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Heat Exchanger Market Poised For Growth By Advantages In Energy Efficiency

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Leena Shedmake
Heat Exchanger Market Poised For Growth By Advantages In Energy Efficiency

Heat exchangers find widespread applications in industries such as chemicals, petrochemicals, oil & gas, HVAC, power generation, food & beverage, and automotive. They provide benefits such as higher energy efficiency, compact design, and durability. The global heat exchanger market has seen increased demand for products that can optimize processes, reduce energy consumption, and comply with emission norms.

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 key trends:



One of the key trends driving growth in the heat exchanger market is the rising demand from the power generation industry. Heat exchangers play a vital role in power generation processes by helping transfer heat from flue gases to boiler feed water. They improve plant efficiency, reduce operating costs, and help comply with stringent emission norms. Advances in materials and designs are allowing manufacturers to develop more compact and durable heat exchangers suitable for utility-scale power plants. The demand for efficient heat exchange solutions from both conventional thermal power and renewable energy power plants is expected to increase significantly over the forecast period, thus propelling the heat exchanger market growth.


Segment Analysis


The global heat exchanger market is segmented by type into shell & tube, plate & frame, air-cooled and others. The shell & tube segment dominates the market and accounts for over 35% share of the total market. This is because shell & tube heat exchangers can withstand high pressures and temperatures and are able to transfer heat between liquids and gases with less maintenance.



Key Takeaways


The Global Heat Exchanger Market Demand is expected to witness high growth. Regional analysis related content comprises the Asia Pacific region is expected to be the fastest growing as well as dominating region in the heat exchanger market during the forecast period. This is due to increasing demand from the power generation, petrochemical, oil & gas and other process industries in countries like China, India.


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, Güntner 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.

 


Explorer more information on this topic, Please visit- 

https://www.marketwebjournal.com/heat-exchanger-market-growth-and-trnds-analysis-share-size-demand-forecast/

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