Heat exchanger is a device used to transfer heat from one medium to another. The media may be separated by a solid wall to prevent mixing or direct contact. They are used in various engineering applications, such as refrigeration, heating and air conditioning systems, power plants, chemical processing systems, food processing systems, automobile radiators, and waste heat recovery units.
The market is driven by several factors, including the growing demand for energy-efficient solutions, the need for sustainable solutions to reduce carbon emissions, and the increasing use of heat exchangers in industrial processes. In addition, the growth of the chemical and petrochemical industries is also driving demand for heat exchangers.
The Heat exchangers market is segmented by type, including shell and tube, plate and frame, and air-cooled heat exchangers, among others. Plate and frame heat exchangers are expected to experience the highest growth due to their compact design and high heat transfer efficiency.
Increasing adoption of heat exchangers across multiple applications are some key factors assisting the market to grow at a promising CAGR of 5.2% during the forecast period to reach a value of US$ 18.3 Billion in 2027.
The supply chain of this market comprises several nodes including raw material suppliers, component suppliers, heat exchanger manufacturers, distributors, and OEMs/end-users.
The following are some of the key players in the market:
Alfa Laval AB, Johnson Controls, Kelvion Holding GmbH, SPX Corporation, Linde PLC, SWEP International AB
Asia-Pacific is expected to remain the largest and fastest-growing region in the global market during the forecast period. Major factors, such as increasing disposable income, rapid urbanization and industrialization, and increasing energy demand in the developing economies (China, India, and Japan), are driving the region’s market. Europe and North America are also likely to create sizeable opportunities in the coming five years.
Overall, the heat exchanger market is expected to continue to grow as the demand for energy-efficient solutions and sustainable technologies increases. As industries seek to reduce their carbon footprint and increase efficiency, heat exchangers will play an important role in achieving these goals.