Heat Exchangers Market to Offer Revenue Opportunity of $26.82 Billion by 2028 | Top 10 Players Accounting for Less Than 30% of the Market Value
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).
Westford, USA, Dec. 02, 2022 (GLOBE NEWSWIRE) — As the world economy continues to grow, the demand for heat exchangers market is also growing. Heat exchangers are used in a variety of industries, including power generation, chemical processing, and HVACR (heating, ventilation, air conditioning, and refrigeration). There are various types of heat exchangers available in the market like shell and tube type, plate type, air-cooled type etc. The most commonly used type of heat exchanger is shell and tube type.
There are several reasons for the growing demand for heat exchangers market. First, as the world economy grows, so does the demand for energy. Heat exchangers are used in power plants to generate electricity, and they are also used in oil refineries and chemical plants to process raw materials into finished products. Second, as more countries industrialize and urbanize, the demand for air conditioning and refrigeration increases. Heat exchangers are used in HVACR systems to cool air and water.
Third, as environmental regulations become stricter, there is a need for more efficient heat exchange technology that can help industries reduce their carbon footprint. For example, some new types of heat exchangers use waste heat from industrial processes to preheat incoming air or water, making the overall process more efficient.
The growing demand for heat exchangers market is being met by an increase in production from manufacturers around the world. China is currently the largest producer of heat exchangers, followed by Japan and the United States. With the increasing demand for heat exchangers, manufacturers are continually innovating and improving upon existing designs. New materials and manufacturing techniques are being developed that allow for more efficient heat transfer, making heat exchangers more cost-effective and reliable than ever before.
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SkyQuest’s Analysis Global Heat Exchangers Market
The global heat exchangers market is forecast to grow at a CAGR of 6.1% during the period 2022-2028. The report covers the present scenario and growth prospects of the global market and provides a detailed overview, including its drivers, restraints, challenges, and opportunities. It also segments the market by type (shell-and-tube and plate-and-frame), end-user industry (power generation, oil and gas, chemical processing, food and beverage, HVACR, and others), and geography (APAC, Europe, North America, South America, and MEA).
Power generation is the largest end-user industry for heat exchangers market. The growing demand for power in emerging economies is driving the growth in this end-user industry. Oil and gas is the second largest end-user industry for heat exchangers. The oil and gas industry uses heat exchangers in various upstream and downstream applications such as refinery operations and LNG projects.
However, the market growth is restrained by factors such as the high cost of installation and maintenance of heat exchangers and the stringent government regulations regarding the use of refrigerants.
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Temporary Demand Slowdown in Global Heat Exchangers Market
In its analysis of the market, SkyQuest has identified a number of key trends that are impacting the market. Firstly, the global economic environment is having a major impact on the heat exchangers industry. The slowdown in China due to stringent imposed lockdown and limited industrial output and other emerging markets has led to a reduction in demand for heat exchangers, and this is likely to continue in the short to medium term.
Secondly, the move towards more efficient and environmentally friendly heat exchangers is gathering pace. This is being driven by both regulatory pressures and customer demand, and manufacturers are investing heavily in research and development to meet these needs. Thirdly, consolidation within the industry is continuing at a rapid pace. Large companies are becoming even larger through mergers and acquisitions, and this is leading to increased price pressure on smaller players. Fourthly, the rise of digital technologies is transforming the heat exchangers market. New data-driven solutions are enabling manufacturers to optimize their designs and operations, and this is leading to increased efficiency and productivity gains.
These are just some of the major trends that Kantar has identified in its analysis of the heat exchangers industry. To stay ahead of the competition, manufacturers need to be aware of these developments and adapt their strategies accordingly.
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Top 10 Players Accounting for Less Than 30% of the Heat Exchangers Market Value
The key vendors profiled in the report are Alfa Laval, APV Engineered Systems, GEA Group Aktiengesellschaft, Kelvion Holding GmbH , SPX Corporation, Sondex Holding A/S, and Fluid Handling, LLC. Wherein, Alfa Laval is one of the key players in the global heat exchangers market.
In order to remain competitive, SkyQuest’s analysts regularly compare the relative strengths and weaknesses of major heat exchangers manufacturers. In this report, we summarize our findings from a recent analysis of leading manufacturers in global market.
Alfa Laval is a long-established player in the heat exchangers market with a strong global presence. The company has a comprehensive product range and is well-positioned to meet the needs of a variety of customers. However, it is facing increased competition from lower-cost producers, particularly in Asia. Fluid Handling, LLC is a relatively new entrant to the market, but has quickly established itself as a leading supplier of high-quality heat exchangers. The company has a strong focus on R&D and offers a number of innovative products. However, Fluid Handling, LLC products are generally more expensive than those of its competitors.
Alfa Laval is a large, diversified conglomerate with interests in many industries, including HVAC (heating, ventilation, and air conditioning). The company has been operating in the heat exchangers market for decades now and its product offering is currently not limited. However, Manufacturer C has significant financial resources and is committed to expanding its presence in this market.
Based on our analysis, we believe that Manufacturer Alfa Laval is best positioned to compete successfully in the market over the next few years. The company’s focus on R&D and innovation will allow it to maintain its premium position in the market.
Key Players in Global Heat Exchangers Market
- ALFA LAVAL (Sweden)
- Kelvion Holding GmbH (Germany)
- Exchanger Industries Limited (Canada)
- Mersen (France)
- Danfoss (Denmark)
- API Heat Transfer (US)
- Boyd Corporation (US)
- H. Güntner Limited (Germany)
- Johnson Controls (Ireland)
- XYLEM (US)
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