North America Heat Exchanger Market Size, Trends, and Forecast
North America Heat Exchanger Market Overview:
The North America heat exchanger market is characterized by robust demand from industries like HVAC, chemical, and oil & gas. With stringent regulations driving energy efficiency, the market witnesses continual growth. Technological advancements and the presence of key players foster innovation and competitiveness. The United States leads the market due to its significant industrial base and infrastructural development. Canada follows suit with its growing industrial sector. Factors like increasing investments in renewable energy and the emphasis on sustainable practices further propel market expansion in the region.
Heat Exchanger Market is projected to be worth USD 33.8 billion by 2030, registering a CAGR of 6.8% during the forecast period (2022 - 2030)
A heat exchanger, simply put, is a device that transfers the heat from a specific medium to another. Heat is transferred through conduction by exchanger materials that separate the mediums being used. They are more reliable and efficient in operation when specific parameters like installation, flow rate, and temperature differential guidelines are successfully evaluated.
Various factors are fuelling the global heat exchanger market share. As per the recent MRFR market estimates, such factors include the growing adoption in different industrial applications such as spas and swimming pools, mining, power generation, mobile power plant, food process equipment, marine, and hydraulic and industrial processing, increase in power demand from non-commercial and commercial sector, growing population, economic growth in the developing nations, technological developments in heat exchangers, growth in HVACR process equipment, rising investments in manufacturing, industrial, and commercial projects, and rise in industrialization.
On the contrary, lack of awareness about energy efficiency in buildings, impact of the COVID-19 pandemic, high cost of heat exchangers, and fluctuations in raw material prices may impede the global heat exchanger market growth over the forecast period.
Key Players
Alfa Laval AB (Sweden)
Kelvion Holdings Gmbh (Germany)
Southern Heat Exchanger (U.S.)
Danfoss A/S (Denmark)
SPX Corporation (U.S.)
Xylem Inc. (U.S.)
API Heat Transfer Inc. (U.S)
Gunter AG & Co. KG (Germany)
Sierra S.p.A (Italy)
Hamon & Cie International SA (Belgium)
Koch Heat Transfer Company (U.S.)
Hughes Anderson Heat Exchangers (U.S.)
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global heat exchanger market based on type and application.
By type, the global heat exchanger market is segmented into air cooled, regenerative, plate, and shell and tube. Of these, the shell and tube segment will lead the market over the forecast period.
By application, the global heat exchanger market is segmented into food and beverage, HVACR, power generation, oil and gas, chemicals, and others. Of these, the chemicals segment will dominate the market over the forecast period followed by the oil and gas industry.
Regional Analysis
By region, the global heat exchanger market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, Europe will command the market over the forecast period. Growing demand and production capacity of plate and frame heat exchangers, the presence of major heat exchanger manufacturers, rising expenditure on refrigeration and HVAC industry, and growing trend of basic chemical consumption in different end use industries in the UK, Italy, France, and Germany are adding to the global heat exchanger market growth in the region. France, the UK, and Germany hold the utmost market share.
In the APAC region, the global heat exchanger market is predicted to have promising growth over the forecast period. Rapid urbanization and industrialization, large consumer base(food industry, sugar industries, oil and gas refineries, chemical industry, and others), growing need for heat exchangers in South Korea, Japan, India, and China for energy generation through nuclear power, increasing construction activities, rise in demand for energy, and the expansion of power generation and chemical industries are adding to the global heat exchanger market growth in the region.
In North America, the global heat exchanger market is predicted to have favorable growth over the forecast period for the increasing oil and gas E&P activities in Canada and the US and surging energy demand in various commercial and industrial sectors.
In RoW, the global heat exchanger market is predicted to have admirable growth over the forecast period for the growth in use in the refineries.
Industry Updates
April 2021-Alfa Laval will soon pioneer sustainable, ground-breaking heat exchanger recycling.
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