Portland, Sept. 23, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global heat exchangers market was pegged at $16.62 billion in 2018 and is projected to reach $29.31 billion by 2026, registering a CAGR of 7.2% from 2019 to 2026. The report offers a detailed analysis of the key segments including top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Increase in the demand from various end-user industries and several technological advancements in the heat exchangers are the major drivers for the growth of the global heat exchangers market. However, corrosion and fouling issues related with heat exchangers impede the market growth. On the other hand, rapid industrialization in Asia-Pacific will provide major opportunities for market growth in the upcoming years.
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The global heat exchangers market is divided on the basis of type, end-user, the material of construction, and region. Based on type, the market is segmented into shell and tube, plate and frame, air-cooled, microchannel heat exchangers, and others. The shell and tube segment held the largest share in 2018, contributing to nearly one-third of the market. Furthermore, this segment is expected to register the fastest CAGR of 7.6% during the forecast period.
On the basis of end-user, the market is bifurcated into chemical, petrochemical, oil and gas, HVACR, food and beverage, power generation, and others. The chemical segment held the lion’s share in 2018, accounting for nearly one-fourth of the market share. However, the oil & gas segment is projected to manifest the fastest CAGR of 7.9% during the forecast period.
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The global heat exchangers market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe dominated the market, contributing to more than one-third of the market in 2018. However, the Asia-Pacific region is estimated to register the fastest CAGR of 7.6% during the study period.
The global heat exchangers market report includes an in-depth analysis of the major market players such as Lytron Inc., API Heat Transfer, Xylem Inc., Brask, Inc., Thermofin, Danfoss A/S, Güntner GmbH & Co. KG, Koch Industries, Inc., and Kelvion Holding GmbH. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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