The report Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Raw Material (Steel, Copper, Aluminum), Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region – Global Forecast to 2026″, The heat exchangers market size is estimated at USD 15.6 billion in 2021 and is projected to reach USD 19.9 billion by 2026, at a CAGR of 5.0% during the forecast period. The major factors driving the heat exchangers market include growth of the chemical industry and rising demand for energy across the globe. Heat exchangers have industrial and commercial application in various industries such as chemical, energy, power, HVACR, pulp & paper, and food & beverages. Shell & tube, plate & frame, air-cooled heat exchangers are commonly available in the market and are used in various end-use industries. Heat exchangers market growth is primarily driven by rise in HVACR deployment, and other industrial activities, surging energy prices, and rapid industrial expansion in the developing economies.

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•  153 Market data Tables
•  52 Figures
•  243 Pages and in-depth TOC on “Heat Exchangers Market – Global Forecast to 2026”

Some of the prominent key players are:

  • ALFA LAVAL (Sweden)
  • Kelvion Holding GmbH(Germany)
  • Exchanger  Industries Limited (Canada)
  • Mersen (France)
  • Danfoss (Denmark)
  • API Heat Transfer (US)
  • Boyd Corporation (US)
  • H. Güntner (UK) Limited (Germany)
  • Johnson Controls (Ireland)
  • XYLEM (US)

Opportunity: Rising nuclear power plants to drive the heat exchangers market

Heat exchangers has a significant impact on the overall efficiency and power output of a nuclear power plant. The increased use of heat exchangers in nuclear reactors, upgradation of existing nuclear plants, and proposed new nuclear power plant projects are the key opportunities for the players in the heat exchangers market. According to Statista, as of 2020, there are 443 nuclear reactors in operation in 32 countries globally and over 60 reactors under construction, which is equivalent to 29% of the existing capacity globally, creating future opportunities for heat exchangers market.

Increasing demand of shell & tube type of heat exchangers from various end-use industries

On the basis of type, the heat exchangers market is segmented into four types including, shell & tube, plate & frame, air-cooled, and others. Shell & tube segment dominates the heat exchangers market during the forecast period. Shell & tube heat exchanger are ideal for various end-use industries such as chemical, food & beverage, oil & gas, pulp & paper, and others such as metallurgical, wastewater treatment, and mining. Moreover, shell & tube type of heat exchangers offers a relatively large ratio of heat transfer area to volume and weight.

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Europe dominates the heat exchanger market

Europe is the largest market for heat exchangers, owning to established manufacturing, automotive, and industrial sector. European energy efficiency regulations, and demand for sustainable energy consumption will also increase the demand for heat exchangers during the forecast period. The major end use industries of heat exchangers in the region are chemical, energy, HVACR, and others.