Feb 09, 2023, 02:45 ET
SAN FRANCISCO, Feb. 9, 2023 /PRNewswire/ — The global heat exchanger market size is expected to reach USD 26.26 billion by 2030, according to a new report by Grand View Research, Inc. Rising demand from various industries, including chemical & petrochemical, and power generation, along with an increasing focus on improving efficiency standards in expected to drive the market at a CAGR of 5.1%.
Key Industry Insights & Findings from the report:
- The demand for plate & frame heat exchangers is anticipated to witness growth at a CAGR of 5.6% from 2023 to 2030 on account of its simple & compact structure coupled with their ability to increase capacity easily by adding new plates to the system.
- The product demand in the power generation industry accounted for a revenue share of 13.7% in 2022, owing to the increasing energy demand coupled with rising concerns about energy loss and a growing focus on efficient thermal management in power plants.
- The market in the Asia Pacific is likely to witness a CAGR of 6.2% during the forecast period owing to rapid industrialization coupled with the increasing investments in manufacturing projects and the expanding chemical & power generation industry in the region.
- The demand for heat exchangers in Saudi Arabia is expected to witness a CAGR of 4.5% owing to the presence of a robust oil & gas industry coupled with the growth in the manufacturing sector attributed to the government’s diversification efforts.
Read 133-page market research report, “Heat Exchanger Market Size, Share & Trends Analysis Report By Product (Plate & Frame (Brazed, Gasketed, Welded), Shell & Tube, Air Cooled), By End-use, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Heat Exchanger Market Growth & Trends
The presence of favorable government regulations in the emerging economies of China, India, Brazil, and Mexico about setting up new manufacturing facilities is expected to spur the demand for heat exchangers in various industries. In addition, upcoming nuclear power projects, particularly in the Asia Pacific, are anticipated to drive market growth during the forecast period.
Technological advancements coupled with constant efforts and investments by major market participants in product innovation and research & development are expected to increase the market competitiveness over the coming years. The adoption of novel techniques of additive manufacturing in the production of heat exchangers is likely to complement industrial growth.
The COVID-19 pandemic has severely impacted several economies worldwide. Containment measures, including lockdowns imposed by various countries to curb the spread of COVID-19, have resulted in limiting the operations of manufacturing facilities, thereby negatively impacting the demand for heat exchangers in 2020.
Heat Exchanger Market Segmentation
Grand View Research has segmented the global heat exchanger market on the basis of product, end-use, and region
Heat Exchanger Market – Product Outlook (Revenue, USD Million, 2018 – 2030)
- Plate & Frame Heat Exchanger
- Brazed Plate & Frame Heat Exchanger
- Gasketed Plate & Frame Heat Exchanger
- Welded Plate & Frame Heat Exchanger
- Shell & Tube Heat Exchanger
- Air-Cooled Heat Exchanger
Heat Exchanger Market – End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Chemical & Petrochemical
- Oil & Gas
- HVAC & Refrigeration
- Power Generation
- Food & Beverage
- Pulp & Paper
Heat Exchanger Market – Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
List of Key Players of Heat Exchanger Market
- Alfa Laval
- Kelvion Holding GmbH
- API Heat Transfer
- Xylem Inc.
- HRS Heat Exchangers
- Hisaka Works, Ltd.
- Koch Heat Transfer Company
Check out more related studies published by Grand View Research:
- Cryocooler Market – The global cryocooler market size is anticipated to reach USD 4,404.5 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2022 to 2030 in terms of revenue. An increase in demand for proton therapy owing to the rising cancer cases across the globe along with increasing demand for night vision technology is propelling the growth of the cryocooler market.
- Plate & Frame Heat Exchanger Market – The global plate & frame heat exchanger market size is expected to reach USD 8.80 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.4% over the forecast period. Rising demand in manufacturing facilities as an effective heating solution, minimal maintenance, durability, and life cycle cost is expected to drive the industry growth. The majority of processes in petrochemical plants operate at high temperatures and pressures, necessitating heat transfer process optimization and enhancing energy savings. The global industry is driven by added benefits, such as compact design and easier maintenance, coupled with growing demand in the chemical and petrochemical industries.
- Heating Radiator Market – The global heating radiator market size is anticipated to reach USD 6.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2022 to 2030. The global heating radiator market is primarily driven by the increasing demand for energy-efficient heating systems in the residential, commercial, and industrial sectors during the forecast period. The COVID-19 outbreak has had an adverse impact on the growth of the global heating radiators market because of the lockdowns in various parts of the world, leading to the shutting off of the radiator manufacturing plants to limit the extent of virus spread. Moreover, the limited travel guidelines made it difficult to obtain raw materials for the production of these products.
Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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