"Rapid Industrialization to ensure Positive Growth in Industrial Heat Exchangers Market"

Global industrial heat exchangers market was valued at US$ 13,978.5 Mn in 2020 and set to grow at a CAGR of 7.6% throughout the forecast period from 2021 to 2029. Growing industrialization among developing countries noted as one of the prominent factors driving industrial heat exchangers market worldwide. Heat exchanger serves broad range of industry applications. Numerous industries including chemical, oil & gas, food & beverage, power generation along with HVAC and pulp & paper industry are increasingly adopting heat exchangers as a component of heating as well as cooling systems. Many industrial processes need some heat to function; however, typically major precaution needs to be taken to prevent these functions from absorbing excessive heat. Industrial plants and factories embracing heat exchangers to keep machineries, water, oil, gas, chemicals and other substances within effective operating temperature. Moreover, heat exchanger also used to transfer heat exhaust released from the process. Industries utilize this heat for better use elsewhere and improve efficiency, thereby reducing the plant overheads. 

Growing chemical as well as oil & gas industry further reported for propelling the demand for industrial heat exchangers in the global market. Increasing market penetration of HVAC systems coupled with favorable environmental regulations are some other factors responsible for growing industrial heat exchangers market worldwide.

"Chemical Segment to Lead Overall Industrial Heat Exchangers Market throughout the Forecast Period"

The chemical segment led overall industrial heat exchangers market with the leading share in 2020.  In order to heat and cool base, intermediate and final product, chemical industry have been implementing heat exchangers in numerous industry applications. In recent years, chemical industry pointed as one of the fastest growing and most innovative sector, with more than 70% of its output being used by other industries worldwide. Chemical industry has witnessed significant growth in last few decades. In 2019, global chemical industry accounted for US$ 5.2 Trillion and projected to witness significant growth during the forecast period from 2021 to 2029.

"Asia Pacific Dominates Industrial Heat Exchangers Market; followed by Europe"

Growing chemical industry coupled with increasing demand for high power generation, on account of growing population, are observed as some of the prominent factors influencing overall industrial heat exchangers market in this region. Asia pacific chemical industry is amongst the most diversified global industries; produces more than 70,000 products ranging from cosmetics, fertilizers, plastics, petrochemicals and pharmaceuticals. In 2020, Asia pacific chemical manufacturing market accounted for more than 36% of the global market; closely followed by Europe and North America. Asia pacific emerged as hub for chemical manufacturing and exports over the recent past.

China’s chemical companies contributing to the highest share in overall industrial heat exchangers market growth in the region.  Growing demand for chemical products along with improving per capita income of the nation are some of the major factors allowing China to lead overall industrial heat exchangers market in Asia Pacific.

Competitive Insights

Leading manufacturers in global heat exchangers market are entering into mergers and acquisitions to increase share in global market. For instance, on 10 April 2020, Webtec Corporation, one of the leading commercial heat exchanger manufacturers, acquired Thermal Transfer Corp., one of the leading players providing innovation and durable products for industrial applications, in order to improve performance of conventional heat exchangers. Thermal Transfer Corp. offers broad portfolio of heat exchanger solutions for niche application from rail and industrial markets. Through this acquisition, Webtec Corporation has diversified their products and their applications among different industry vertical. Moreover, with its subsidiaries, Company manufactures a range of products for freight cars, locomotives along with passenger transit vehicles.

With stringent environmental regulations and increasing public awareness, companies are increasingly looking to eliminate or reduce the amount of waste produce during the process. In recent years, Zero Liquid Discharge (ZLD) has become a key waste reduction technique. ZLD technique separates unwanted materials from water and makes resulting solid residue more stable and suitable for recycling. On September 2021, HRS Heat Exchangers Ltd., specialists in industrial heat transfer technology, introduced heat exchangers for final commissioning stage of ZLD system for an industrial client in Europe. HRS heat exchangers play vital role in reducing the running cost of a ZLD systems by increasing the energy efficiency of overall ZLD system.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Heat Exchangers market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Industrial Heat Exchangers market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Industrial Heat Exchangers market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Industrial Heat Exchangers market?
• Which is the largest regional market for Industrial Heat Exchangers market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Industrial Heat Exchangers market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Industrial Heat Exchangers market worldwide?