PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1180494
PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1180494
Global Heat Exchangers Market was valued at USD 17.72 billion in 2021, and it is expected to reach a value of USD 26.82 billion by 2028, at a CAGR of 6.10% over the forecast period (2022-2028).
Around the world, the chemical, HVACR, petrochemical, and oil & gas industries have a growing need for heat exchangers. It is anticipated that rapid industrialization in developing countries will increase demand for heat exchangers. Increasing manufacturing, commercial, and industrial operations in the region are driving up the need for heat exchangers in the Asia Pacific region. Globally, rising investments in power plants in developing nations also assist the market's overall growth.
Top-down and bottom-up approaches were used to estimate and validate the size of the global heat exchangers market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Heat exchangers market is segmented on Product, End-Use, Material, and Region. Based on Product, it is categorized into: Plate & frame heat exchanger, Shell & tube heat exchanger, Air-cooled heat exchanger, Others. Based on End-Use, it is categorized into: Chemical, Food & Beverage, HVAC & refrigeration, Oil & Gas, Power Generation, Pulp & Paper, Others. Based on Material it is categorized into: Steel, Non-Steel. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
The primary cost factors for a heat exchanger are the core and frame materials. Copper, aluminum, and stainless steel are the most often used materials in producing heat changer cores. Over the past few years, the price of these metals has increased dramatically. Most businesses use copper or aluminum as their core materials since they are less expensive than stainless steel. Additionally, heat exchangers made of nickel, cupronickel, Hastelloy, Inconel, titanium, or other metals may be produced. However, because of their exorbitant cost, these metals are rarely often used.
Restraint
Due to their intricate designs, heat exchanger cleaning and maintenance are becoming more difficult in all industries. Scaling and rust issues followed. Additionally, the price of raw materials greatly boosts the bargaining power of the feedstock supplier. Variations in raw material prices will impact how profitable heat exchanger manufacturers are. Heat exchanger producers are susceptible to changes in the cost of raw materials, including copper, aluminum, steel, and other metals. Numerous factors, such as economic conditions, exchange rates, and supply conditions, all of which have a detrimental effect on manufacturers, affect the volatility of raw material costs. Large capital projects are delayed or abandoned due to price fluctuations, which restrains the growth of the heat exchanger sector. However, pricing trends are monitored to mitigate the risk related to pricing to control the risk associated with pricing volatility.
Market Trends
The main driver of the rise in demand for heat exchangers is the desire to maximize thermal efficiency. Due to the rapidly growing chemicals and hydrocarbon industries, as well as several future mega power projects, the need for heat exchangers is predicted to rise dramatically.
The demand for heat exchangers is projected to increase due to the fast-growing heating, ventilation, and air conditioning (HVAC) industry and brisk capacity expansions in the power and hydrocarbons sectors. The market's development is being aided by a large number of companies present in the global heat exchangers market.