A heat exchanger is used transferring heat from the hot fluid to the cold fluid to meet the technological requirements of the predetermined device is a convective heat transfer and thermal conductivity for an industrial application. Heat exchangers can be classified such that its operation process can be divided into three types: partition type, hybrid type, regenerative type (or regenerative type). According to its surface compactness, it can be divided into two types: compact and non-compact.
Domestic heat exchangers solve the problem of collectively heating homes and using hot water in winter. It works same as the principle of collective heat exchanger. It is just different sizes and styles.
Global Heat Exchangers Market estimated to grow with a significant rate during the forecast period, 2020-2027. The growth in the construction industry across the residential, commercial, and industrial sector expected to drive the global heat exchangers market in the future time. Additionally, the surge in demand for heat exchangers in various industries such as power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries will fuel the growth of the global heat exchangers industry. The demand for heat exchangers in food, machinery, pharmaceutical, and other sectors is still increasing. High-efficiency heat exchangers have gradually replaced ordinary heat exchangers with low heat exchange efficiency.
Moreover, increasing industrial activities and urbanization in the developing and developed countries require more power generation, which can contribute to the growth of global heat exchangers market size. Furthermore, the growing usage of heat exchangers in aircraft applications to improve fuel efficiency by removing heat from the engine will trigger the global heat exchangers’ market share in the projected periods. Additionally, large-scale ethylene projects, nuclear power plant construction, wind power plant construction, environmental protection engineering construction, and increasing desalination projects will all generate massive demand for the heat exchanger industry.
The surge in applications of HVAC equipment in emerging economies, including China and India, is expected to propel the global heat exchangers market. In the refrigeration field, Microchannel heat exchangers for large refrigerators and freezers have also begun to be used in batches and will be widely optimistic in the future. Once again, in the field of heat pump water heaters, Gree, Haier, Midea, Smith, and other complete machine companies have put into use microchannel heat exchangers. It has a wide application field in civil construction.
China, Russia, Brazil, India, and Southeast Asia heat exchanger markets have proliferated in recent years. China, Brazil, and India have experienced rapid industrial economic development in recent years and have a greater demand for heat exchanger equipment. Russia is located in a high latitude region. The military and heavy chemical industries are developed. The market demand for central heating heat exchangers and industrial heat exchangers is huge. Southeast Asian countries are experiencing rapid economic development in recent years, and large-scale energy and power infrastructure demand for heating products, which has given rise to the market significantly.
Based on type, the global Heat Exchangers market classified into Plate & Frame Heat Exchangers, Air Cooled Heat Exchangers, Shell & Tube Heat Exchangers, and Others (Extended Surface Heat Exchangers and Regenerative Heat Exchangers). The Shell & Tube Heat Exchangers segment predicted to gain major in the market by 2027, owing to growing application of Shell & Tube Heat Exchangers in various industries such as chemical, petrochemical and oil & gas, food & beverage, and power generation, so that fluids can be managed at high temperatures and pressures.
The Plate & Frame Heat Exchangers segment will drive by its characteristics of high heat exchange efficiency, small heat loss, compact and lightweight structure, small footprint, wide application, and long service life.
Based on material, the global Heat Exchangers market categorized into Carbon Steel, Stainless Steel, Nickel, and Others. The Stainless-Steel segment projected to dominate the market by 2027 due to its characteristics such as resistance against corrosion, lightweight, and high thermal conductivity.
Based on the end-user industry, the global Heat Exchangers market categorized into Oil & Gas, Chemical, HVAC & Refrigerator, Food & Beverage, Power Generation & Metallurgy, Pulp & Paper, and Others. Oil & Gas segment expected to register a higher CAGR 2027 owing to the huge demand for Heat Exchangers in the upstream and downstream processing industry globally coupled with the surge in consumption of petrochemical products that has increased the activity in the upstream processing especially.
Power Generation & Metallurgy segment will boost by the growth of the fossil and thermal power energy in the coming years.
Based on geography, the global Heat Exchangers market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific estimated to occupy the lion’s market share by 2027, owing to growing government expenses on infrastructure development and rising exploration activities in the oil & gas sector.
Europe will drive on account of the region’s huge installed plant capacities of heat exchangers.
Companies such as Alfa Laval, Kelvion Holdings, Danfoss, Xylem, API Heat Transfer, Gunter, Chart Industries, Hisaka Works, Johnson Controls International, Hindustan Dorr-Oliver, SPX-FLOW, Inc, IHI Corporation, FUNKE Wärmeaustauscher Apparatebau GmbH, Thermowave GmbH, Hisaka Works Ltd are the key players in the Global Heat Exchangers Market.
By End-User Industry