Heat Exchanger Market Size Worth $25.5 Billion by 2027 | CAGR: 6.1%: Grand View Research, Inc.
SAN FRANCISCO, June 17, 2020 /PRNewswire/ -- 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.
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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.
Key suggestions from the report:
-- 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
Read 130 page research report with ToC on "Heat Exchanger Market Size, Share & Trends Analysis Report By Product (Plate & Frame (Brazed, Gasketed, Welded), Shell & Tube, Air Cooled), By End Use (Chemical, Power Generation), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/heat-exchangers-market
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.
Grand View Research has segmented the global heat exchanger market on the basis of product, end use, and region:
-- 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
-- Heat Exchanger Regional Outlook (Revenue, USD Million, 2016 - 2027)
-- North America
-- U.S.
-- Canada
-- Mexico
-- Europe
-- Germany
-- France
-- Italy
-- Asia Pacific
-- China
-- Japan
-- India
-- Central & South America
-- Brazil
-- Middle East & Africa
-- Saudi Arabia
-- UAE
-- List of Key Players of Heat Exchanger Market:
-- Alfa Laval
-- Danfoss
-- Kelvion Holdings
-- Xylem
-- Hindustan-Dorr
-- HRS Heat Exchanger Ltd.
-- Güntner GmbH & Co. KG
-- Hisaka Works Ltd.
-- PI Heat Transfer
-- SPX Corporation
-- Johnson Controls International
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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