Heat Exchangers Market to Reach $29.31 Bn, Globally, by 2026 at 7.2% CAGR: Allied Market Research

Technological advancements in heat exchangers and surge in demand from various end-user industries fuel the growth of the global heat exchangers market

PORTLAND, Oregon, Nov. 13, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air-Cooled, Microchannel, and Others), End-User Industry (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverage, Power Generation, and Others), and Material of Construction (Carbon Steel, Stainless Steel, Nickel, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global heat exchangers market garnered $16.62 billion in 2018, and is estimated to reach $29.31 billion by 2026, growing at a CAGR of 7.2% from 2019 to 2026. The report also provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

Technological advancements in heat exchangers and surge in demand from various end-user industries fuel the growth of the global heat exchangers market. On the other hand, corrosion and fouling issues in regards to heat exchangers restrain the growth to some extent. However, rapid industrialization in Asia-Pacific is expected to create multiple opportunities for the key players in the industry.

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The stainless-steel segment held the major share in 2018-

Based on material of consumption, the stainless-steel segment accounted for nearly one-third of the total market share in 2018 and is expected to dominate throughout the forecast period.  The fact that it is highly adopted owing to its beneficial characteristics such as resistance against corrosion in a wide range of pH levels, lightweight, high thermal conductivity etc. has spurred the growth of the segment. The carbon steel segment, on the other hand, is anticipated to garner the fastest CAGR of 7.5% till 2026.

The chemical segment to lead the trail throughout the forecast period-

Based on end-user industry, the chemical segment contributed to nearly one-fourth of the total market revenue in 2018 and is predicted to rule the roost during the estimated period. This is attributed to high adoption of heat exchangers in the chemical industry owing to their application in a complex series of processes such as heating, cooling, condensing, evaporation, separation, and others. At the same time, the oil and gas segment would cite the fastest CAGR of 7.9% throughout 2019–2026.

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Europe to maintain its lion's share-

Based on geography, Europe generated the major share in 2018, accounting for nearly one-third of the total market. This is due to high demand from automotive industries, food & beverage industry, and petrochemical industry. Simultaneously, the Asia-Pacific region would grow at the fastest CAGR of 7.6% by 2026. A number of factors such as a large consumer base, increase in demand for heat exchangers in countries such as China, India, Japan, and South Korea, for energy generation through nuclear power, and others have driven the growth.

Leading market players-

Leading market players analyzed in the research include Brask, Inc., Xylem Inc., Danfoss A/S, Kelvion Holding GmbH, API Heat Transfer, Koch Industries, Inc., Lytron Inc., Güntner GmbH & Co. KG, and Thermofin.

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