SAN FRANCISCO , April 20, 2022 /PRNewswire/ -- The global heat exchanger market size is expected to reach USD 26.78 billion by 2030, according to a new report by Grand View Research, Inc. Rising demand from various industries, including chemical & petrochemical, and power generation, along with an increasing focus on improving efficiency standards in expected to drive the market at a CAGR of 5.1%.
Key Insights & Findings from the report:
The demand for plate & frame heat exchangers is anticipated to witness growth at a CAGR of 5.6% from 2022 to 2030 on account of its simple & compact structure coupled with their ability to increase capacity easily by adding new plates to the system.
The product demand in the power generation industry accounted for a revenue share of 13.7% in 2021, owing to the increasing energy demand coupled with rising concerns about energy loss and growing focus on efficient thermal management in power plants.
The market in the Asia Pacific is likely to witness a CAGR of 6.2% during the forecast period owing to rapid industrialization coupled with the increasing investments in manufacturing projects and the expanding chemical & power generation industry in the region.
The demand for heat exchangers in Saudi Arabia is expected to witness a CAGR of 4.5% owing to the presence of a robust oil & gas industry coupled with the growth in the manufacturing sector attributed to the government's diversification efforts.
Read 133-page market research report, "Heat Exchanger Market Size, Share & Trends Analysis Report By Product (Plate & Frame (Brazed, Gasketed, Welded), Shell & Tube, Air Cooled), By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Heat Exchanger Market Growth & Trends
The presence of favorable government regulations in the emerging economies of China , India , Brazil , and Mexico about setting up new manufacturing facilities is expected to spur the demand for heat exchangers in various industries. In addition, upcoming nuclear power projects, particularly in the Asia Pacific , are anticipated to drive market growth during the forecast period.
Technological advancements coupled with constant efforts and investments by major market participants in product innovation and research & development are expected to increase the market competitiveness over the coming years. The adoption of novel techniques of additive manufacturing in the production of heat exchangers is likely to complement industrial growth.
The COVID-19 pandemic has severely impacted several economies worldwide. Containment measures, including lockdown imposed by various countries to curb the spread of COVID-19, have resulted in limiting the operations of the manufacturing facilities, thereby negatively impacting the demand for heat exchangers in 2020. Heat Exchanger Market Segmentation
Grand View Research has segmented the global heat exchanger market on the basis of product, end use, and region:
Product Outlook (Revenue, USD Million; 2017 - 2030)
Plate & Frame Heat Exchanger
Shell & Tube Heat Exchanger
End-use Outlook (Revenue, USD Million; 2017 - 2030)
Regional Outlook (Revenue, USD Million; 2017 - 2030)
List of Key Players of Heat Exchanger Market
Check out more related studies published by Grand View Research:
Plate And Frame Heat Exchangers Market - The global plate & frame heat exchangers market size is projected to reach USD 5.67 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 6.9% during the forecast period. Increasing demand for heat recovery utilities in the chemical; Heating, Ventilation, and Air Conditioning (HVAC); and food and beverage sectors is anticipated to bolster the growth.
Shell & Tube Heat Exchangers Market - The global shell and tube heat exchangers market size is expected to reach USD 9.19 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% from 2020 to 2027. The growth of market can be attributed to the increasing product demand from numerous end-use industries, including power generation, chemicals, food and beverage, and petrochemical.
Brazed Plate Heat Exchangers Market - The global brazed plate heat exchangers market size is anticipated to be valued at USD 1.4 billion by 2025, accelerating at a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising urbanization and infrastructure developments have resulted in an increased demand for heat management systems. As a result, the demand for this market is likely to boost over the forecast period.
Browse through Grand View Research's HVAC & Construction Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: sales@grandviewresearch.com Web: https://www.grandviewresearch.com Grand View Compass | Grand View Pipeline Follow Us: LinkedIn | Twitter
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SOURCE Grand View Research, Inc.
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