Heat Exchanger Market Size Worth $25.5 Billion by 2027 | CAGR: 6.1%: Grand View Research, Inc.

SAN FRANCISCO, June 17, 2020 /PRNewswire/ -- The global heat exchanger marketA size is anticipated to reach USD 25.5 billion by 2027, expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. Growing demand for energy in HVAC and refrigeration, power generation, and chemical industries, especially in developing economies including India, Brazil, and China anticipated to complement the market.Energy infrastructure expansion coupled with increasing demand from the power generation sector is projected to drive the market. The market is characterized by technological innovation along with a rising focus to improve efficiency standards. These factors are likely to lower total ownership costs and increase the durability and efficiency of the exchangers over the coming years.Key suggestions from the report:

The shell and tube segment accounted for the market share of 35.9% in 2019 on account of increasing demand of product in numerous end-use industries including chemical, power generation, and oil and gas

The chemical end-use segment is expected to grow with a robust pace, registering a CAGR of 6.5% from 2020 to 2027 owing to rapid expansion in the chemical industry in Asia specifically in China and India

In Europe, the market was valued at USD 7.34 billion in 2019 and projected to have a moderate growth over the forecast period owing to growth in the chemical industries and rise in demand of power generation

Asia Pacific is anticipated to emerge as the fastest growing regional segment accounting for over 30.3% by 2027 owing to the increasing construction activities along with increase in chemical industries and rise in demand for energy in the region

Key players in the market are focusing on several strategies including new product developments, expansions, partnerships, and joint ventures

Read 130 page research report with ToC on "Heat Exchanger Market Size, Share & Trends Analysis Report By Product (Plate & Frame (Brazed, Gasketed, Welded), Shell & Tube, Air Cooled), By End Use (Chemical, Power Generation), By Region, And Segment Forecasts, 2020 - 2027" at: exchangers are used in the manufacturing of chemicals in the chemical industrial production. In an industrial process, the device is used for cooling, heating, and mixing a substance at a temperature. The rapid expansion of the chemical industry is expected to act as a major factor in steering market growth.
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