The Global Heat Exchangers Market size is estimated to be USD 17.76 billion in 2019 and is predicted to reach USD 37.00 billion by 2030 with a CAGR of 6.9% from 2020-2030.
Heat Exchangers are the devices used for the energy transfer between two or more surface of fluids and others, it also helps in the energy conservation. It is widely used in different industrial and domestic application such as power plant, chemical processing, air conditioner and others. It maintains the standard temperature and avoids any damage caused due to overheating or low temperatures.
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Top Companies: Alfa Laval AB., Mitsubishi Electric Corporation, Mersen, Danfoss A/S, HRS Heat Exchanger, Sondex A/S, SPX Flow, Inc., Johnson Controls, Barriquand Technologies Thermiques, Hisaka Works Ltd, General Electric, Thermax Global, Hamon Group and others.
The global heat exchangers market share is analyzed on the basis of type, end user, construction material and geography. On the basis of type, the market is segmented into Shell & Tube, Plate & Frame, Air-Cooled, Microchannel, and Others. Based on end user, the market is fragmented into Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverage, Power Generation, and Others. On the basis of construction material, the market is divided into Carbon Steel, Stainless Steel, Nickel, and Others. Geographic breakdown and analysis of each of the above segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America is expected to account for the major market share over the forecast period owing to the increased adoption of heat exchangers. Furthermore, increase in technological advancements with presence of developed infrastructure and wide applications are further expected to drive the growth of heat exchangers market. Asia Pacific is expected to expand rapidly with constant increase in market share owing to the increased demand of consumer electronics such as refrigerator, air conditioners and others. Furthermore, increase in oil refineries are further expected to accelerate the growth of heat exchangers market.
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