Heat Exchanger Market Overview:
A heat exchanger can be used for facilitating the easy traversal of heat between two or more fluids. They are mainly used in the application of hydraulic and industrial process, marine, food process equipment, power generation and mining.
Heat Exchanger Market Size:
The Global Heat Exchangers Market is expected to reach USD 32.45 billion by 2023, from its current market value of USD 13.5 billion in 2018, growing at a CAGR of 8.7% during the forecast period.
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Heat Exchanger Market Drivers and Restraints:
The global heat exchanger market demand is expected to increase with its vital role in industries, such as petrochemical, petroleum refining, and power. Heat exchangers are the most efficient options for saving energy, which is the major driver for the market growth. The demand for energy-efficient machines, such as chemical and pharmaceutical manufacturers, food & beverage processing plants, and the oil & gas and marine industries is also driving the heat exchangers market globally. Rapid industrial development and urbanization are the main reason driving the growth of the and expected to support the growth in the forecast period. However, the installation, operation and maintenance costs of heat exchangers are very expensive and can face a major challenge that can be overcome with the increasing technologies and investment in the research and development over the forecast period.
Heat Exchanger Market Geographical Segmentation:
Geographically, the global market is divided among the regions of North America, South America, Europe, Middle East and Africa, and Asia Pacific. Of these, the Asia Pacific region is the largest and fastest growing market due to the tremendous improvement in industrialization and urbanization growth and expected to continue the same trend in the forecast period till the year 2023. North America has a second largest growth rate for heat exchanger market due to the development of marine and oil gas industrial sectors in the countries of the region like the United States, Canada and Mexico. Europe and Middle East are expected to witnesses a major growth in the forecast period due to the development of huge customer base.
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Key Players of Heat Exchanger Market:
Some of the key players in the market are Alfa Laval, Kelvion Holdings, Danfoss, Xylem, API Heat Transfer, Gunter and Hindustan Dorr-Oliver.
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