Global heat exchangers market is predicted to reach USD 33.01 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Heat exchanger is a highly dynamic sector with prime focus on raw materials, equipment production, and end-use industries. A heat exchanger functions on the basis of the principle of conduction and convection for transferring thermal energy in the designated processes. Recent technological advancements and bloated energy-efficiency demand across a range of applications in the commercial and industrial sector across the globe has been the superior force propelling the global heat exchangers market.
Heat exchangers are available in an array of variants such as plate & frame, shell & tube, graphite as well as others. Each heat exchanger type has its own advantages and disadvantages and is usually evaluated based on installation cost, purchase cost, maintenance cost, and operating cost. The main criteria for selecting a specific heat exchanger encompasses temperature & operating pressure, utilities available, fluid characteristics, layout constraints & plot plan, mechanical considerations, and future expansion plans.
The worldwide market has substantially evolved around technological effectiveness of these products, energy efficiency government initiatives, and their raw materials. The shift in consumer preference toward implementation of energy-efficient gadgets, construction & building has added momentum to this trend.
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Production activities in petrochemical and chemical plants and upgradations of facilities & factories has significantly contributed to global climate mandates by decreasing carbon emissions. Restricting volatile organic composites in the environment and regulatory norms implemented particularly in American, Asian, and European nations has highly impacted the sustainability aspect.
The report cites that the heat exchanger business domain has grown in terms of innovative and advanced products for sustainable and improved thermal efficiency in several operating units such as electricity production by employing renewable assets.
Speaking of the regional hierarchy, the Asia Pacific is anticipated to be the biggest market for product sales in terms of both volume and revenue. The paradigm shift of industrialization from the west to the Asia Pacific is the main factor driving the regional growth. The business organizations or chiefly the manufacturers have become exceptionally and increasingly globalized to make high value for cost, and at the same time contest to fulfill the quickly emerging expertise in the Asian marketplace. North America is yet another budding market with an established production hub, cites the report.
The industry is extremely fragmented in nature with numerous noteworthy market players globally. Key industry players profile in the global heat exchangers market are Alfa Laval AB, Kelvion Holdings GmbH, Hughes Anderson, SPX Corporation, Koch Heat Transfer Co., Xylem Inc., HRS Heat Exchangers Ltd., Hindustan Dorr-Oliver Ltd, and AOI Heat Transfer Inc.