Press Release

A heat exchanger is a device that allows heat to be transferred between two fluids of differing temperatures. Refrigeration, heating, and air-conditioning systems, power plants, chemical processing systems, food processing systems, vehicle radiators, and waste heat recovery units are all examples of heat exchanger uses. Heat exchangers are used in a variety of sectors for a variety of purposes. These are used for pasteurisation in the food and beverage business, and for heat recovery in the oil and gas and power industries. Apart from the aforementioned applications, these are mostly employed as cooling equipment in the industrial sector. Coolants pass through these exchangers to maintain the system's working temperature. Due to increased power demand and energy requirements, the application scope is rising in tandem with the rise of all of the aforementioned industries.

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The petrochemical sector is expected to develop in response to rising demand for fertilisers, plastics, packaging, digital devices, medical equipment, and textiles. In addition, the penetration of petrochemical products in modern energy systems, such as wind turbine blades, solar panels, and electric vehicle parts, is expected to propel the industry forward. As a result, the aforementioned reasons are projected to stimulate demand for these goods in the chemical and petrochemical industries.

The steel segment has dominated the market share in 2020 of global heat exchanger market owing to the high strength, durability, and corrosion resistance, stainless steel is an excellent choice for heat exchanger construction. Mild steel and stainless steel are the most popular steel grades among manufacturers. The shell and tube segment has dominated the market share in 2020 of global heat exchanger market owing to the capacity to work at greater temperatures and pressures, simple pressure tests that aid in the detection of any flaws, excellent resilience to thermal shocks, and less pressure drop when compared to other types are the key elements driving their use. The chemical segment is dominated the market share in 2020 of global heat exchanger market owing to the widespread use of heat exchangers, which are used in a variety of processes including heating, cooling, condensing, evaporation, separation, and others. Europe region is dominating the market share of global heat exchanger market owing to the establishment in the manufacturing, automotive, and industrial sectors. Furthermore, Europe established zero-emission rules for commercial and residential buildings in 2020. During the projection period, heat exchanger demand will rise as energy efficiency standards on new residential and commercial infrastructure focus on less carbon-intensive activities and demand for sustainable energy usage.

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REGIONAL INSIGHTS

The global heat exchanger market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Europe region is dominating the market share of global heat exchanger market owing to the establishment in the manufacturing, automotive, and industrial sectors. Furthermore, Europe established zero-emission rules for commercial and residential buildings in 2020. During the projection period, heat exchanger demand will rise as energy efficiency standards on new residential and commercial infrastructure focus on less carbon-intensive activities and demand for sustainable energy usage. The demand for these goods in the HVAC & refrigeration industry is expected to increase as public and private infrastructure investments increase. Furthermore, rising demand from a variety of end-use sectors for heat exchangers with improved durability, efficiency, and fouling resistance is likely to fuel industrial expansion over the projection period.

However, Asia-Pacific region is anticipated to grow over the next few years of global heat exchanger market owing to the rapid industrialization in the region's developing countries, as well as rising investments in manufacturing, commercial, and industrial projects. The increased investments in the chemical, petrochemical, and HVAC sectors are expected to drive the heat exchangers market in China. Factors such as the country's growing population and the government's attempts to improve infrastructure are likely to support the growth of the power generation and HVAC & refrigeration sectors, driving demand for these products throughout the forecast period.

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