Heat Exchangers Sales to Increase at 6% through 2032 Amid Rising Infrastructure Development Activities Worldwide
Demand for Heat Exchangers to Surpass US$ 34.24 Bn by 2031 as Applications Across Power Generation Sector Bolsters
A recent survey conducted by Fact.MR on the global heat exchangers market provides detailed insights into prevailing trend between 2022 and 2032. The study uncovers key dynamics such as drivers and opportunities across 5 regions. It also provides demand outlook for the heat exchangers in terms of product and end user for the coming decade.
NEW YORK, June 6, 2022 /PRNewswire/ -- The global heat exchangers market was valued at US$ 18.94 Bn in 2021. Sales of heat exchangers are expected to exceed US$ 34.24 Bn by the end of 2031, exhibiting growth at a healthy CAGR of 6% during the forecast period 2022-2031.
As the trend of urbanization and sustainable development continue to create deeper inroads, a substantial rise in building and construction activities is being witnessed, especially in emerging countries such as China, India, and Brazil. Citing this trend, governments in numerous countries are undertaking initiatives to build smart cities in respective countries.
For instance, according to the India Brand Equity Foundation, the Government of India announced sanctioning nearly US$ 868 Mn to build more than 100 smart cities across India under the country's Smart City Mission between 2021 and 2022.
As heat exchangers play a crucial role in modern infrastructures for heating and cooling, increasing infrastructure development activities is anticipated to accelerate sales in the market.
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There is a significant rise in demand for electricity worldwide, owing to the surging trend of electrification and process automation. This is creating strong demand for equipment that assist in the production of energy.
For instance, according to a report by the International Energy Agency, the demand for electricity is estimated to increase at 2.1% per year across the globe till 2040, which is nearly double the rate of total primary energy demand.
Heat exchangers are used as condensers and heat extractors in nuclear power plants for electricity generation. Hence, increasing emphasis on boosting the production of electricity to meet growing energy demand is expected to augment sales of heat exchangers.
Key Takeaways:
- The U.S. is projected to continue dominate the North America heat exchangers market, owing to growing power generation activities in the country.
- Germany is estimated to exhibit growth at a robust CAGR, assisting the Europe market to account for around 35% of the total heat exchangers sales by 2022.
- India is forecast to emerge as a highly remunerative market for heat exchangers, on the back of increasing infrastructure development activities.
- China is expected to account for a significant share in the Asia Pacific market, driven by the growing adoption of heat exchangers in sewage treatment applications.
- Among the product verticals, the shell and tube heat exchanger has anticipated to remain the most sought-after, accounting for nearly 40% of the revenue share by 2022.
Growth Drivers:
- Implementation of stringent regulations regarding proper heat, ventilation, and air conditioning across the U.S., the U.K., China, and India is augmenting the demand for heat exchangers.
- Increasing usage of heat exchangers across numerous devices such as heater coils, boilers, furnaces, car radiators, air blast coolers, heat pumps, freezers, air conditioning systems, and sewage treatment system is spurring sales in the market.
Restraints:
- High initial cost of heat exchangers and extravagant cost of maintenance are primary factors hampering sales in the market.
- Volatility in the cost of raw materials used in heat exchangers such as steel, copper, aluminum is negatively affecting the growth in the market.
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Competitive Landscape:
Key manufacturers of heat exchangers are focusing on introducing novel energy efficient products to strengthen their product portfolio. Some of the other leading players are entering into collaboration and partnership with other companies expand their market share.
For instance,
- In December 2021, Alfa Laval, a Swedish provider of heat transfer, separation, and fluid handling equipment announced signing a global partnership deal with Microsoft for creating digital solutions to aid in support and maintenance of its plate heat exchanger range.
Key Companies Profiled by Fact.MR
- SAACKE GmbH
- Heatmaster BV
- Alfa Laval Corporate AB
- Southwest Thermal Technology
- General Electric Company
- Thermax Limited
- SPX Flow, Inc.
- Kelvion Holding GmbH
More Valuable Insights on Heat Exchangers Market
In its latest study, Fact.MR uncovers governing factors influencing the growth in the global heat exchangers market for the forecast period 2022-2031. The study also provides compelling insights into key drivers that are expected to create growth opportunities in the heat exchangers market through detailed segmentation as follows:
Product:
- Air Cooled Heat Exchangers
- Plate and Frame Heat Exchangers
- Shell and Tube Heat Exchangers
- Others (Condensers, Oil Coolers, and Radiators)
End User:
- HVAC
- Chemicals and Petrochemicals
- Power Generation
- Others (Food Processing, Aerospace, and Medical)
Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Heat Exchangers Market Report
- What is the estimated revenue of the heat exchangers market during the forecast period?
- Which are the challenges faced in the heat exchangers market?
- Which region is estimated to exhibit fastest growth rate in the global heat exchangers market during 2022-2031?
- What is the projected market valuation of the heat exchangers market in 2022?
- Which are the factors driving the heat exchangers during 2022-2031?
- What is the expected growth rate of the heat exchangers market until 2031?
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