Heat Exchanger Market to Reach $28.3 Bn, Globally, by 2030 at 5.5% CAGR: Allied Market Research

Rise of oil & gas demand and growing industrialization in developing economies have boosted the growth of the global heat exchanger market

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Allied Market Research

Mar 02, 2022, 09:25 ET

PORTLAND, Ore., March 2, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Heat Exchanger Market by Type (Shell and Tube, Plate and Frame, Air-Cooled, Microchannel Heat Exchanger, and Others), End-user Industry (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverages, Power Generation, and Others), and Material of Construction (Carbon Steel, Stainless Steel, Nickel, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030." According to the report, the global heat exchanger industry was pegged at $16.7 billion in 2020, and is expected to reach $28.3 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.

Drivers, restraints, and opportunities-

Rise of oil & gas demand and growing industrialization in developing economies have boosted the growth of the global heat exchanger market. However, several issues in the system such as leakage and pressure drops hinder the market growth. On the contrary, increase in demand for petrochemicals and rapid expansion of nuclear power plants are expected to open lucrative opportunities for the market players in the coming years.

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Covid-19 scenario:

In the initial days of the pandemic, several industries have stopped their operations and the global supply chain was disrupted. The sales of the heat exchanger were also impacted due to the paused manufacturing of the heat exchanger.
The oil and gas industry has been severely affected by the COVID-19 outbreak. Crude prices have dropped in 2020 as a result of resumed overflow production. However, sustained upstream activities have had no influence on heat exchanger demand.
Furthermore, import and export activities were severely hampered, thereby impacting industries that use heat exchangers and, thus, impacting the global heat exchanger market.
The COVID-19 pandemic has had a rapid and drastic impact on the global automotive sector. However, a drop in automotive sales resulted in a drop in radiator sales, which had a significant influence on the heat exchanger market.

The shell and tubesegment to dominate by 2030-

Based on type, the shell and tube segment accounted for nearly one-third of the global heat exchanger market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is attributed to its various advantages such as ease of application in higher operating temperatures and pressures, low price as compared to plate type coolers, and others. Shell and tube heat exchangers are a preferred choice owing to the ease of servicing and their compatibility for use with different types of seawater coolants. Moreover, this segment would showcase the fastest CAGR of 5.9% by 2030. The report also includes analysis of plate and frame, air-cooled, microchannel heat exchangers, and others.

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The chemical segment held the lion's share in 2020-

Based on end-user industry, the chemical segment held the lion's share in 2020, contributing to nearly one-fourth of the global heat exchanger market, and is expected to continue its lead during the forecast period. This is owing to their ability to withstand the continuous chemical reactions and their application in a complex series of processes such as cooling, heating, condensing, separation, evaporation, and others. The oil and gas segment, however, would showcase the fastest CAGR of 6.1% by 2030. The report also includes an analysis of the Hvacr, petrochemical, power generation, and food & beverage segments.

North America to portray the highest CAGR through 2030

By region, the global heat exchanger marketacross North America is expected to register the highest CAGR of 5.9% during the forecast period, owing to rising upstream activities, chemical industry, and oil & gas refineries, which in turn are expected to increase the demand of heat exchanger in the region. However, the market across LAMEA held the largest share in 2020, accounting for more than one-third of the market. This is due to numerous factors such as a large consumer base including oil & gas refineries, chemical industry, food industry, sugar industries, and others.

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Major market players

Alfa Laval,
Accessen Group
Chart Industries
Thermofin Gmbh
Hisaka Works. Ltd.
Xylem
Koch Industries, Inc.
API Heat Transfer
Danfoss A/S
Exchanger Industries Limited

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