The heat exchangers market size is estimated at USD 15.6 billion in 2021 and is projected to reach USD 19.9 billion by 2026, at a CAGR of 5.0% during the forecast period. The market is driven by various factors, such as growing chemical industry, rapid industrialization in developing countries such as India and China and increasing demand for energy across the globe. However, pricing fluctuation of raw materials, lack of awareness about energy efficiency in buildings can restricts the growth of the market.
Rapid industrialization in developing economies to increase the demand for heat exchangers.
The heat exchangers market in developing economies such as India and China is expected to witness high growth, owing to rapid industrialization. Increased demand of heat exchangers. from various end-use industries such as chemical, HVACR, petrochemical, and oil & gas industries is expected to boost the heat exchanger market in APAC region. Moreover, various government initiatives for the development of thermal and solar energy in countries such as Japan and India are increasing the demand for heat exchangers from power generation plants. The increased demand for petrochemical products is expected to have a positive impact on the heat exchangers market.
Rising energy efficiency regulations and stringent emission standards to boost the demand of heat exchangers.
Energy efficiency regulations on residential and commercial infrastructure are already established in Europe and North America.Europe has set up zero-emission regulations for commercial and residential buildings.
Additionally, governments are focused on deploying heat exchangers to reduce CO2 emissions, to provide an energy-efficient solution, and achieve sustainability. Moreover, government regulation such as Energy Efficiency Directive 2012/27/EU and others is expected to drive the heat exchangers market.
Europe is the largest market for heat exchangers in 2020. The heat exchangers market in Europe is anticipated to grow during the forecast period due to the country’s upcoming construction projects, rapid industrialization, and growing power industry. Moreover, increasing focus on improving energy efficiency, rising preference for energy-efficient buildings, less carbon-intensive processes, and sustainable energy consumption will also increase the demand for heat exchangers during the forecast period.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the heat exchangers market.
• By Company Type - Tier 1: 40%, Tier 2: 30%, and Tier 3: 30% • By Designation - D Level: 10%, C Level: 20%, Others: 70% • By Region – Europe: 30%, APAC: 30%, North America: 20%, South America: 10%, The Middle East & Africa : 10%
The heat exchangers market comprises major players such as ALFA LAVAL (Sweden), Kelvion Holding GmbH(Germany), Exchanger Industries Limited (Canada), Mersen (France), Danfoss (Denmark), API Heat Transfer (US), Boyd Corporation (US), H.Güntner (UK) Limited (Germany), Johnson Controls (Ireland), XYLEM (US), and others.
The study includes in-depth competitive analysis of these key players in the heat exchangers market, with their company profiles, recent developments, and key market strategies.
Research Coverage: The market study covers the heat exchangers market and its segments.It aims at estimating the market size and the growth potential of this market across different segments such as by raw material, type, end-use industries, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report: The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall heat exchangers market and the sub-segments.The stakeholders will be able to understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
It will also help stakeholders comprehend the pulse of the market and provide them with information on key market drivers, restraints, and opportunities.
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