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Heat Exchanger Market Worth $25.5 Billion By 2027 | CAGR: 6.1% | Grand View Research, Inc.

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Heat Exchanger Market Worth $25.5 Billion By 2027 | CAGR: 6.1% | Grand View Research, Inc.

June 26
09:55 2020
Heat Exchanger Market Worth $25.5 Billion By 2027 | CAGR: 6.1% | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global heat exchanger market size was estimated at USD 15.9 billion in 2019 and is expected to register a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027. The rising trend for efficient thermal management in chemical, oil and gas, power generation, food and beverage, and HVAC and refrigeration industries has been a primary factor driving the market.

The global heat exchanger market size is anticipated to reach USD 25.5 billion by 2027, expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Growing demand for energy in HVAC and refrigeration, power generation, and chemical industries, especially in developing economies including India, Brazil, and China anticipated to complement the market.

Energy infrastructure expansion coupled with increasing demand from the power generation sector is projected to drive the market. The market is characterized by technological innovation along with a rising focus to improve efficiency standards. These factors are likely to lower total ownership costs and increase the durability and efficiency of the exchangers over the coming years.

Heat exchangers are used in the manufacturing of chemicals in the chemical industrial production. In an industrial process, the device is used for cooling, heating, and mixing a substance at a temperature. The rapid expansion of the chemical industry is expected to act as a major factor in steering market growth.

The industry rivalry is expected to be high over the forecast period owing to the presence of numerous competitors of equal size and market share. The market is fragmented in nature with many major companies. Generic strategies employed by these companies include production capacity expansion and new technology innovation.

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Heat Exchanger Market Report Highlights

  • The shell and tube segment accounted for the market share of 35.9% in 2019 on account of increasing demand of product in numerous end-use industries including chemical, power generation, and oil and gas
  • The chemical end-use segment is expected to grow with a robust pace, registering a CAGR of 6.5% from 2020 to 2027 owing to rapid expansion in the chemical industry in Asia specifically in China and India
  • In Europe, the market was valued at USD 7.34 billion in 2019 and projected to have a moderate growth over the forecast period owing to growth in the chemical industries and rise in demand of power generation
  • Asia Pacific is anticipated to emerge as the fastest growing regional segment accounting for over 30.3% by 2027 owing to the increasing construction activities along with increase in chemical industries and rise in demand for energy in the region
  • Key players in the market are focusing on several strategies including new product developments, expansions, partnerships, and joint ventures

The global heat exchanger market size was estimated at USD 15.9 billion in 2019 and is expected to register a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027. The rising trend for efficient thermal management in chemical, oil and gas, power generation, food and beverage, and HVAC and refrigeration industries has been a primary factor driving the market.

The heat exchangers are being widely used in industries such as chemicals, HVAC and refrigeration, food and beverages, petrochemical, power generation, pulp and paper, and others. In addition, the growing demand from the chemical industry, technology innovation, and rising focus on improving efficiency standards is projected to drive the market over the forecast period.

The U.S. held the largest market share in the global nuclear energy market and held the highest number of operational nuclear reactors. Furthermore, ongoing construction activities for additional nuclear capacities are projected to further steer the power generation industry over the next few years. Increasing refinery capacities coupled with new setups of chemical plants in the region is further expected to drive the market over the forecast period.

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According to Deutsche Bank, China is expected to have 45% of the revenue share in the global market by 2020. Asia handles more than 50% of the global sales of chemicals. Such rapid expansion in the chemical industry in Asia specifically in China is expected to act as a major driving force for the heat exchangers market.

The demand for heat exchanger in automotive is anticipated to rise as demand for automotive components in engineering industrial and commercial applications increases for residential and commercial purposes. Growing HVAC usage, especially in an automotive, residential, and commercial building, is expected to drive the market growth.

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Technological advancements and steps undertaken to increase the heat transfer efficiency of the exchangers are expected to drive competition among market players. Constant efforts initiated by major players in research & development, and product innovation is expected to increase their market share over the forecast period.

The shell and tube heat exchanger segment dominated the global heat exchanger product market and accounted for 35.9% of the revenue share in 2019. The segment is predominantly characterized by a rise in the demand for heat exchanger for various applications in end-use industries such as chemical, oil and gas, and power generation.

Rising demand for efficient thermal management systems with low space requirements is expected to drive demand for plate and frame heat exchanger (PFHE) over the forecast period. The welded plate heat exchanger is expected to witness high growth on account of its growing use in various industries including automobile, pharmaceuticals, petrochemical, and paper manufacturing pertaining to performance characteristics.

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Grand View Research has segmented the global heat exchanger market on the basis of product, end use:

Heat Exchanger Product Outlook (Revenue, USD Million, 2016 – 2027)

  • Plate & frame heat exchanger
    • Brazed
    • Gasketed
    • Welded
    • Others
  • Shell & tube heat exchanger
  • Air-cooled heat exchanger
  • Others

Heat Exchanger End-Use Outlook (Revenue, USD Million, 2016 – 2027)

  • Chemical
  • Food & Beverage
  • HVAC & refrigeration
  • Oil & Gas
  • Power Generation
  • Pulp & Paper
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Website: https://www.grandviewresearch.com/industry-analysis/heat-exchangers-market