Heat exchangers are devices that transfer heat between fluids without direct contact and are utilized in a wide range of industries including power generation, chemical processing, petrochemicals, HVAC, and oil & gas. They help enhance energy efficiency by recovering and reusing waste heat. The rising demand for efficient systems and stringent regulations to curb carbon emissions are driving more companies to adopt heat recovery solutions.
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 1.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for energy-efficient systems has significantly accelerated the adoption of heat exchangers over the past few years. Heat exchangers allow various industries to capture waste heat from exhaust gases and machinery and reuse it for other heating applications such as pre-heating fuels and boiler feedwater. This leads to noteworthy energy savings. Government regulations in many countries mandating higher efficiency standards and lower carbon emissions from industrial facilities are also driving the increased uptake of heat recovery systems incorporating heat exchangers. For example, standards set by the Environmental Protection Agency in the US and the European Union's Ecodesign Directive are aimed at minimizing heat loss from industrial processes, which is spurring investments in innovative heat exchanger technologies.
Segment Analysis
The global heat exchanger market is segmented on the basis of type into shell & tube heat exchangers, plate & frame heat exchangers, air cooled heat exchangers, and others. The shell & tube heat exchangers segment dominates the market with over 30% market share owing to its extensive usage in various industries like chemical, petrochemicals, oil & gas, HVAC, power generation among others. This segment's demand is high due to its ability to handle high-pressure applications and capability to transfer large heat loads.
Key Takeaways
The global Heat Exchanger Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. 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 1.2% over the forecast period 2023 to 2030.
Regional analysis shows that Asia Pacific region is presently the fastest growing as well as dominating regional market. This growth can be attributed to increasing investments in industrial sectors and rapid urbanization in countries like China and India.
Key players operating in the heat exchanger market are GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, STP Nuclear Operating Company, SKODA JS AS, China National Nuclear Corporation, Bilfinger SE, BWX Technologies Inc., Doosan Heavy Industries & Construction Co. Ltd, Mitsubishi Heavy Industries Ltd, Bechtel Group Inc., Japan Atomic Power Co., and Rosatom Corp.
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