Heat Exchangers Market worth $29.0 billion by 2028 | Key players ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark).

According to recent market research the "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Energy, HVACR, Food & Beverage, Power, Paper & Pulp), Material (Metals, Alloys and Brazing Clad), and Region - Global Forecast to 2028", is projected to reach USD 29.0 billion by 2028, at a CAGR of 7.1% from USD 20.5 billion in 2023. The major drivers for the heat exchanger market are rising demand for HVACR equipment for the commercial construction industry, urbanization, rapid industrialization, and stringent regulatory & sustainable mandates concerning the greenhouse gas and Co2 emission. The fluctuation in raw material prices is the major restraint in this market. Opportunities for the market include increase in rising nuclear power plants in emerging economies.

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Air cooled heat exchangers (ACHE) is a heat rejection system used for process cooling by convection and conduction to dissipate heat from process fluid to air. They utilize air as a cooling medium, which is supplied by an external electrical power source. The rise in demand for air-cooled heat exchangers can be attributed to environmental concerns, industrial growth, operational advantages, technological advancements, and the shift towards decentralized plant configurations.

The demand for heat exchangers in the HVAC & refrigeration industry is witnessing a significant upsurge due to the growing emphasis on energy efficiency, environmental regulations, and improved indoor air quality. Heat exchangers play a crucial role in HVACR systems by enabling efficient heat transfer between fluids, resulting in reduced energy consumption and operating costs. The HVAC & refrigeration industry continues to prioritize energy efficiency, environmental sustainability, and occupant well-being, the demand for heat exchangers is expected to grow further.

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The Middle East & Africa is the third-largest oil-producing economy. Saudi Arabia, Iran, Iraq, the UAE, Kuwait, and Qatar are the major suppliers of fossil fuels. The region has witnessed an increase in demand for heat exchangers due to several factors. The rapid industrialization and infrastructure development in sectors such as oil and gas, petrochemicals, power generation, and mining have created a higher demand for efficient heat transfer solutions. The regions also have an extreme climate necessitates effective cooling and heat dissipation in various industrial processes.

New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the heat exchanger market include ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), BOYD Corporation (US), Johnson Controls (Ireland), Wabtec Corporation (US), XYLEM (US), and H. Güntner (UK) Limited (Germany).

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Alfa Laval is a global company that specializes in heat transfer, separation, and fluid handling solutions. It offers a range of products such as separators, heat exchangers, pumps, and valves. Alfa Laval's heat exchangers are designed to efficiently transfer heat using a variety of technologies such as plate and frame, shell and tube, and brazed plate. The company spent USD 128.5 million on research and development to develop new technologies and improve the efficiency and performance of its existing products. It also focuses on the UN's sustainable development goals through innovative products and solutions to improve energy efficiency, reduce emissions, purify water, minimize waste, and efficient use of raw materials. The company is increasing its market share by adopting several organic and inorganic strategies, such as product development, expansions, and acquisitions, to expand its customer base in developing countries and enhance its competitiveness.

Exchanger Industries Limited is a global manufacturer of shell & tube and air-cooled heat exchangers. The company has a diversified product portfolio for industrial applications in the environmental, food, beverage, pharmaceutical, natural gas, oil, and petrochemical industries. It offers customized and cost-effective heat transfer solutions. The heat exchangers product brands include the HRS series, Embaffle, and HELIXCHANGER shell & tube-type heat exchangers designed for oil & gas, refining, petrochemical, and chemical industries. The company has adopted various business strategies in the last two years, including new product development and acquisitions. In 2021, the company acquired a leading Europe-based heat exchanger manufacturer HRS Heat Exchangers Ltd, which has strengthened the company's product portfolio for heat exchangers. Moreover, both companies' combined manufacturing capability and leading-edge product technologies will help expand the geographic markets in the US, the UK, Spain, Mexico, India, Malaysia, Australia, and New Zealand and increase market penetration internationally.

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