The global Heat Exchanger Market is estimated to be valued at US$ 18849.18 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Heat exchangers are devices built to transfer heat from one medium to another medium at a different temperature. The main uses of heat exchangers are applications like heating, ventilation, air conditioning, power plants, chemical processing, petrochemicals, food processing, etc. It allows two or more fluids of different temperatures to exchange thermal energy. Shell and tube heat exchangers are widely used for thermal applications due to their effectiveness, versatility, and reliability. Plate and frame heat exchangers provide high heat transfer efficiency and compact size. Their maintenance and cleaning requirements are also less compared to other types.
Market key trends:
The rising demand for HVAC systems from residential and commercial sectors is driving the heat exchanger market growth. With increasing standard of living and changing weather patterns, the sales of air conditioners and heaters are growing steadily. The power generation industry is also a major consumer of heat exchangers. Rapid industrialization in developing nations is positively impacting the market. Stringent regulations to curb carbon emissions is propelling the demand for efficient heat exchange equipment in industries. Manufacturers are focusing on developing advanced materials, compact designs, and corrosion resistant heat exchangers to gain more clients. The market is expected to offer lucrative opportunities with the rising global energy demand and industrial activities in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the heat exchanger market requires high initial investments for R&D and manufacturing facilities. However, the growing demand from various end-use industries may attract new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the fragmented nature of the market with presence of numerous regional and global players. Buyers can negotiate on the pricing and demand custom-made products as well.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for heat exchangers such as metals and plastics are highly available globally. However, supply disruptions can impact operations of manufacturers.
Threat of new substitutes: The threat of substitutes is low as heat exchangers have applications across diverse industries and there are limited product substitutes for exchanging heat between two or more media.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players competing on the basis of product quality, technology, pricing and customer service.
Key Takeaways
The global Heat Exchanger Market Size is expected to reach US$ 33,149.18 Mn by 2030, exhibiting a CAGR of 5.1% over the forecast period. Rapid industrialization and growing demand from power generation, HVACR, and chemical industries are driving the market.
The Asia Pacific heat exchanger market is expected to dominate the global market during the forecast period. Rapid industrial development and rising infrastructure spending in China, India, Indonesia, and other Asian countries are augmenting the regional market growth.
Key players operating in the heat exchanger market are WCR, Inc., Alfa Laval, Manning and Lewis, Danfoss, Universal Coils and Heat Exchangers Industries Co. Ltd., Kelvion Holdings, GÃ1⁄4ntner Group GmbH, DFC Pressure Vessel Manufacturer Co., Ltd., Xylem, AIC Inc., API Heat Transfer, Aqua Systems, Inc., Mersen, Southern Heat Exchanger, Hisaka Works, Koch Heat Transfer Company, Chart Industries, Inc., Apparantebau GmbH, Johnson Controls International, Funke Wärmeaustauscher, HRS Heat Exchangers Ltd., and SPX flow, Inc. The major players are focusing on new product launches, collaborations and acquisitions to gain a competitive edge in the market.
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