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| Heat Exchanger Market Size |
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 Overview:
Heat exchangers are devices built to transfer heat from one medium to another
medium at a different temperature. The main uses of heat exchangers are
applications like heating, ventilation, air conditioning, power plants,
chemical processing, petrochemicals, food processing, etc. It allows two or
more fluids of different temperatures to exchange thermal energy. Shell and
tube heat exchangers are widely used for thermal applications due to their
effectiveness, versatility, and reliability. Plate and frame heat exchangers
provide high heat transfer efficiency and compact size. Their maintenance and
cleaning requirements are also less compared to other types.
Market key trends:
The rising demand for HVAC systems from residential and commercial sectors is
driving the heat exchanger market growth. With increasing standard of living
and changing weather patterns, the sales of air conditioners and heaters are
growing steadily. The power generation industry is also a major consumer of
heat exchangers. Rapid industrialization in developing nations is positively
impacting the market. Stringent regulations to curb carbon emissions is
propelling the demand for efficient heat exchange equipment in industries.
Manufacturers are focusing on developing advanced materials, compact designs,
and corrosion resistant heat exchangers to gain more clients. The market is
expected to offer lucrative opportunities with the rising global energy demand
and industrial activities in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the heat
exchanger market requires high initial investments for R&D and
manufacturing facilities. However, the growing demand from various end-use
industries may attract new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the
fragmented nature of the market with presence of numerous regional and global
players. Buyers can negotiate on the pricing and demand custom-made products as
well.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
raw materials required for heat exchangers such as metals and plastics are
highly available globally. However, supply disruptions can impact operations of
manufacturers.
Threat of new substitutes: The threat of substitutes is low as heat exchangers
have applications across diverse industries and there are limited product
substitutes for exchanging heat between two or more media.
Competitive rivalry: The competitive rivalry is high due to presence of
numerous global and regional players competing on the basis of product quality,
technology, pricing and customer service.
Key Takeaways
The global Heat
Exchanger Market Size is expected to reach US$ 33,149.18 Mn by 2030,
exhibiting a CAGR of 5.1% over the
forecast period. Rapid industrialization and growing demand from power
generation, HVACR, and chemical industries are driving the market.
The Asia Pacific heat exchanger market is expected to dominate the global
market during the forecast period. Rapid industrial development and rising
infrastructure spending in China, India, Indonesia, and other Asian countries
are augmenting the regional market growth.
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, GÃ1⁄4ntner 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. The major
players are focusing on new product launches, collaborations and acquisitions
to gain a competitive edge in the market.
Read More: https://www.ukwebwire.com/heat-exchanger-market-share/