Heat Exchangers Market to Grow at 6.7% CAGR by 2030
Increasing adoption of renewable energy sources coupled with the growing demand for consumer electronics are the key factors expected to drive the growth of the heat exchangers market.
The Heat Exchangers market is expected to grow at a CAGR of 6.7% from 2021-2030, according to a new research report by Next Move Strategy Consulting.
Heat exchangers are devices that enable the transfer of heat between multiple surfaces of liquids at different temperatures. Key factors such as technological advancements, improvement in infrastructure as well as modernization and improved standard of living are attributed to the growth of the market. Also, rise in number of oil refineries coupled with strict government regulations are vital elements driving the market growth. Moreover, growing demand for nuclear power along with huge investments by big market players are the major factors expected to further boost the market growth. However, corrosion and scaling as well as complex design further complicates the cleaning process, which in turn is expected to hamper the market growth during the forecast period to some extent.
Based on type, the market is segmented into shell & tube, plate & frame, air-cooled, microchannel and others. On the basis of end user, the market is segmented into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation and others. On the basis of construction material, the market is segmented into carbon steel, stainless steel, nickel and others. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
At present, North America is anticipated to hold the lion share in the market as it is home to many global players operating in Automobile, Electronics, Aviation and Defense sector. Also, increasing oil & gas and E&P activities in the U.S. and Canada along with surging energy demand in various industrial and commercial sectors is expected to drive the demand for heat exchangers in the region. However, Asia Pacific region is predicted to show rapid and consistent growth in market share within the forecast period due to the rapid urbanization and rising capital expenditure in this region.
Browse key industry insight in the report, “Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air-Cooled, Microchannel, and Others), End-User Industry (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverage, Power Generation, and Others), and Material of Construction (Carbon Steel, Stainless Steel, Nickel, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030”
According to the report, some the key players in the market are API Heat Transfer, Brask, Inc., Danfoss A/S, Güntner GmbH & Co. KG, Kelvion Holding GmbH, Koch Industries, Inc., Lytron Inc., Thermofin, and Xylem Inc. among others.
Key Insights from the Heat Exchangers Market Report:
Current emerging trends and opportunities are extensively analysed in heat exchangers market report.
The forecast of the heat exchangers market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report heat exchangers market – is segmented by type, end user, construction material and geography.
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