Heat Exchangers Market Projected to be $ 22.59 billion , Expands at CAGR 9.0% by 2023

The heat exchangers market offered by RnRmarketresearch includes major companies such as Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem(US), API Heat Transfer (US), Gunter (Germany), Hindustan Dorr-Oliver (India), and Hisaka Works (Japan). Heat exchangers are used across a wide range of applications, including nuclear & thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR.

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The heat exchangers market is estimated to be USD 14.68 billion in 2018 and is projected to reach USD 22.59 billion by 2023, at a CAGR of 9.0% between 2018 and 2023. Heat exchangers are environmentally-friendly, and they offer advantages, such as high operating efficiency and reduced energy consumption. The lack of awareness about energy efficiency in buildings is hindering the growth of the market for heat exchangers.

Premium Insights

1 Significant Opportunities in the Heat Exchangers Market
2 Heat Exchangers Market, By Type
3 Heat Exchangers Market, By Application
4 Heat Exchangers Market in the APAC Region
5 Heat Exchangers Market, By Region

Market Overview:

1 Introduction
1.1 Drivers
1.1.1 Surging Energy Prices
1.1.2 Rapid Industrial Expansions in the Developing Markets of APAC
1.1.3 Stringent Environmental Regulations
1.1.4 Increase in HVACR Deployments and Growth in Industrial Activities
1.1.5 Technological Advancements in the Heat Exchangers Market
1.2 Restraints
1.2.1 Slow Growth of the Market in Europe and North America
1.2.2 Lack of Awareness About Energy Efficiency in Buildings
1.3 Opportunities
1.3.1 Growing Demand for Nuclear Power Generation
1.3.2 Large Aftermarket for Heat Exchangers
1.4 Challenges
1.4.1 Fluorinated Greenhouse Gas Regulations
2 Porter’s Five Forces
2.1 Threat of New Entrants
2.2 Threat of Substitutes
2.3 Bargaining Power of Buyers
2.4 Bargaining Power of Suppliers
2.5 Intensity of Competitive Rivalry

The HVACR application segment is expected to grow at the highest CAGR between 2018 and 2023. The growth of this segment can be attributed to the growing building & construction industry and increased government investments in infrastructural projects.

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Heat Exchangers Market, By Type:

1 Introduction
2 Shell & Tube Heat Exchangers
2.1 Tubular Heat Exchangers
3 Plate & Frame Heat Exchangers
3.1 Gasketed Plate & Frame Heat Exchangers
3.2 Welded Plate & Frame Heat Exchangers
3.3 Brazed Heat Exchangers
4 Air Cooled Heat Exchangers
5 Others
5.1 Extended Surface Heat Exchangers
5.2 Regenerative Heat Exchangers

Shell & tube is the most widely used types of heat exchangers that accounted for the major share of the heat exchangers market in 2017. Shell & tube heat exchangers can manage fluids at high temperatures and pressures due to which they are preferred in a variety of applications such as chemical, petrochemical and oil & gas, food & beverage, and power generation.

Heat Exchangers Market, By Application:

1 Introduction
2 Chemical
2.1 Fine Chemicals & Pharmaceutical
3 Petrochemical and Oil & Gas
3.1 Oil & Gas Heater
4 HVACR
5 Food & Beverage
5.1 Sugar and Ethanol Production
5.2 Other Applications
6 Power Generation
7 Pulp & Paper
8 Others

Asia Pacific is projected to be the fastest-growing market for heat exchangers, in terms of value during the forecast period. China and India are two major markets for heat exchangers in Asia Pacific. The growth in the commercial building & construction industry, high-end real estate, and energy-saving policies are likely to drive the demand for heat exchangers in China and India.

In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted.

The break-up of primary interviews is given below.
• By Company Type: Tier 1 – 38%, Tier 2 –56%, and Others –6%
• By Designation: C level –60%, Director level – 30%, and Others – 10%
• By Region: North America – 15%, Europe – 31%, Asia Pacific – 23%, Middle East & Africa – 23%, and South America – 8%

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Report covers the heat exchangers market, in terms of value and forecasts its market size till 2023. The report includes the market segmentation based on type (shell & tube, plate & frame, air cooled, and others), application (chemical, petrochemical and oil & gas, HVACR, food & beverage, power generation, pulp & paper, and others), and region (APAC, Europe, North America, and Middle East & Africa, and South America).

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This release was published on openPR.