Rapidly Increasing Renewable Energy Resources Adoption to Fuel Heat Exchanger Market Growth
The global heat exchanger market is poised for substantial growth, driven by the surging adoption of renewable energy sources like wind and solar. The rising demand for energy efficiency and the need to reduce greenhouse gas emissions are propelling the installation of heat exchangers, which play a crucial role in various renewable energy systems. Moreover, government mandates promoting renewable energy further boost market prospects.
Renewable Energy Gains Momentum
Renewable energy accounted for 29% of the worlds electricity production in 2020, up from 27% in 2019. A substantial growth rate of over 8% is anticipated in 2021, reaching a staggering 8,300 TWh, marking the highest annual growth rate since the 1970s. China is expected to lead this surge, followed closely by the United States, the European Union, and India.
Addressing Environmental Concerns
With the global population on the rise and rapid industrialization, the need for energy has escalated. However, this has led to increased greenhouse gas emissions, posing environmental challenges. To counter this, many companies are adopting energy-efficient technologies, capturing waste energy, and optimizing processes with innovative heat recovery devices in various industrial applications. This shift is expected to contribute significantly to the growth of the global heat exchanger market in the forecast period.
Advantages of Shell & Tube Heat Exchangers
The shell and tube segment stands as a dominant force in the industry, accounting for 35.8% of global revenue demand. Shell and tube heat exchangers offer numerous advantages over other types, including cost-effectiveness compared to plate-type coolers, the ability to operate at higher temperatures and pressures, ease of maintenance, and compatibility with various seawater coolants. These heat exchangers are commonly used in applications requiring a wide range of temperature and pressure, as well as the transfer of liquids and gases. While they boast a straightforward design and are excellent for heat transfer from steam to water, their large spatial requirements could limit their growth potential during the projection period.
Asia Pacifics Rising Star
The Asia Pacific region is poised to witness remarkable growth in heat exchanger demand during the forecast period, with a projected CAGR of 6.2%. The surge is attributed to rapid industrialization in developing countries and increased investments in manufacturing, commercial, and industrial projects. China, in particular, is set to drive the heat exchanger market, with growing investments in the chemical, petrochemical, HVAC, and refrigeration sectors. Factors such as population growth and infrastructure development efforts are expected to support the power generation and HVAC & refrigeration sectors, driving demand for heat exchangers.
Asia Pacific Dominance
The ongoing construction of multiple power projects, especially in China, is anticipated to solidify the Asia Pacifics dominance in the market. These projects, such as the Leizhou Thermal Power Project and the Shin Kori Nuclear Power Plant expansion in South Korea, are expected to significantly boost heat exchanger demand throughout the forecast period.
Global Heat Exchanger Market: Competitive Landscape
Key players in the heat exchanger market include Alfa Laval, Southern Heat Exchanger Corporation, Danfoss, HRS Heat Exchangers, Kelvion Holding GmbH, Mersen, Guntner Group GmbH, SPX FLOW, Inc., API Heat Transfer, Xylem Inc., Hisaka Works, Ltd., Chart Industries, Inc., Johnson Controls International, Funke Warmeaustauscher Apparantebau GmbH, and Koch Heat Transfer Company. These companies are actively expanding their operations and capacities to meet the growing global demand for heat exchangers.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/heat-exchanger-market
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