The heat exchangers market is expected to reach USD 23.5 billion by 2026

Heat Exchanger Market, Shell & Tube Heat Exchangers, Plate & frame Heat Exchangers, Air Cooled Heat Exchangers

The market size of heat exchangers is estimated to grow from USD 17.3 billion in 2021 to USD 23.5 billion by 2026, at a CAGR of 6.3% from 2021 to 2026. The market is driven by the number of factors namely growth in nuclear power production, increased demand for chemical and petrochemical products, and increased demand for processed food products. The rising energy prices, energy efficiency concerns, and stringent government regulations on the emission of CO2 are also on the key drivers for the heat exchangers market.

Browse more than 60 market data tables with 40 figures and in-depth TOC on “Heat Exchangers Market – Global Forecast to 2024”.
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Chemical segment to lead the heat exchangers market globally

The chemical segment led the heat exchangers market with the largest share in 2020. Heat exchangers have been successfully employed for years in the chemical industry to heat and cool base, intermediate, and final products. The high level of efficiency, productivity, and operational safety have made heat exchangers important equipment in chemical production processes. Various types of heat exchangersare used in chemical industry like air cooled heat exchanger, shell & tube heat exchanger and gasket plate heat exchanger among other applications. Expansion across the chemical industry in the emerging economies favors the market for heat exchangers. Specialty chemicals growing demand will have a positive impact on the heat exchangers market

The shell & tube type segment is expected to lead the heat exchangers market in 2020

Shell & tube heat exchangers are the most common types of heat exchangers used globally. They are extensively used as power condensers, preheaters, oil coolers, and steam generators. These types of heat exchangers are considered to be an ideal choice for heavy-duty applications, owing to their high efficiency. Increased government investments on commercial building & construction projects are driving the demand for HVACR equipment, which, in turn, is expected to drive the demand for shell & tube heat exchangers, globally.

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Europe is estimated to account for the largest share of the heat exchangers market in 2020

Europe is a potential market for heat exchangers concerning demand and production capacity. This region has the presence of most global leaders operating in the heat exchangers market. The European region is the second-largest producer of chemical products globally, which favors the demand for heat exchangers in the region. The introduction of stringent government norms relating to reduced emissions will further strengthen the product adoption in the region. The manufacturing companies have introduced new hybrid heat exchangers. Also, the presence of HVACR and power industry along with stringent energy efficiency regulations of the region to boost the demand for heat exchangers in Europe.

Key market players in the heat exchangers market

Alfa Laval (Sweden), Danfoss (Denmark), Kelvion Holdings (Germany), Guntner GmbH & Co. KG (Germany), Xylem (US), API Heat Transfer (US), Hindustan Dorr-Oliver (India), Hisaka Works (Japan), Chart Industries (US), and Johnson Controls International (Ireland) are key players operating in the heat exchangers market.

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Scope of the Report:

This research report categorizes the heat exchangers market based on type, end-use industry, and region. Based on type, the market is segmented into shell & tube, plate & frame, air-cooled, and others. Various end-use industries covered in the report include chemical, energy, HVACR, food & beverages, power generation, paper & pulp and others. The market is further analyzed based on major regions and countries. The significant regions covered in the report include North America, Asia Pacific, Europe, South America, and the Middle East & Africa.

Brief information on the research methodology for the report can be found in the report description provided on the website.