Global heat exchanger sales are expected to grow at a CAGR of 6% from 2022 to 2031
UNITED STATES, May 20, 2022 /EINPresswire.com/ — According to Fact.MR, a market research and competitive intelligence company, the global heat exchanger market is expected to grow at a CAGR of 6% between 2022 and 2031 .
Over the next few years, the market is expected to be driven by increased demand from the chemical industry, new technologies, and increasing emphasis on improving efficiency standards. The majority of petrochemical plant activities include heat and pressure, which requires heat transfer efficiency and energy saving, which is expected to drive the demand for energy efficient heat exchangers.
The fundamental reason for the increased demand for heat exchangers is the improvement in thermal efficiency. The demand for heat exchangers is expected to increase due to the rapid expansion of the chemical and hydrocarbon sectors, as well as several potential megapower projects.
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Key insights from market research
• The global heat exchanger market will reach a valuation of US$34.24 billion by 2031.
• The market in Europe represents 35% of the world market.
• The demand for shell and tube heat exchangers is expected to increase significantly over the forecast period.
What Emerging Trend is Driving Heat Exchanger Sales?
All industries on the planet generate waste heat, which can be trapped and reused to harness high temperatures and energies. Because this equipment is equipped with the functionality to do so, it is in high demand across all industry verticals.
Their use generates revenue for the homeowner by increasing heat usage and reducing energy costs per unit. In addition, application industries, including power plants and the food and beverage industry, are experiencing strong growth, supporting investments in such exchangers.
The global need for energy has been fueled by causes such as increasing population rates and rapid industrialization. However, due to the increase in corporate greenhouse gas emissions, this has a negative impact on the environment.
Which region will lead the revenue generation for heat exchanger manufacturers?
Europe accounts for 35% of global heat exchanger market revenue. Increased focus on less carbon intensive activities and demand for sustainable energy use, which is driving the demand for heat exchangers in the region.
Industrial development is expected to be fueled by increased investment in public and private infrastructure, as well as increased demand from various end-use industries for steam heat exchangers with durability, performance and resistance to corrosion. improved corrosion.
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Key Segments Covered by the Heat Exchanger Industry Research
Heat Exchangers Market by Product:
• Air-cooled heat exchangers
• Plate and frame heat exchangers
• Shell and tube heat exchangers
• Others (condensers, oil coolers and radiators)
Heat Exchangers Market by End User:
• Chemicals and Petrochemicals
• Energy production
• Others (food processing, aerospace and medical)
Heat Exchangers Market by Region:
• Heat exchangers market in North America
• European market for heat exchangers
• Asia Pacific heat exchanger market
• Heat exchangers market in Latin America
• Heat exchangers market in the Middle East and Africa
Profiled Key Companies
• SAACKE GmbH
• Heatmaster B.V.
• Alfa Laval Corporate AB
• Southwest Thermal Technology
• General electricity company
• Thermax Limited
• SPX Flow, Inc.
• Kelvion Holding GmbH
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Which end user generates high profits for heat exchanger suppliers?
Chemicals and petrochemicals represent a significant share of the market. The use of heat exchangers in a complicated series of processes is a key factor for the chemical segment. They have the ability to handle fluids with varying amounts of solids due to their characteristics.
The petrochemical sector is expected to grow in response to growing demand for fertilizers, plastics, packaging, electronics, medical devices and textiles. Additionally, the integration of petrochemicals into advanced power systems, such as wind turbines, solar cells, and electric vehicle parts, is expected to propel the industry forward.
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