The report “Heat Exchanger Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Material (Metal, Alloys, Brazing Clad Materials), End-Use Industry (Chemical, Energy, HVACR, Food & Beverage, Power, Pulp & Paper), and Region – Global Forecast to 2029″, is projected to reach USD 32.3 billion by 2029, at a CAGR of 7.0% from USD 23.0 billion in 2024. The Heat exchangers market is driven by increasing industrialization in emerging economies, rising energy efficiency regulations and stringent emission standards, growing demand for HVACR equipment’s for commercial construction and rising demand for sustainable, low energy consuming, cost-effective heat exchangers.
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- 350 Market data Tables
- 57 Figures
- 334 Pages and in-depth TOC on “Heat Exchanger Market – Global Forecast to 2029”
Some of the prominent key players are:
· ALFA LAVAL (Sweden)
· Kelvion Holding GmbH (Germany)
· Danfoss (Denmark)
· Exchanger Industries Limited (Canada)
· Mersen (France)
· API Heat Transfer (US)
· Boyd (US)
· H. Güntner (UK) Limited (Germany)
· Johnson Controls (Ireland)
· Xylem (US)
· Wabtec Corporation (US)
· SPX FLOW (US)
· LU-VE S.p.A. (Italy)
· Lennox International Inc. (US)
· Modine Manufacturing Company (US)
Driver: Growing demand for heat pumps in Europe
Heat pumps rely on heat exchangers as a vital element to transfer heat among various mediums, including air, water, or the ground. The increasing uptake of heat pumps in Europe results in a heightened need for heat exchangers to facilitate effective heat transfer within these systems. These pumps are commonly integrated into heating systems across residential, commercial, and industrial buildings to offer space heating, hot water, and cooling functionalities. Heat exchangers serve as indispensable components within heat pump setups, enabling the exchange of heat between the refrigerant and the surrounding environment. Additionally, the European Union’s efforts to promote building renovation and enhance energy efficiency contribute to the rising adoption of heat pumps. As older buildings undergo retrofitting with heat pump systems to lower carbon emissions and energy usage, the demand for heat exchangers correspondingly increases.
By end-use industry, energy segment is the second fastest growing end-use industry in the heat exchanger market, in 2023.
Heat exchangers are essential components in various energy end-use applications, including power generation, HVAC systems, district heating and cooling, and renewable energy systems such as solar thermal and geothermal. These applications require efficient heat transfer to control temperatures, generate electricity, provide heating and cooling, and facilitate energy conversion processes. They are essential components in renewable energy systems such as solar thermal collectors, geothermal heat pumps, and biomass boilers. These systems harness renewable energy sources to generate heat for space heating, hot water production, and industrial processes, with heat exchangers facilitating the transfer of thermal energy between the renewable energy source and the end-use application.
Asia Pacific accounted for the largest market share in the heat exchanger market, in terms of value.
The heat exchanger sector in the Asia-Pacific region is undergoing significant growth and development. This expansion is fueled by various factors, including the region’s booming industrial domains, heightened emphasis on environmental sustainability, and increasing need for clean energy alternatives. Heat exchangers are crucial components in power plants, where they facilitate heat transfer processes in boilers, condensers, steam turbines, and cooling systems. Furthermore, governmental efforts targeting greenhouse gas reduction are driving the uptake of heat exchangers, positioning the Asia-Pacific market as a hub for the advancement and implementation of these innovative technologies.
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