Installation Of HVAC Equipment To Boost Heat Exchanger Market Growth

Heat Exchanger Market

Heat Exchanger Market (By Product: Plate & Frame, Shell & Tube, Air-Cooled, Microchannel, Others; By End-Use: Chemical & Petrochemical, HVAC & Refrigeration, Oil & Gas, Food & Beverage, Power Generation, Pulp & Paper, Others; By Material of Construction: Carbon Steel, Stainless Steel, Nickel, Others) - and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Heat Exchanger Market is estimated to be valued at US$ 20.77 Billion in 2022 and is expected to exhibit a CAGR of 7.04 % over the forecast period as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The heat exchanger in a car or truck is the radiator, which is at the center of a motor vehicle’s cooling system. A heater within an automotive is an air-to-liquid style automotive heat exchanger assembled of substances such as copper, brass and aluminum. The fundamental operation of an automotive cooling system comprises of a fluid coolant that is impelled from the engine to engross the heat that it generates. The coolant then makes its method to the radiator, where it sequences from a series of tubes and is cooled by a mixture of fans, ambient air flow and heat-dissipating fins.

Competitive Landscape:

Key players involved in the global Heat Exchanger Market are Alfa Laval, HRS Heat Exchangers, Koch Heat Transfer Company, Kelvion Holding GmbH, Xylem Inc., Hisaka Works, Ltd., Danfoss and API Heat Transfer.

Market Key Drivers:

The rise in installation of HVAC equipment is expected to augment the growth of global Heat Exchanger Market. For instance, as per facts and figures there are 1.9 million HVAC units across the globe.

The rise in the industrial production is anticipated to drive the growth of global Heat Exchanger Market. For instance, China's industrial production rose by 7.5% in January 2022.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Heat Exchanger Market due to the disruption in supply chain and the halt in supply of raw materials. The closure of manufacturing and production units has impeded the market growth. The delay in transportation and imposition of strict lockdown has also hindered the market growth.

Key Takeaways:

The global Heat Exchanger Market is expected to exhibit a CAGR of 17.65 % during the forecast period owing to the rising focus on installation of renewable energy by the government. For instance, Germany announced to reach 20 GW of offshore wind energy generation by 2030.

Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global Heat Exchanger Market due to rising approvals and launches, rising urbanization and industrialization, increasing investment, rising installation of HVAC equipment. For instance, in March 2022 Alfa Laval, heat transfer pioneer, launched a gasket plate heat exchanger that is known to have an influence on various applications.