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Heat Exchanger Market Overview, Driving Factors, COVID – 19 Impact Analysis, Segments and Forecast
The global market for heat exchanger can be segmented in terms of type and application.

Heat Exchanger Market, 7/01/2020 - Heat Exchanger Market Synopsis

The global Heat Exchanger System Market can expand at the rate of 9.5% during the forecast period (2018-2023), estimates Market Research Future (MRFR).

Top Drivers and Key Barriers

The strong growth of the heat exchanger market is the result of the amplified demand for the water and wastewater industry. The market growth also relies on the surging use of heat exchangers in different plants like water treatment plants that maximize water temperature and also elevates energy efficiency. Apart from this, the growing market for water and wastewater equipment is also boosting the demand for heat exchanger design across the globe.

Data analysts at MRFR note that the expanding worldwide population and the rising number of manufacturing activities also seem to be benefitting the worldwide market. Surge in oil and gas production is also estimated to have a lucrative effect on the global heat exchanger market. Besides, environmental concerns rising due to the use of non-renewable energy resources can work in favor of the heat exchanger market, given the several ongoing projects that are working on increasing the power generation capacity.

Market Segmentation

The global market for heat exchanger can be segmented in terms of type and application.

Depending on the type segment, the market consists of shell & tube, plate, regenerative and air-cooled. Shell & tube heat exchanger segment, among these, has the potential to achieve the top spot in the market, primarily owing to higher operating pressures and temperatures, the massive potential of heat transfer, low-pressure drop across the tube cooler and ease of fault detection.

The application-wise segments covered in the report are oil & gas, chemicals, food & beverages, HVACR, power generation, and others.

Regional Outlook

Asia Pacific (APAC), the Middle East and Africa (MEA), North America and Europe are the primary markets for heat exchanger identified in the MRFR report.

With the rise in globalization, the competition among automotive heat exchanger manufacturers in APAC has increased. This has given rise to the manufacturing of top quality products that boast of high functional competency. Moreover, companies are now focusing on the aftermarket space, besides catering to the original equipment manufacturers (OEM’s) in a bid to elevate their position in the market. The top markets for heat exchangers in the region include India and China.

Europe is a significant market for heat exchanger, owing to the high demand stemming from the extreme cold weather condition. The region is benefiting from the high production of plate & frame heat exchangers, especially in countries like the United Kingdom (UK), France, and Germany.

Top Market Players

The leading performers in the worldwide heat exchanger market are Southern Heat Exchanger (U.S.), Danfoss A/S (Denmark), API Heat Transfer Inc. (U.S), Hughes Anderson Heat Exchangers (U.S.), Xylem Inc. (U.S.), Koch Heat Transfer Company (U.S.), Hamon & Cie International SA (Belgium), Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Sierra S.p.A (Italy), SPX Corporation (U.S.), Gunter AG & Co. KG (Germany), to name a few.

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