Allied Market Research recently published a report, titled, “Heat Exchanger Market by Type, End-user Industry, and Material of Construction: Global Opportunity Analysis and Industry Forecast 2021–2030.” According to the report, the global heat exchanger industry was pegged at $16.7 billion in 2020, and is expected to reach $28.3 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
Heat exchangers help control fluid temperatures in food, beverages, and pharmaceutical processing for pasteurization, sterilization, clean-in-place, and other hygienic operations. In addition, ingredients in cosmetics and pharmaceuticals are mixed at specific temperatures to ensure safe use and product quality are done by heat exchangers. However, rise in pharmaceutical, cosmetic, chemical, and petrochemical industries across the globe is expected to act as a major driving factor for the growth of the heat exchanger market.
Download Sample PDF (287 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/2049
Based on type, the shell and tube segment accounted for nearly one-third of the global heat exchanger market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is attributed to its various advantages such as ease of application in higher operating temperatures and pressures, low price as compared to plate type coolers, and others. Shell and tube heat exchangers are a preferred choice owing to the ease of servicing and their compatibility for use with different types of seawater coolants. Moreover, this segment would showcase the fastest CAGR of 5.9% by 2030. The report also includes analysis of plate and frame, air-cooled, microchannel heat exchangers, and others.
Based on end-user industry, the chemical segment held the lion’s share in 2020, contributing to nearly one-fourth of the global heat exchanger market, and is expected to continue its lead during the forecast period. This is owing to their ability to withstand the continuous chemical reactions and their application in a complex series of processes such as cooling, heating, condensing, separation, evaporation, and others. The oil and gas segment, however, would showcase the fastest CAGR of 6.1% by 2030. The report also includes an analysis of the Hvacr, petrochemical, power generation, and food & beverage segments.
Request a Discount Before Purchasing Report @ https://www.alliedmarketresearch.com/purchase-enquiry/2049
By region, the global heat exchanger market across North America is expected to register the highest CAGR of 5.9% during the forecast period, owing to rising upstream activities, chemical industry, and oil & gas refineries, which in turn are expected to increase the demand of heat exchanger in the region. However, the market across LAMEA held the largest share in 2020, accounting for more than one-third of the market. This is due to numerous factors such as a large consumer base including oil & gas refineries, chemical industry, food industry, sugar industries, and others.
The global heat exchanger market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Accessen Group, Ala Laval, API Heat Transfer, Chart Industries., Danfoss A/S, Hisaka Works. Ltd., Exchanger Industries Limited, Koch Industries, Inc., Thermofin Gmbh, and Xylem.
The global heat exchanger market is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the heat exchanger market growth.
Get detailed COVID-19 impact analysis on the Heat Exchanger Market @ https://www.alliedmarketresearch.com/request-for-customization/2049?reqfor=covid
Impact Of Covid-19 On Global Heat Exchanger Market
- The manufacturing of heat exchanger stopped for a specific period due to high peak of COVID-19, which highly impacted sales of the heat exchanger.
- According to the Organization for Economic Co-operation and Development (OECD), a surge in the price of crude oil began during the lockdown, due to extensive supply and less demand, which increased the production of electricity. However, there is no impact of COVID-19 on the heat exchanger market, due to the extensive production of oil.
- Sales of heat exchanger is directly proportional to the demand for oil & gas. The oil & gas industry is negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in crude prices in 2020 due to the resumed overflow production, However, the continued upstream activities has not impacted the demand for heat exchanger.
- COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global heat exchanger market due to impact of COVID-19.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975