Due to the rapidly growing hydrocarbon and chemicals industries, as well as several prospective mega power projects, the need for heat exchangers is predicted to rise dramatically.
The need for heat exchangers is projected to increase as a result of the fast-growing HVAC industry and brisk capacity expansions in the power and hydrocarbons sectors.
By 2030, it is predicted that the heat exchangers market would be worth $25.8 billion. The existence and development of the end-use industries in each of the regions affect the market's expansion.
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The petrochemical, chemical, food & beverage, oil & gas, electricity, paper & pulp, and HVAC-R, sectors all employ several types of heat exchangers, including plate-and-frame and shell-and-tube.
Therefore, in addition to the large rise in HVAC-R deployment, other factors influencing the market growth include the sharp growth in energy prices and the brisk industrial growth in the Asia-Pacific developing nations.
Utilizing Energy-Efficient Equipment More Frequently To Increase Product Demand
The demand for HVAC appliances is increasing in the residential, commercial, and industrial sectors. The use of these systems is projected to rise because of rising disposable money, changing living standards, and extreme weather conditions worldwide.
The market is expanding as a result of the rising environmental concerns that are encouraging the usage of eco-friendly and energy-efficient technology. Government organizations have enacted stringent rules to reduce carbon emissions throughout industries, which has increased demand for the commodity.
Power Plant Construction Fuels Industry Growth
The effectiveness of a nuclear power plant's total power generation is significantly impacted by its heat exchangers. The main motivators for market players are the increasing use of nuclear reactors, the upgrading of existing nuclear facilities, and proposals for new nuclear power plant projects.
Due to its large volume use in the production of exchangers and its remarkable strength, longevity, and corrosion resistance across a broad pH range, the steel category contributed to a sizeable share of the market.
The two steel grades that are employed by the producers in this sector are mild steel and stainless steel. Steel also has good compatibility with ordinary, clean water, is light, has strong heat conductivity, and doesn't need special fluids.
Additionally, it is anticipated that the increased need for chemicals, the rapid advancement of technology, and the growing focus on improving the energy efficiency of constructed structures and machinery would support the market for these goods.
The vast number of petrochemical operations include high pressures and temperatures, necessitating power savings and heat transfer optimization, which drives the demand for energy-efficient exchangers.
