The global heat exchangers market is predicted to reach $25.8 billion by 2030, growing at a 5.1% CAGR during 2021–2030. The growth is primarily attributed to the increasing emphasis on effective temperature management in different sectors, such as oil & gas, chemical & petrochemical, power generation, HVAC-R, and food & beverage.
There is an increase in the popularity of these appliances in the petrochemical, HVAC-R, chemical, and oil & gas sectors around the world. In addition, the fast industrialization and expanding commercial sectors would drive the market. Additionally, the growing investments in power plants throughout the world's emerging economies are responsible for the overall growth of the market.
In order to fulfill the demands of businesses and consumers, governments in countries with significant power shortages are currently taking action to expand their power generation capacity. While many power plants utilizing steam and gas turbines are presently being built, several others are already in the process of being commissioned. Moreover, the field of clean energy also continues to expand, driven by government support for sustainability. In this sector, concentrated solar, nuclear, and geothermal power plants require heat exchangers.
The industry outlook will brighten as a result of the rising integration of these products with network-based solutions for seamless operations and better fault detection. The recent advancements in technology have provided several productivity advantages as well as real-time monitoring and issue diagnosis capabilities. The industrial internet of things (IIoT) is being utilized for this purpose by a number of major industry players. The adoption of such technology reduces downtime, wear & tear, and energy consumption, and allows for predictive system maintenance and efficient machine optimization.
Moreover, the global economy continues to be driven by the population explosion, rising income, and increasing customer purchasing power. These factors result in growing businesses across the world and rapid commercialization. Moreover, with the increasing commerce and trade, the demand for cooling and heating solutions is also growing, thus driving the growth of the market.
Some major players operating in the heat exchangers market are Alfa Laval, Danfoss A/S, Kelvion Holding GmbH, Guntner Group GmbH, Xylem Inc., API Heat Transfer, Mersen Corporate Services SAS, Hisaka Works Ltd., Chart Industries Inc., and Johnson Controls International.