India, Pune, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Global Heat Exchanger Market Size, Share & Industry Analysis, By Type (Shell & Tube, Plate & Frame, Air Coolers, Cooling Towers, Others), By Application (Chemicals, Oil & Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Food & Beverages, Others), and Regional Forecast
Industry Development
Alfa Laval announced its gasket plate heat exchanger developed for use in several applications. It is the world’s most advanced gasket plate exchanger due to its performance and flexibility.
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Report Highlights:
Drivers and Restraints
Rising Focus on Decarbonization in the Cooling & Heating Sector
The cooling and heating sector accounts for approximately 28% of global carbon dioxide (CO2) emissions. To mitigate the impact of greenhouse gas (GHG) emissions and reduce primary energy demand, there is a growing focus on decarbonization in this sector. Transitioning to modern and affordable thermal energy systems, coupled with energy efficiency measures, can significantly reduce CO2 emissions. Heat exchangers play a vital role in this transition by enabling a shift from fossil fuels to renewable resources, thereby reducing primary energy consumption and mitigating pollution.
Growing Renewable Resources for Power Generation
The adoption of renewable resources, such as wind and solar, for power generation is on the rise. Fossil fuels, which contribute to GHG emissions and environmental pollution, are being gradually replaced by cleaner and more sustainable alternatives. Heat exchangers are integral components in wind turbines and solar collectors, facilitating the transfer of solar energy or heat absorbed by these systems. Governments worldwide are also promoting renewable energy installations, further driving the demand for heat exchangers.
Rapid Growth of the Industrial Sector in Emerging Economies
The industrial sector, particularly in emerging economies, has witnessed rapid growth, driving the demand for heat exchangers. Industries such as food and beverages, oil and gas, and power generation rely on heat exchangers for processes like pasteurization, heat recovery, and temperature management. The expansion of these industries, fueled by increasing power demand and energy requirements, is expected to boost the heat exchanger market. Emerging economies like China, India, and Brazil are experiencing significant industrial growth, contributing to market expansion.
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Segments
Shell & Tube Segment to Dominate Owing to its Increasing Adoption
By type, the market is segmented into shell & tube, plate & frame, air coolers, cooling towers, and others. The shell & tube segment is expected to dominate owing to its rising adoption.
Chemicals Segment to Dominate Attributable to Rapidly Developing Chemical Industry
Based on application, the market is segregated into chemicals, oil & gas, power generation, HVAC, automobile, pharmaceuticals, food & beverages, and others. The chemicals segment is expected to dominate due to the rapidly developing chemical industry.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Regional Insights
Growing Living Standards to Foster Market Growth in Asia Pacific
Asia Pacific is projected to dominate the heat exchanger market share due to growing living standards. The market in Asia Pacific stood at USD 5.30 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the rapid expansion of chemical industries is expected to enhance the demand for the equipment in the region.
In Europe, the presence of established automotive, industrial, and manufacturing sectors is expected to foster the demand for the product. Further, emission regulations for commercial and residential buildings are likely to boost the industry’s growth.
In North America, the strong adoption of hybrid and light vehicles is expected to foster product demand. Moreover, the increasing focus on lower carbon-intensive processes may drive industrial growth.
Competitive Landscape
Major Players Announce Novel Products to Bolster Brand Image
The prominent companies operating in the market announce novel products to enhance their brand image. For example, Vacuum Process Engineering (VPE) signed a contract with General Electric in March 2022 to develop a 14 MW fuel gas performance Printed Circuit Heat Exchanger (PCHE). It shall be a part of the company’s advanced 7HA.02 gas turbine technology. It shall provide the South Korean national grid with steam for district heating for over 100,000 South Korean citizens. This strategy may allow manufacturers to enhance their brand image and foster sales.
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List of Key Players Profiled in the Report
- Alfa Laval (Sweden)
- Kelvion Holding Gmbh (Germany)
- GEA Group (Germany)
- Danfoss (Denmark)
- SWEP International AB (Sweden)
- Thermax Limited (India)
- API Heat Transfer (U.S.)
- Tranter, Inc. (U.S.)
- Mersen (France)
- Linde Engineering (U.K.)
- Air Products (U.S.)
- HISAKA WORKS, LTD. (Thailand)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porter’s Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Heat Exchanger Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Shell & Tube
- Plate & Frame
- Air Coolers
- Cooling Towers
- Others
- Market Analysis, Insights and Forecast – By Application
- Chemicals
- Oil & Gas
- Power Generation
- HVAC
- Automobile
- Pharmaceuticals
- Food & Beverage
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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