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

Heat Exchangers Market worth $19.9 billion by 2026

The report Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Raw Material (Steel, Copper, Aluminum), Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region – Global Forecast to 2026″ The heat exchangers market size is estimated at USD 15.6 billion in 2021 and is projected to reach USD 19.9 billion by 2026, at a CAGR of 5.0% during the forecast period.

The major factors driving the heat exchangers market include growth of the chemical industry and rising demand for energy across the globe. Heat exchangers have industrial and commercial application in various industries such as chemical, energy, power, HVACR, pulp & paper, and food & beverages. Shell & tube, plate & frame, air-cooled heat exchangers are commonly available in the market and are used in various end-use industries. Heat exchangers market growth is primarily driven by rise in HVACR deployment, and other industrial activities, surging energy prices, and rapid industrial expansion in the developing economies.

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Increasing demand of shell & tube type of heat exchangers from various end-use industries

On the basis of type, the heat exchangers market is segmented into four types including, shell & tube, plate & frame, air-cooled, and others. Shell & tube segment dominates the heat exchangers market during the forecast period. Shell & tube heat exchanger are ideal for various end-use industries such as chemical, food & beverage, oil & gas, pulp & paper, and others such as metallurgical, wastewater treatment, and mining. Moreover, shell & tube type of heat exchangers offers a relatively large ratio of heat transfer area to volume and weight.

Europe dominates the heat exchanger market

Europe is the largest market for heat exchangers, owning to established manufacturing, automotive, and industrial sector. European energy efficiency regulations, and demand for sustainable energy consumption will also increase the demand for heat exchangers during the forecast period. The major end use industries of heat exchangers in the region are chemical, energy, HVACR, and others.

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The heat exchangers market comprises major players such as  ALFA LAVAL (Sweden), Kelvion Holding GmbH(Germany),  Exchanger  Industries Limited (Canada),  Mersen (France),  Danfoss (Denmark),  API Heat Transfer (US), Boyd Corporation (US), H. Güntner (UK) Limited (Germany),  Johnson Controls (Ireland), XYLEM (US), and others.

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

Heat Exchangers Market – Technological Advancements and Rapid Industrial Expansions

According to the market research report Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Material (Steel, Non-Steel) Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region – Global Forecast to 2024″, The market size of heat exchangers is estimated to grow from USD 15.3 billion in 2019 to USD 20.5 billion by 2024, at a CAGR of 6.0% from 2019 to 2024.

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 64 market data Tables and 39 Figures spread through 130 Pages and in-depth TOC on “Heat Exchangers Market – Global Forecast to 2024”
View detailed Table of Content here – https://www.marketsandmarkets.com/Market-Reports/heat-exchanger-market-750.html

The global heat exchangers market size is estimated to be USD 15.3 billion in 2019 and is projected to reach USD 20.5 billion by 2024, at a CAGR of 6.0%, between 2019 and 2024. The increasing energy prices, rapid industrialization in APAC, and stringent government regulations on energy efficiency and CO2 emissions are some of the major factors driving the demand for heat exchangers globally.

Increasing government regulations, technological advances, and the demand for efficient use of energy have led various end-use industries to focus on energy saving, thus leading to an increase in the need for heat exchangers. Some of the major players operating in the heat exchangers market are Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), and Gunter (Germany).

New product launches, expansions, and acquisition were key strategies adopted by the industry players to achieve growth in the heat exchangers market between 2015 and 2019. Companies took these strategies to expand their market share, revenue, and distribution network.

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Alfa Laval (Sweden), Kelvion (Germany) and Danfoss (Denmark) are the Key Players in the Heat Exchangers Market

Alfa Laval (Sweden)

Alfa Laval is a global leader in the manufacturing of various technologies such as heat transfer, separation, and fluid handling. Its essential products are separators, heat exchangers, pumps and valves. The company is a leader in the plate & frame heat exchangers market and holds more than 30.0% of the market share in the plate & frame segment. It has over 39 production units out, of which 20 are located in Europe, 11 in APAC, 6 in US, and 2 in South America, and its business operations are spread across 160 countries.

Kelvion (Germany)

Kelvion is a leading manufacturer and distributor of heat exchangers. The company is a former heat exchanger division of GEA Group AG and is headquartered in Bochum, Germany. Kelvion Holdings has a strong foothold in the European market, especially in Germany. Every year, the company launches about 5-6 new types of heat exchanger and its equipment through its R&D programs. It has business operations across North America, Europe, South America, APAC, and the Middle East & Africa.

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Danfoss (Denmark)

Danfoss is an independent and privately owned organization established in 1933 and is headquartered at Nordborg. Danfoss has a focus on innovation and development to acquire maximum market share. For instance, in 2016, it invested in R&D which further increased its sales to approximately 4% of sales. The company’s primary focus is on the HVACR industry, in which it has acquired a significant market in Europe and North America. The company only caters to the plate & frame heat exchangers market segment which is the fastest-growing segment in the heat exchangers market globally.

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