NEW YORK, United States, May 18, 2022 (GLOBE NEWSWIRE) — Facts and Factors has released a new research report titled “Heat Exchanger Market – Global and Regional Industry Trends, Competitive Intelligence, Data Analysis, Statistics and 2022 Forecast – 2028″ in its research database.
“According to the latest research, the demand value of the global heat exchanger market size and share in 2021 is approximately USD 15,489.5 million and is expected to grow to approximately USD 20,521.3 million by 2028, at a compound annual growth rate (CAGR) of approximately 2022 to 2028 4.8% over the forecast period of 2019.”
Heat exchangers are an important part of several industries and the demand is expected to increase owing to the increase in industrial activities across the globe.The heat exchanger market will be mainly driven by economies with high industrial activity.
(Please note that the sample for this report has been modified to include pre-delivery COVID-19 impact studies.)
Heat exchangers are common in industries such as energy, chemical, and manufacturing, and the increasing global expansion of these industries is expected to be the key driver for the heat exchanger market growth over the forecast period.In particular, the expansion of chemical manufacturing and increasing demand for sustainable energy sources will be the main industries selling heat exchangers by 2028.
Fluctuations in raw materials bring uncertainty to the heat exchanger manufacturing process, which is expected to have a dampening effect on the global market potential and hurt the revenue-generating capabilities of several heat exchanger manufacturers.Heat exchanger companies are trying to solve this problem by finding more stable production raw materials to reduce process volatility, but this is not expected to affect the market potential anytime soon.
Browse the complete Heat Exchanger Market by Material (Steel, Non-Steel), Type (Shell and Tube, Plate & Frame, Air Cooled), End-Use Industry (Chemical, Energy, HVACR, Food & Beverage, Power Generation), Pulp and Paper) and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022-2028″ report at the 2020 pandemic has led to lockdown restrictions being put in place around the world to contain the spread of the coronavirus and suppress the pandemic situation.This has led to catastrophic effects on the world economy and has resulted in several industries reducing operations under strict restrictions on outdoor activities.
Lack of skilled labor, scarcity of raw materials, supply chain and logistics disruption are some of the other factors further hindering industrial activities and creating a negative trend for the heat exchanger market growth in 2020.
The heat exchanger market is expected to recover steadily in the post-pandemic era, and sales revenue is expected to increase as more industries resume normal operating capabilities and new industries are established to meet the high demand from a growing population.
The global heat exchanger market is categorized on the basis of type, material end-use industry, and region.
The European region is expected to dominate the global heat exchanger industry landscape.The growing focus on sustainability in the region is expected to be a significant driver for the heat exchanger market in the region.Governments in the region are rolling out supportive initiatives to promote the adoption of renewable and sustainable energy in economies such as Germany, the UK, France, etc., which is driving demand for heat exchangers that are vital in solar and thermal power plants.Growing industrial activities in the region are also expected to boost the heat exchanger market potential over the forecast period.
Rising industrial activity in Asia Pacific will provide the fastest growth for the heat exchanger market in this region and will be a significant market by the end of the forecast period.China and India are expected to lead the demand in the region by 2028.
