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PUNE, India , Oct. 19, 2022 /PRNewswire/ -- Maximize Market research Pvt ltd has published a "Global Heat Exchanger Market" research report that has covered market size estimation by type and by end-user segment with competitive landscape and new investment opportunities in the heat exchanger sector. According to the report, the Heat Exchangers Market size was valued at USD 15.44 Bn . in 2021 and the total market revenue is expected to grow by 5.2 percent from 2022 to 2029, reaching nearly USD 23.16 Bn . Compressor Cooler
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Heat Exchangers Market Scope & Research Methodology:
The report is a comprehensive analysis of heat exchangers market, competitive landscape, market leaders, market followers and local players. Primary and secondary data collection techniques were used to collect the data by each country covered in the report. Sample size for primary data has done the justice with each country and region that make this report more comprehensive and authenticate. Since in some regions local players are strong its impact on market leader's top lines are analyzed in tangible terms.
Bottom up approach has been applied to estimate and forecast the market size in each country then region and then global market size is estimated. Bottom up approach has made this report more insightful being a global report. Paid and free secondary sources are used to collect the secondary data and sources will be provided on request.
Heat exchangers provide both cooling and heating services, but are often utilised for cooling, particularly at industrial facilities such as processing plants or refineries. Steel, nickel and nickel alloys, titanium, graphite, aluminium, copper-nickel, and Inconel are the most often used raw materials for heat exchanger components. Steel and aluminium are commonly utilised in the production of shells due to qualities such as resistance to corrosion, strong tensile strength, and low cost.
Heat Exchangers Market Dynamics:
Growing investments by oil and gas firms in exploration and production operations are expected to raise demand for heat exchangers in the oil and gas sector. The increasing quantity of infrastructure upgrades is likely to boost demand for heat exchangers even further. The increased use of shale gas in the energy and manufacturing industries, as well as increased shale gas exploration operations as a result of technology developments in exploration, such as horizontal and hydraulic drilling, are expected to drive up demand for heat exchangers. Additionally, the increasing number of oil and gas projects in various economies is likely to boost market growth during the forecast period.
Over the forecast period, growing construction projects such as new supermarkets, residences, swimming pools, and public buildings are likely to boost HVAC demand. Also, rising consumer spending, along with increasing demand for thermal control in residential and commercial settings, is expected to drive market growth.
Heat Exchangers Market Regional Insights:
Asia accounts for more than half of total chemical sales. The massive growth of Asia's chemical sector, primarily in China and India , is expected to be a major driver for the heat exchangers market. Likewise, heat exchangers are used in the chemical industry for a wide range of applications, including solvent condensation, various material blends, benzene heat recovery, and other industrial activities. As a result, the chemical industry requires corrosion-resistant heat exchangers that can prevent cross-contamination.
Nuclear power generation in China increased by around 17.5% in 2019. Also, according to the BP Statistical Review, China's natural gas output increased by 9.8% to 177.5 billion cubic metres in 2020. As per Wood Mackenzie, Asia Pacific energy demand is expected to increase by 15% between 2019 and 2040, reaching about 6,850 million tonnes of oil equivalent.
Aluminium is a key material used in the creation of heat exchanger components. . It is primarily derived from bauxite ore and is used in a range of industries such as automobile, packaging, and building and construction. In 2018, the top aluminium-producing countries were China , Russia , Canada , India , the UAE, and Australia , while the top aluminium importers were the USA , Germany , the Netherlands , Japan , and South Korea . The largest global suppliers of aluminium are Aluminium Corporation of China Limited, Alcoa Corporation, and China Hongqiao Group Limited.
Heat Exchangers Market Segmentation:
Based on Material, Heat Exchangers Market is segmented into Steel and Non-Steel
Based on Product, Heat Exchangers Market is segmented into Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger, and Others
Based on End-Use, Heat Exchangers Market is segmented into Chemical & Petrochemical, Oil & Gas, HVAC & Refrigeration, Power Generation, Food & Beverage, Pulp & Paper, and Others
Based on Region, Heat Exchangers Market is segmented into North America , Europe , Asia Pacific , the Middle East and Africa , and South America .
Heat Exchangers Market Key Competitors:
Key players in the Heat Exchangers market include:
Key Questions answered in the Heat Exchangers Market Report are:
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SOURCE Maximize Market Research Pvt. Ltd.
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