Heat Exchanger Market to grow by 4.39% from 2022 to 2027|The increasing demand from the water and wastewater industry to drive the market growth -Technavio
NEW YORK, Dec. 6, 2023 /PRNewswire/ -- The heat exchanger market size is estimated to grow by USD 4,301.92 million from 2022 to 2027. The market is estimated to accelerate at a CAGR of 4.39%, according to Technavio. The increasing demand from the water and wastewater industry drives the heat exchanger market growth during the forecast period. There is an increasing adoption of plate and spiral heat exchangers across industries as it enhances the energy efficiency of water treatment plants. Hence, the reduction of energy is vital in such a process due to its high cost and volatility. This is an important treatment in several countries where water shortage is an issue such as North Africa, the Middle East, and Southeast Asia. There is an increasing focus on efficient water treatment due to several factors such as rising population, increasing rates of urbanization, and greater per capita consumption of water. In countries like India and China, there are several government initiatives for the efficient treatment of wastewater such as the Namami Gange Program and the Yellow River Basin Program. Furthermore, many end-user industries such as pharmaceutical, food and beverage, and paper and pulp have to comply with strict regulation standards put done by the government to conserve water. Hence, such factors are expected to drive the demand for the heat exchanger market during the forecast period. Download a Sample Report Now!
Heat Exchanger Market Insights -
- Vendors: 15+, Including Alfa Laval AB, API Heat Transfer Inc., Boyd Corp., Chart Industries Inc., Danfoss AS, Doosan Corp., Dover Corp., Exchanger Industries Ltd., General Electric Co., Guntner GmbH and Co. KG., Hisaka Works Ltd., Johnson Controls International Plc, Kelvion Holding GmbH, Koch Industries Inc., Radiant Heat Exchanger Pvt. Ltd., SPX FLOW Inc., Thermal Edge Inc., Thermax Ltd., Xylem Inc., and Mersen Corporate Services SAS among others.
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Product (Shell and tube, Plate and frame, Cooling tower, Air cooled, and Others), End-user (Chemical, Fuel processing, HVAC, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)
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Significant Trends -Technological advancement in the design of heat exchangers is an emerging trend in the heat exchanger market during the forecast period. Several vendors in the heat exchanger market are innovating new ways to improve performance and minimize loss of energy. For example, Alfa Laval Compablocis a plate heat exchanger designed by Alfa Laval that has several technological advantages in one compact unit. The main advantage of the Alfa Laval Compabloc heat exchanger is that corrugated plate patterns produce high turbulence. As a result, the overall heat transfer coefficients of this heat exchanger is five times better than shell and tube heat exchanger. Furthermore, heat exchangers are one of the essential components of a geothermal plant. Different types of heat exchangers are needed for the smooth operation of geothermal plants. Hence, the advancement in the technological design of the heat exchangers will positively impact the market which in turn will drive the heat exchanger market growth during the forecast period.
Key Challenges - Fouling of heat exchangers is a major challenge impeding the heat exchanger market growth during the forecast period. The fouling can be referred to as the accumulation of unwanted deposits on the heat transfer surfaces of the heat exchanger. Thus the foulant layers narrow the flow area due to the presence of these deposits creating an extra resistance to heat transfer, resulting in increasing velocity to a volumetric flow rate. The key consequences of fouling include a reduction in exchanger efficiency and related operational issues such as excessive pressure drop across the heat exchanger. the degree of consequence can depend on the nature of deposits with some deposits being hard and difficult to remove. Hence, such factors are expected to hinder the heat exchanger market growth during the forecast period.
The heat exchanger market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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What are the key data covered in this heat exchanger market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the heat exchanger market between 2023 and 2027
- Precise estimation of the heat exchanger market size and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the heat exchanger market across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of heat exchanger market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
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