May 18, 2022 12:23 ET | Source: Facts & Factors Facts & Factors
NEW YORK, US, May 18, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Heat Exchangers Market - Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022-2028” in its research database.
“According to the latest research study, the demand of global Heat Exchangers Market size & share was worth around USD 15,489.5 million in 2021 and is estimated to grow to about USD 20,521.3 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.8% over the forecast period 2022 to 2028.”
What are Heat Exchangers? How big is the Heat Exchangers Industry?
Heat exchangers are crucial components of multiple industries and are anticipated to see a hike in demand owing to rising industrial activity on a global scale. The heat exchangers market will be majorly driven by economies with high industrial activity.
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Global Heat Exchangers Market: Dynamics
Heat exchangers are common in industries such as energy, chemical, manufacturing, etc. and the rising expansion of these industries in the global landscape is projected to be the major driver for the heat exchangers market growth over the forecast period. Especially expansion of chemical manufacturing and increasing demand for sustainable energy will be the major industries running the sales of heat exchangers through 2028.
The fluctuations in raw materials create uncertainty in the manufacturing process of heat exchangers and this is expected to have a restraining effect on the global market potential and hurt the revenue generation capacity of multiple heat exchangers manufacturers. Heat exchangers companies are trying to combat this by finding more stable raw materials for the production to reduce the volatility of the process but this is not expected to affect market potential anytime soon.
Browse the full “Heat Exchangers Market By Material (Steel, Non-Steel), By Type (Shell & Tube, Plate & Frame, Air Cooled), By End-use Industries (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” Report at https://www.fnfresearch.com/heat-exchangers-market
Heat Exchangers Market: COVID-19 Impact Analysis
The pandemic of 2020 led to lockdown restrictions on a global scale that were put in place to curb the spread of coronavirus and subdue the pandemic situation. This led to a catastrophic impact on the world economy and caused multiple industries to ram down their operations amidst strict outdoor activity restrictions.
Lack of skilled workforce, unavailability of raw materials, disrupted supply chain and logistics were some other factors that further hindered the industrial activity and created a negative trend for heat exchangers market growth in 2020.
The heat exchangers market is expected to make a steady recovery in the post-pandemic era and is anticipated to see a hike in sales revenue as more industries return to their normal operating capacities and new ones are established to meet the high demands of the increasing population.
Heat Exchangers Market: Segmentation Analysis
The global heat exchangers market is segregated based on type, material end-use industries, and region.
Based on Material Segment Analysis
Based on End-use industries Segment Analysis
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Some of the main competitors dominating the global heat exchangers market include -
Key Insights from Primary Research:
Key questions answered in this report:
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The Europe region is expected to hold a dominant outlook in the global heat exchangers industry landscape. The rising focus on sustainability in this region is expected to be a prominent driver for the heat exchangers market in this region. Governments in this region are launching supportive initiatives to boost the adoption of renewable and sustainable energy sources in the economies of Germany, the United Kingdom, France, etc. and this is boosting the demand for heat exchangers which are crucial in solar and thermal energy generation plants. Rising industrial activity in this region is also expected to boost heat exchangers’ market potential over the forecast period.
Increasing industrial activity in the Asia Pacific region will provide the fastest growth of the heat exchangers market in this region and will emerge as a significant market by the end of the forecast period. China and India are expected to lead the demand charge in this region through 2028.
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The global heat exchangers market is segmented as follows:
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