Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region - Global Forecast to 2023
“The heat exchangers market is projected to grow at a CAGR of 9.0% during the forecast period.”
The heat exchangers market is estimated to be USD 14.68 billion in 2018 and is projected to reach USD 22.59 billion by 2023, at a CAGR of 9.0% between 2018 and 2023. Heat exchangers are environmentally-friendly, and they offer advantages, such as high operating efficiency and reduced energy consumption. Heat exchangers are used across a wide range of applications, including nuclear & thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR. The lack of awareness about energy efficiency in buildings is hindering the growth of the market for heat exchangers.
“HVACR is expected to be the fastest-growing application segment of the heat exchangers market during the forecast period.”
The HVACR application segment is expected to grow at the highest CAGR between 2018 and 2023. The growth of this segment can be attributed to the growing building & construction industry and increased government investments in infrastructural projects.
“Asia Pacific is projected to be the fastest-growing market for heat exchangers during the forecast period.“
Asia Pacific is projected to be the fastest-growing market for heat exchangers, in terms of value during the forecast period. China and India are two major markets for heat exchangers in Asia Pacific. The growth in the commercial building & construction industry, high-end real estate, and energy-saving policies are likely to drive the demand for heat exchangers in China and India.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
By Company Type: Tier 1 - 38%, Tier 2 - 56%, and Others - 6%
By Designation: C level -60%, Director level - 30%, and Others - 10%
By Region: North America - 15%, Europe - 31%, Asia Pacific - 23%, Middle East & Africa - 23%, and South America - 8%
Key companies profiled in this market research report are Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), API Heat Transfer (US), Gunter (Germany), Hindustan Dorr-Oliver (India), and Hisaka Works (Japan).
This report covers the heat exchangers market, in terms of value and forecasts its market size till 2023. The report includes the market segmentation based on type (shell & tube, plate & frame, air cooled, and others), application (chemical, petrochemical and oil & gas, HVACR, food & beverage, power generation, pulp & paper, and others), and region (APAC, Europe, North America, and Middle East & Africa, and South America). The regions have been further segmented based on key countries into the US, Canada, Mexico, Germany, the UK, France, Russia, Italy, Sweden, Turkey, China, Japan, India, South Korea, Saudi Arabia, and Brazil. The report also provides company profiles and competitive strategies adopted by the key players in the global heat exchangers market.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the heat exchangers market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand competitors and gain more insights to improve their position in the business. The competitive landscape section includes new product developments, expansions, agreements & contracts partnerships, acquisitions, and joint ventures.
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