As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global heat exchangers market is anticipated to rise at a CAGR of 6% from 2022 to 2031.
The market is likely to be driven by rising chemical industry demand, new inventions, and growing focus on improving efficiency requirements over the coming years. Majority of operations in petrochemical plants involve heat and pressure, demanding heat transfer efficiency and energy savings, which is projected to increase the demand for energy-efficient heat exchangers.
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Key Companies Profiled
Alfa Laval Corporate AB
Southwest Thermal Technology
General Electric Company
SPX Flow, Inc.
The primary reason for rising demand for heat exchangers is to maximize thermal efficiency. Rapidly increasing chemicals and hydrocarbon sectors, as well as various prospective mega power projects, are expected to drive increased demand for heat exchangers.
Growing number of nuclear reactors in emerging countries around the world is providing significant income potential for heat exchanger manufacturers. For a nuclear power plant, heat exchangers provide overall efficiency and power output.
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Key Segments Covered in Heat Exchangers Industry Research
Heat Exchangers Market by Product :
Air Cooled Heat Exchangers
Plate and Frame Heat Exchangers
Shell and Tube Heat Exchangers
Others (Condensers, Oil Coolers, and Radiators)
Heat Exchangers Market by Region :
North America Heat Exchangers Market
Europe Heat Exchangers Market
Asia Pacific Heat Exchangers Market
Latin America Heat Exchangers Market
Middle East & Africa Heat Exchangers Market
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Key Takeaways from Market Study
Global heat exchangers market to reach valuation of US$ 34.24 billion by 2031.
Market in Europe accounts for 35% share of global market.
Demand for shell and tube heat exchangers expected to rise significantly over forecast period.
“Rising penetration of renewable energy technologies, increased investments in power plants, renovation of existing nuclear facilities, and development of new nuclear power plant projects are all creating opportunities for heat exchanger manufacturers around the world,” says a Fact.MR analyst
Key players in the market are investing heavily in research and development to improve device efficiency. New product creation, diversification, mergers & acquisitions, and global expansion are all strategies used by manufacturers. These techniques help businesses grow their market penetration and respond to changing technological demands from a variety of industries.
In 2020, Danfoss introduced a world-first series of microplate heat exchangers for moderate, alternative refrigerants to help with the transition to reduced GWP refrigerants and improved efficiency. For OEMs moving to lower GWP refrigerants that utilize a screw and rotational compression, modern technology has overcome the design challenge.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global heat exchangers market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2031.
The study divulges essential insights on the market on the basis of product (air cooled heat exchangers, plate and frame heat exchangers, shell and tube heat exchangers, and others (condensers, oil coolers, and radiators)) and end user (HVAC, chemicals and petrochemicals, power generation, and others (food processing, aerospace, and medical)), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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