Heat Exchanger - Global Market Review, Research Report and Outlook 2020-25 – IMARC Group
According to the latest report by IMARC Group, titled "Heat Exchanger Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global heat exchanger market size is currently witnessing strong growth. A heat exchanger refers to a device that is designed to transfer heat from one medium to another. It consists of a solid wall of a thermally conductive tube or plate to prevent the mixture or direct contact of the two mediums. It is widely used for effectively controlling the temperature of a system or substance. Consequently, heat exchangers are widely used in air conditioning systems for removing the heat from a given room and transferring it to the outside air. Apart from this, they also find extensive applications in boilers, furnaces, refrigerators, power stations, sewage treatment plants and automotive radiators.
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Global Heat Exchanger Market Trends:
The global market is primarily driven by the increasing installations of heat, ventilation and air-conditioning (HVAC) systems across the globe, especially in developing countries. Altering climatic conditions, inflating disposable incomes and changing lifestyle patterns have collectively contributed to the increased uptake of HVAC systems from the industrial, commercial and residential sectors. Heat exchangers form an indispensable component of these systems, thereby providing a thrust to the market growth. Apart from this, these devices are also used as a key component in the power generation sector. Rapid industrialization, rising requirement for uninterrupted power supply and the renovation of the existing power plants are boosting the sales of heat exchangers. Product innovations and extensive research and development (R&D) have led to the introduction of cost-effective and efficient product variants, which is acting as another major growth-inducing factor. In addition to this, stringent government regulations to reduce carbon emissions from various industries and growing applications in petroleum refinery industries for maintaining optimum temperature, are also creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to expand at a CAGR of around 6% during 2020-2025.
Market Breakup by Material:
- Carbon Steel
- Stainless Steel
- Nickel
- Others
Market Breakup by Type:
- Shell & Tube
- Plate & Frame
- Air Cooled
- Others
Market Breakup by Application:
- Chemical
- Petrochemical and Oil & Gas
- HVAC and Refrigeration
- Food & Beverage
- Power Generation
- Paper & Pulp
- Others
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
The competitive landscape of the market has been examined with the detailed profiles of the key players. Some of these players include
Competitive Landscape Key Players:
- Alfa Laval
- API Heat Transfer Inc.
- Danfoss
- General Electric Company
- Hisaka Works
- IHI Corporation
- Johnson Controls
- Kelvion Holding GmbH
- Koch Industries
- Lytron Inc.
- Mersen
- Modine Manufacturing
- Royal Hydraulics
- Sondex A/S
- Xylem Inc
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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