A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global heat exchangers market was worth USD 15.4 billion in the year 2021. It is estimated to grow at a CAGR of 4.70%, earning revenue of around USD 21.1 billion by the end of 2028. The global heat exchangers market is flourishing at a high rate owing to the rising focus and investment towards efficient thermal management for energy conservation and cost reduction. Furthermore, increasing installation of HVAC systems among residential, commercial, and industrial sectors is also playing a crucial role in driving the growth of the global heat exchangers market.
Expanding Power Generation Sector is Driving the Growth of the Global Heat Exchangers Market
The rising demand for renewable energy is fueling the growth of the power generation sector, which is further anticipated to propel the demand for heat exchangers in the forecast period. Heat exchangers are prominently used in power plants to collect heat from hot waste gases to get power. These systems play a crucial role in boosting the efficiency of power plants since the exhaust gases still have some useful energy in the form of heat. This is estimated to drive the growth of the overall global heat exchangers market.
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Expanding Usage of Heat Exchangers is Providing Lucrative Growth Opportunities to the Market
With rapid innovations in the heat exchangers by manufacturers, the application of these systems can be widened, which will play a crucial role in boosting its market demand. Heat exchangers are already in use in many electrical appliances such as chemical processing systems, automobile radiators, waste heat recovery systems, power plants, food processing systems, refrigeration, etc. As the demand for these applications increases, the market for heat exchangers is also projected to surge.
Global Heat Exchangers Market - By Raw Material
Based on raw material, the global heat exchangers market is segmented into steel, carbon steel, stainless steel, non-steel, copper, aluminum, titanium, nickel, and plastic. The steel segment accounts for the largest share in the global heat exchangers market since this type of raw material provides high durability and strength as well as resistance against corrosion. However, other non-steel materials such as titanium also cover substantial shares in the market.
Global Heat Exchangers Market - Regional Insights
Geographically, the global heat exchangers market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. Europe dominates the global heat exchangers market owing to the strong adoption of HVAC systems in countries such as the United Kingdom, France, Germany, etc. The Asia-Pacific region is projected to witness the highest CAGR during the forecast period owing to the rising investment in the chemical and power industry in emerging economies such as China, India, Thailand, etc.
Impact of COVID-19 on Global Heat Exchangers Market
The COVID-19 pandemic negatively impacted the growth of the global heat exchangers market. The operations of the end-user industries including chemical, oil and gas, power generation, etc., were completely halted due to lockdown and social distancing norms. Furthermore, the pandemic also led to fluctuations in the raw materials of heat exchangers due to supply chain disruptions and mining operations. Also, the lack of a workforce during the pandemic directly impacted the growth of the global heat exchangers market.
Competitive Landscape
The leading market players of the global heat exchangers market are ALFA LAVAL, Danfoss, Kelvion Holding GmbH, Mersen, Exchanger Industries Limited, General Electric Company, Sondex A/S, Xylem Inc., Hisaka Works, LTD., Modine Manufacturing, IHI Corporation, Koch Industries, Royal Hydraulics, and other prominent players. The market is fragmented and competitive with the presence of many global and regional industry participants. The companies constantly launch new products and significantly invest in research as well as development activities to bring innovations into their offerings. Additionally, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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