According to the market research report "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Paper & Pulp), and Region - Global Forecast to 2027", The market size of heat exchangers is estimated to grow from USD 14.68 billion in 2018 to USD 31.89 billion by 2027, at a CAGR of 9.0% from 2018 to 2027.
The market is driven by increasing power generation capacities and rise in technological advances in heat exchangers. The rising energy prices and stringent government regulations on the emission of CO2 are also driving the heat exchangers market.
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Chemical is projected to be the largest application segment of the market for heat exchangers
The chemical segment led the heat exchangers market with the largest share in 2018. Heat exchangers have been successfully employed for years in the chemical industry to heat and cool base, intermediate, and final products. With the growing demand for chemicals in the emerging economies, the market for heat exchangers is expected to grow during the forecast period.
The shell & tube type segment is expected to lead the heat exchangers market in 2018
Shell & tube heat exchangers are the most common types of heat exchangers used globally. They are extensively used as power condensers, preheaters, oil coolers, and steam generators. These type of heat exchangers are considered to be an ideal choice for the heavy-duty applications, owing to their high efficiency. Increased government investments on commercial building & construction projects are driving the demand of HVACR equipment, which, in turn, is expected to drive the demand for shell & tube heat exchangers, globally.
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Europe is estimated to account for the largest share of the heat exchangers market in 2018
Europe is a potential market for heat exchangers with respect to demand and production capacity. This region has the presence of most global leaders operating in the heat exchangers market. The demand for heat exchangers in Europe is majorly driven by the presence of huge chemical industry.
Key market players in the heat exchangers market
Alfa Laval (Sweden), Danfoss (Denmark), Kelvion Holdings (Germany), SPX Corporation (US), Xylem (US), API Heat Transfer (US), Gunter (Germany), Hindustan Dorr-Oliver (India), Hisaka Works (Japan), HRS Heat Exchangers (India), Modine Manufacturing Company (US), Sierra (Italy), and SWEP International (Denmark) are key players operating in the heat exchangers market.
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Alfa Laval (Sweden) develops and manufactures finned coil heat exchangers, finned tube air heat exchangers, plate heat exchangers, tubular heat exchangers, and others. It manufactures and supplies heat exchangers through its equipment business segment. The company focuses on adopting strategies such as contracts and new product development to increase its global market share. The company focuses on launching numerous products to increase its product portfolio and provide improved services to its end users. It is focusing immensely on research & development to launch new products and services. The company maintains a strong brand image in the heat exchangers market, as it provides high-quality products. In 2015, the company launched new products such as plates, heat exchangers, and tubes, which helped them maintain the leading position in the heat exchangers market.
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