According to recent reports by MarketsandMarkets, the global Heat exchangers market size is anticipated to reach USD 20.5 billion by 2024, at a CAGR of 6.0 percent. The major factor driving the growth of this market is owing to the demand for heat exchangers
supported by the growth of the end-use industries, globally.
Heat exchangers are largely used in chemicals, petrochemicals, HVAC and refrigeration, food & beverages, power generation, and many other industries. Furthermore, the surge in demand from the chemical industry, technology innovation, and increasing focus on improving the efficiency standards is predicted to fuel the market growth during the forecast period.
The chemical industry market size is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 6.5 percent in terms of revenue during the forecast period. This is due to the significant growth of the chemical industry particularly in the Asia Pacific region.
While heat exchangers in chemicals are implemented in the numerous manufacturing/production processes such as condensation of solvents, benzene heat recovery, cooling water circuits and hydrocarbons, heating and cooling of intermediate products, reaction and production processes, the HVAC and refrigeration require heat exchanger for various purposes such as heating, cooling, and ventilation in both the residential and commercial sectors.
The food & beverage industry is anticipated to witness a Compound Annual Growth Rate (CAGR) of 5.9 percent during the forecast period (2020 to 2027). Heat exchangers in this segment are particularly used for the processing of food products.
Installation of huge plant capacities of heat exchangers
Based on the region, the heat exchangers market is classified into various regions that include Asia Pacific, North America, Europe, South America, Middle East, and Africa. At present, Europe is the largest market for heat exchangers since the region has installed huge plant capacities of heat exchangers. Owing to increasing industrialization this market is expected to emerge in numerous other countries such as China, India, Saudi Arabia, and Brazil. The rise in consumption of petrochemical products has resulted in the increase of activities in upstream processing particularly across the Middle East and Africa and North American region.
Based on the type, the shell and tube are the most widely used types of heat exchangers that were accounted for a major share of the heat exchangers in the year 2018. Shell & tube heat exchangers can manage fluids at high temperatures and pressures owing to which they are preferred in a variety of applications such as chemical, food & beverage, and power generation, and many others. The energy segment is anticipated to register the fastest growth rate in the heat exchangers market. This growth is attributed owing to the surge in demand for heat exchangers in the upstream and downstream processing industry, globally.