Technological advancements in heat exchangers and surge in demand from various end-user industries fuel the growth of the global heat exchangers market
PORTLAND, OR, UNITED STATES, September 14, 2020 /EINPresswire.com/ — The heat exchangers market is driven by numerous factors such as high demand from emerging economies, an increase in energy prices, technological advancements in heat exchangers, and others. There is a significant rise in demand from developing economies such as India, China, and Indonesia, owing to the rapid industrialization.
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.
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The global heat exchangers market is segmented based on type, end-user industry, the material of construction, and region.
Based on type, the shell & tube segment occupied the highest share of 30% in 2018 and is anticipated to continue its dominance throughout the analysis period. It is highly adopted in numerous end-user industries owing to its characteristics such as easy maintenance, high efficiency, compatible in high-pressure applications, compact design, and others
Based on the 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.
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Based on geography, Europe generated a major share in 2018, accounting for nearly one-third of the total market. This is due to high demand from the automotive industries, food & beverage industry, and the 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, an 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 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.
Other players in the value chain of the market include HRS Heat Exchangers, Thermax Global, Harsco Industrial Air-X-Changers, Radiant Heat Exchanger, Air Products and Chemicals, Doosan Corporation, Sierra, Mersen, Barriquand Technologies, Swep International, and others.
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Key Findings of Heat Exchangers Market:
• Based on type, the shell, and tube segment is expected to grow at the fastest growth rate of 7.6%
• Based on end-user industry, oil & gas is expected to experience rapid growth with a rate of 7.9%
• The Asia-Pacific heat exchangers market is projected to grow at the highest CAGR of nearly 7.6%, in terms of revenue, during the forecast period
• A comprehensive analysis of the factors that drive and restrain the heat exchangers market growth is provided
• An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves
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Source: EIN Presswire