PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1105900
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1105900
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Global Heat Exchangers Market to Reach $23.4 Billion by 2027
In the changed post COVID-19 business landscape, the global market for Heat Exchangers estimated at US$16.4 Billion in the year 2020, is projected to reach a revised size of US$23.4 Billion by 2027, growing at a CAGR of 5.2% over the analysis period 2020-2027. Shell & Tube Heat Exchangers, one of the segments analyzed in the report, is projected to record a 4.2% CAGR and reach US$5.6 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Cooling Towers segment is readjusted to a revised 5.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.7 Billion, While China is Forecast to Grow at 6.9% CAGR
The Heat Exchangers market in the U.S. is estimated at US$3.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$4 Billion by the year 2027 trailing a CAGR of 6.9% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.Air Coolers Segment to Record 5.3% CAGR
In the global Air Coolers segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.2 Billion in the year 2020 will reach a projected size of US$3.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
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