Global Sales Of Heat Exchangers Are Expected To Increase At A CAGR Of 6% From 2022 To 2031

Global Heat Exchangers Industry Current and Future Outlook


The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.


However, with the relaxations in the government regulations and an expedited vaccination drive in countries like China, the U.S., the UK, and India, the Heat Exchangers industry is slowly picking up its pace. The manufacturers are preparing to reopen their production sites, abiding by the government regulations.

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Energy Consumption in the US is Leading to High Adoption of Heat Exchangers Systems

The US accounts for the largest share in the construction industry. The pandemic has halted many construction-related activities, which in turn has impacted the growth of the Heat Exchangers industry negatively.


However, the development in the Heat Exchangers industry is rising at a steady pace with the resumption of the construction industry. The ever-growing energy consumption in the country is also generating demand for more energy-efficient Heat Exchangers systems in the region.


Prominent players in the Heat Exchangers industry such as Honeywell Int., and new entrants such as Apple and Google NEST are also focusing on residential construction projects to bring more innovation and comfort to the residents. Such new strategies are helping the Heat Exchangers industry gradually recover from the blow of the pandemic.


Key Segments Covered in Heat Exchangers Industry Research

Heat Exchangers Market by Product :

Air Cooled Heat Exchangers
Plate and Frame Heat Exchangers
Shell and Tube Heat Exchangers
Others (Condensers, Oil Coolers, and Radiators)
Heat Exchangers Market by End User :

HVAC
Chemicals and Petrochemicals
Power Generation
Others (Food Processing, Aerospace, and Medical)
Heat Exchangers Market by Region :

North America Heat Exchangers Market
Europe Heat Exchangers Market
Asia Pacific Heat Exchangers Market
Latin America Heat Exchangers Market
Middle East & Africa Heat Exchangers Market

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Prominent Players in Europe are Focusing on Innovative Solutions

The Heat Exchangers industry in Europe suffered a tremendous fall during the pandemic, with a lack of resources and manpower required for production. Several manufacturing units were shut to contain the virus.


The prevalence of some of the global leaders in the region such as Johnson Controls and ABB Group has provided a noteworthy boost to the market growth in this region.


The high presence of service providers, government regulations to curb electricity consumption and awareness regarding the installation of building automation systems has laid out lucrative opportunities for market growth.


Technological Advancements are Leading Innovations in the Heat Exchangers Market in China

China is gradually recovering from the adverse effect of the pandemic due to its successful efforts in curbing the spread of the virus within the region. With almost negligible restrictions, the construction, heavy machinery, and automotive industry have started resuming operations.


Rising expenditure in technology and increasing emphasis on environmental safety are propelling the demand in the Heat Exchangers industry in China. The growing interest in billboard automation and industrial displays in allowing manufacturers to gradually attain their pre-pandemic status.


Competitive Landscape

Heat exchanger manufacturers collaborate with others to produce innovative heat transfer products to meet the world's expanding energy needs. Heat exchanger providers are trying to gain a competitive advantage over their competitors by expanding the scope of their products' applications.

In December 2021, Alfa Laval signed a global partnership deal with Microsoft to create digital solutions to help with the maintenance and support for its plate heat exchanger range. End users will be able to identify customers' requirements using artificial intelligence (AI) in these new devices.

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India is Experiencing High Adoption of Heat Exchangers Systems

The Indian Heat Exchangers industry witnessed a downfall due to the pandemic. In order to follow the safety guideline, many construction sites and manufacturing units were shut until further notice.


With the relaxation of these restrictions, the manufactures operating in the automation, engineering, and construction (AEC) industry managed to gather pace in recovery. However, the second wave of the pandemic hit the Heat Exchangers industry negatively, affecting the overall growth of the industry.


Being a fast-growing economy, global leaders are finding lucrative opportunities in the country, both in commercial and residential spaces, as the demand for multi-modal building automation is surging.


Key Long-Term Trends

The global Heat Exchangers industry is showing notable recovery in 2021 and will continue to offer opportunities for expansion to the players operating in the market. With the penetration of building automation in residential areas, the Heat Exchangers industry will show an upward trend. Some new trends that are boosting the growth in the market are:


Internet of Things (IoT)
The Internet of Things (IoT) and the Industrial Internet of Things (IIoT) are experiencing broader acceptance in the Heat Exchangers industry. The innovative technology which makes everything 'inter-connected is gaining immense popularity in both residential and commercial projects, making them technologically advanced and effective in risk management.


Edge Computing
As the number of residents increases, the data also becomes vaster. Hence, edge computing will act as a key technology in the Heat Exchangers industry. Edge computing enables data security, easy accessibility, and enhanced automation in commercial and residential buildings.


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