The surging demand from the chemical industry and the growing focus on improving efficiency standards, Also, the growing industrial expansions occurring in developing economies are the factors, expected to drive the Heat Exchangers Market.
JERSEY CITY, N.J., Sept. 19, 2022 /PRNewswire/ — Verified Market Research recently published a report, “Heat Exchangers Market” By Type (Shell And Tube Heat Exchangers, Plate And Frame Heat Exchangers, Air Cooled Heat Exchangers), By Application (Chemical, Petrochemical And Oil And Gas, Food And Beverage, Power Generation), and By Geography.
According to the extensive research done by Verified Market Research experts, the Heat Exchangers Market size was valued at USD 16.03 Billion in 2020 and is projected to reach USD 25.9 Billion by 2028, growing at a CAGR of 6.14% from 2021 to 2028, over the forecast period.
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Browse in-depth TOC on “Heat Exchangers Market“
202 – Pages
126 – Tables
37 – Figures
Partnerships, Collaborations, and Agreements
- In August 2018, Granges AB, a Swedish company, entered into a partnership with Mitsubishi Aluminium Co., Ltd., a Japanese company, to establish a new manufacturing plant for sheet materials of automobiles heat exchangers in North America.
Mergers and Acquisitions
- In December 2018, Alfa Laval announced an agreement of an agreement to acquire certain innovations and activities from Airec, a Malmö, Sweden-based innovation company with a patent portfolio for dimple asymmetry heat exchangers. The new company is integrated into Alfa Laval’s Energy Division’s Brazed & Fusion Bonded Heat Exchangers unit.
Product Launches and Product Expansions
- In 2019, Alfa Laval established a plant in the United States to manufacture brazed plate heat exchangers. This manufacturing facility meets North America’s increasing demands for heat exchangers. It also affords quick response times and shorter lead times to its US customers, which allow the company to boost profits from the North American region.
Global Heat Exchangers Market Overview
A heat exchanger is a device that allows heat to be transferred from one medium to another. A hydraulic oil cooler, which uses cold water or air to remove heat from heated oil, is an example of a heat exchanger. Swimming pool heat exchangers that use hot water from a boiler or solar-heated water circuit to heat the pool water are another example. Heat exchangers are widely utilised in the chemical, petrochemical, and oil and gas industries, as well as in food and beverage and power generation.
Over the anticipated period, the Heat Exchangers Market is anticipated to be driven by the soaring demand from the chemical industry and the expanding emphasis on raising efficiency requirements. Additionally, the market is anticipated to increase in the upcoming years due to rising energy prices and industrial expansions taking place in developing economies like those in the Asia-Pacific region. Additionally, it is anticipated that the market will be stimulated during the anticipated years by both the rising demand for nuclear power generation and technical advancement. Amongst the regions North America, Europe, Asia Pacific, and the Rest of the World, Europe will hold the greatest market share due to the rising chemical demand in numerous end-use industries. The Asia Pacific region is expected to grow at the fastest rate because of rising energy consumption, increased construction activity, and the expansion of the chemical and power generation industries.
The major players in the market are Alfa Laval, Johnson Controls International, Kelvion Holdings, Danfoss, SPX Corporation and Godrej & Boyce Manufacturing, Hindustan Dorr-Oliver, Hisaka Works, Xylem, API Heat Transfer, and Guntner.
Verified Market Research has segmented the Global Heat Exchangers Market On the basis of Type, Application, and Geography.
- Heat Exchangers Market, by Type
- Shell & Tube Heat Exchangers
- Plate & Frame Heat Exchangers
- Air Cooled Heat Exchangers
- Heat Exchangers Market, by Application
- Petrochemical and Oil & Gas
- Food & Beverage
- Power Generation
- Heat Exchangers Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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