CHICAGO, Feb. 5, 2020 /PRNewswire/ -- According to the new market research report "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Material (Steel, Non-Steel) Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the market size of Heat Exchangers is estimated to grow from USD 15.3 billion in 2019 to USD 20.5 billion by 2024, at a CAGR of 6.0% from 2019 to 2024.
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The market is driven by the number of factors namely growth in nuclear power production, increased demand for chemical and petrochemical products, and increased demand for processed food products. The rising energy prices, energy efficiency concerns, and stringent government regulations on the emission of CO2 are also on the key drivers for the heat exchangers market.
Chemical segment to lead the heat exchangers market globally
The chemical segment led the heat exchangers market with the largest share in 2019. Heat exchangers have been successfully employed for years in the chemical industry to heat and cool base, intermediate, and final products. The high level of efficiency, productivity, and operational safety have made heat exchangers important equipment in chemical production processes. Expansion across the chemical industry in the emerging economies favors the market for heat exchangers. Specialty chemicals growing demand will have a positive impact on the heat exchangers market
The shell & tube type segment is expected to lead the heat exchangers market in 2019
Shell & tube heat exchangers are the most common types of heat exchangers used globally. They are extensively used as power condensers, preheaters, oil coolers, and steam generators. These types of heat exchangers are considered to be an ideal choice for heavy-duty applications, owing to their high efficiency. Increased government investments on commercial building & construction projects are driving the demand for HVACR equipment, which, in turn, is expected to drive the demand for shell & tube heat exchangers, globally.
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Europe is estimated to account for the largest share of the heat exchangers market in 2019
Europe is a potential market for heat exchangers concerning demand and production capacity. This region has the presence of most global leaders operating in the heat exchangers market. The European region is the second-largest producer of chemical products globally, which favors the demand for heat exchangers in the region. Also, the presence of HVACR and power industry along with stringent energy efficiency regulations of the region to boost the demand for heat exchangers in Europe.
Key market players in the heat exchangers market
Alfa Laval (Sweden), Danfoss (Denmark), Kelvion Holdings (Germany), Guntner GmbH & Co. KG (Germany), Xylem (US), API Heat Transfer (US), Hindustan Dorr-Oliver (India), Hisaka Works (Japan), Chart Industries (US), and Johnson Controls International (Ireland) are key players operating in the Heat Exchangers Market.
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