CHICAGO, May 26, 2023 /PRNewswire/ -- The report "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Energy, HVACR, Food & Beverage, Power, Paper & Pulp), Material (Metals, Alloys and Brazing Clad), and Region - Global Forecast to 2028", is projected to reach USD 29.0 billion by 2028, at a CAGR of 7.1% from USD 20.5 billion in 2023.

The major drivers for the heat exchanger market are rising demand for HVACR equipment for the commercial construction industry, urbanization, rapid industrialization, and stringent regulatory & sustainable mandates concerning the greenhouse gas and Co2 emission. The fluctuation in raw material prices is the major restraint in this market. Opportunities for the market include increase in rising nuclear power plants in emerging economies.

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"Air cooled segment is projected to be second fastest CAGR by type, in terms of volume, during the forecast period."

Air cooled heat exchangers (ACHE) is a heat rejection system used for process cooling by convection and conduction to dissipate heat from process fluid to air. They utilize air as a cooling medium, which is supplied by an external electrical power source. The rise in demand for air-cooled heat exchangers can be attributed to environmental concerns, industrial growth, operational advantages, technological advancements, and the shift towards decentralized plant configurations.

"HVAC & Refregeration segment is projected to be second fastest CAGR by end use industry, in terms of value, during the forecast period."

The demand for heat exchangers in the HVAC & refregeration industry is witnessing a significant upsurge due to the growing emphasis on energy efficiency, environmental regulations, and improved indoor air quality. Heat exchangers play a crucial role in HVACR systems by enabling efficient heat transfer between fluids, resulting in reduced energy consumption and operating costs. The HVAC & refregeration industry continues to prioritize energy efficiency, environmental sustainability, and occupant well-being, the demand for heat exchangers is expected to grow further.

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"Middle East & Africa is expected to be the second fastest growing market for heat exchanger during the forecast period, in terms of value."

The Middle East & Africa is the third-largest oil-producing economy. Saudi Arabia, Iran, Iraq, the UAE, Kuwait, and Qatar are the major suppliers of fossil fuels. The region has witnessed an increase in demand for heat exchangers due to several factors. The rapid industrialization and infrastructure development in sectors such as oil and gas, petrochemicals, power generation, and mining have created a higher demand for efficient heat transfer solutions. The regions also have an extreme climate necessitates effective cooling and heat dissipation in various industrial processes.

New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the heat exchanger market include ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Danfoss (Denmark), Exchanger Industries Limited (Canada), Mersen (France), API Heat Transfer (US), BOYD Corporation (US), Johnson Controls (Ireland), Wabtec Corporation (US), XYLEM (US), and H. Güntner (UK) Limited (Germany).

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