
The Europe region is expected to hold a dominant outlook in the global heat exchangers industry landscape. The rising focus on sustainability in this region is expected to be a prominent driver for the heat exchangers market in this region. Governments in this region are launching supportive initiatives to boost the adoption of renewable and sustainable energy sources in the economies of Germany, the United Kingdom, France, etc. and this is boosting the demand for heat exchangers which are crucial in solar and thermal energy generation plants. Rising industrial activity in this region is also expected to boost heat exchangers’ market potential over the forecast period.
Increasing industrial activity in the Asia Pacific region will provide the fastest growth of the heat exchangers market in this region and will emerge as a significant market by the end of the forecast period. China and India are expected to lead the demand charge in this region through 2028.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 15,489.5 Million |
Projected Market Size in 2028 |
USD 20,521.3 Million |
CAGR Growth Rate |
4.8% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Exchanger Industries Limited (Canada), Mersen (France), and Danfoss (Denmark), among others |
Key Segment |
By Material, Type, End-use Industries, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Key players functioning in the global heat exchangers market include ALFA LAVAL (Sweden), Kelvion Holding GmbH(Germany), Exchanger Industries Limited (Canada), Mersen (France), and Danfoss (Denmark).
Recent developments:
- In September 2021, Kelvion a leading heat exchanger manufacturer announced the investment of a whopping USD 3.7 million to expand its production capacity in Tennessee, United States. This is aimed at fulfilling the rising demand from the United States to boost its revenue potential
The global heat exchangers market is segmented as follows:
By Material
By Type
- Shell & Tube
- Plate & Frame
- Air-Cooled
- Others
By End-use Industries
- Chemical
- Energy
- HVACR
- Food & Beverages
- Power Generation
- Pulp & Paper
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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