Global Heat Exchangers Market to Reach US$22.1 Billion by the Year 2026
Abstract: Global Heat Exchangers Market to Reach US$22. 1 Billion by the Year 2026 . Heat exchangers are devices that transfer heat energy from one fluid/gas to another fluid/gas without mixing the two.
New York, Jan. 18, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Heat Exchangers Industry” – https://www.reportlinker.com/p098251/?utm_source=GNW
The heat exchangers market is anticipated to receive a boost from industrialization and increasing use of heating, ventilation, and air conditioning systems (HVAC) for optimal utilization of the equipment. The need to refurbish HVAC systems is expected to drive the use of cooling equipment and heat exchangers in the residential sector. The market growth is facilitated by technological advances and increasing adoption of heat transfer equipment for heat recovery, process cooling and condensation applications. While consistent demand from various end-use industries such as energy and petroleum is likely to boost adoption, the requirement to control temperatures in manufacturing units is poised to impel heat exchanger demand. On the other hand, stringent regulations curb carbon emissions as a result of rising concerns over environment and air pollution are likely to present new growth opportunities. The market growth is also driven by the need for centralized heating systems in residential and commercial segments along with global warming and the resulting change in weather conditions. Increasing investments by various companies for improving the commercial infrastructure is expected to create huge growth opportunities for heat exchanger providers.
Amid the COVID-19 crisis, the global market for Heat Exchangers estimated at US$16.4 Billion in the year 2020, is projected to reach a revised size of US$22.1 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Shell & Tube Heat Exchangers, one of the segments analyzed in the report, is projected to grow at a 4.2% CAGR to reach US$5.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cooling Towers segment is readjusted to a revised 5.5% CAGR for the next 7-year period. This segment currently accounts for a 20.8% share of the global Heat Exchangers market. The shell & tube heat exchanger market is driven by increasing adoption of sophisticated equipment across the pharmaceutical, power generation and petrochemical industries owing to their superior corrosion-resistance and energy efficiency. Cooling towers are defined as open water re-circulation devices that use natural draft or fans to extract or push air to cool water through evaporation. Environmental concerns will expedite the markets` adoption of energy efficient products like closed circuit cooling towers. New innovations and updates to product standards are continuously being made in attempts to enhance the performance, energy efficiency and eco-friendliness of cooling towers.
The U.S. Market is Estimated at $3.8 Billion in 2021, While China is Forecast to Reach $3.7 Billion by 2026
The Heat Exchangers market in the U.S. is estimated at US$3.8 Billion in the year 2021. The country currently accounts for a 22.56% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$3.7 Billion in the year 2026 trailing a CAGR of 6.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$4 Billion by the year 2027. Europe dominates market growth driven by stringent regulations and ambitious plans to conserve energy and reduce carbon emissions. These regulations are driving member states in the region to promote energy-efficient products to curb carbon emissions and their impact on the environment. The European market is also benefitting from increasing adoption of heat exchangers in the oil & gas industry along with consistent focus of various players on research activities to develop new products to satiate consumer needs. The North American market is driven by strong contribution from the US and Mexico. While the former remains the leading market in the region, the latter is gaining from rapid urbanization and expansion of mechanical activities, creating strong demand for heat exchangers. Growth in the Asia-Pacific region is supported by growing industrial operations in developing regions such as India and China.
Air Coolers Segment to Reach $3.9 Billion by 2026
Air coolers use atmospheric air to cool and condense fluids. There is an increased interest in air coolers as a cost effective, alternative to cooling towers. The chronic shortage of freshwater is expected to become intense in the coming years, a factor that will help drive growth in the air coolers market. In the global Air Coolers segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.2 Billion in the year 2020 will reach a projected size of US$3.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$400.9 Million by the year 2026.
Select Competitors (Total 675 Featured)
Air Products and Chemicals, Inc.
Alfa Laval AB
API Heat Transfer
Barriquand Technologies Thermiques
FUNKE Wärmeaustauscher Apparatebau GmbH
Güntner U.S. LLC
HISAKA WORKS, LTD.
HRS Heat Exchangers Ltd.
Johnson Controls International
Kelvion Holding GmbH
Koch Heat Transfer Company, LP
McDermott International, Ltd.
SPX Cooling Technologies, Inc.
SPX FLOW, Inc.
SWEP International AB
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II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession: 2020
Marked as a Year of Disruption & Transformation
EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual
% Change) for 2020 through 2022
Weak Global Economic Environment Dents Market Prospects
EXHIBIT 2: Business Climate Indicator in the Euro Area for the
Period September 2020 to August 2021
HVAC Systems with Filtration: Relevant Answer to Tough COVID-19
Heat Exchangers and Boilers to Play Crucial Role amid COVID-19
The Crisis Opens Floodgates of Real Opportunities for Steam &
An Introduction to Heat Exchangers
Product Types and Segments
End-Use Market: A Brief Note
Key End-Use Industries for Heat Exchangers
Heat Exchangers: The Most Important & Ubiquitous Process
Equipment in Industries
Global Heat Exchangers Market: Overview and Outlook
Playing Instrumental Role in Numerous Industries
Sophisticated Design Options for Next-Generation, Eco-Friendly
3D Printing Unfolds Exciting Design Opportunities for Heat
Segment Overview: Growing Need for Advanced Equipment Augurs
Well for Shell & Tube Heat Exchanger Market
Strong Demand from End-Use Verticals Enables Heat Exchanger
Market to Maintain Positive Trajectory in Long Term
Chemical Industry Commands Major Share
Oil & Gas Remains Major Application Segment for Heat Exchangers
Regional Analysis: Europe Secures Commanding Position in Global
Heat Exchanger Market
EXHIBIT 3: World Heat Exchangers Market (2021 & 2027):
Percentage Breakdown of Sales for Developed and Developing
EXHIBIT 4: World Heat Exchangers Market – Geographic Regions
Ranked by Value CAGR for 2020-2027: China, Asia-Pacific, Latin
America, Rest of World, USA, Canada, Europe, and Japan
HVAC Companies Adapt Strategies to Navigate Unsettling Phase of
EXHIBIT 5: Leading Players in the Global Plate Heat Exchangers
Market (2020): Percentage Share Breakdown of Revenues for Alfa
Laval and Others
EXHIBIT 6: Leading Players in the Global Compact Heat
Exchangers Market (2020): Percentage Value Breakdown by
Recent Market Activity
Select Global Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Sustained Focus on Energy Efficiency in Modern Industrial
Environments to Rev Up Opportunities for Heat Exchangers
EXHIBIT 7: Growing Popularity of Energy Audits to Help Identify
Saving Opportunities & the Resulting Increased Spending on
Energy Efficiency to Benefit Demand for Energy Efficient Heat
Exchangers: Global Investments in Energy Efficiency (In US$
Billion) for the Years 2016 and 2019 by Region
EXHIBIT 8: Undeniable Productivity Benefits of Industrial