October 04, 2024 09:24 ET | Source: SNS Insider pvt ltd SNS Insider pvt ltd
Pune, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Heat Exchanger Market Size & Growth Analysis: overall process design system for api
“As per the SNS Insider Research, The Heat Exchanger Market size was valued at USD 19.14 billion in 2023 and is expected to reach USD 31.52 billion by 2032, growing at a CAGR of 5.7% over the forecast period from 2024 to 2032.”
Heat Exchanger Market Dynamics: Responding to Energy Demand and Environmental Challenges.
The heat exchanger market is witnessing significant growth, driven by the escalating demand for energy-efficient systems and the growing focus on reducing carbon footprints. Heat exchangers are vital components used in various applications, including power generation, HVAC systems, and chemical processing, where they facilitate the transfer of heat between two or more fluids. The increasing emphasis on energy recovery, waste heat utilization, and sustainable manufacturing practices are crucial market drivers. The energy consumption landscape has been characterized by an ongoing increase in energy use, particularly in fossil fuels. Total fossil fuel consumption will rise by over 20%, with crude oil, coal, and natural gas usage increasing by 0.6%, 0.4%, and 1.1% annually, respectively. In Poland, fossil fuels dominate the energy sector, with approximately 85% of the fuel and energy industry reliant on them. Households in Poland contribute to around 18.2% of domestic energy consumption, highlighting significant energy needs for space and water heating.
Despite the heavy reliance on conventional energy sources, Poland has made strides in achieving energy and climate goals, although further action is necessary to mitigate the environmental impact of the energy sector. The construction sector, as a major energy consumer, is seeing the implementation of regulations to improve energy efficiency in buildings. Waste heat recovery systems, particularly from gray water, represent a crucial opportunity for reducing energy demand and fossil fuel combustion. Innovative designs, such as the linear drainage with heat recovery heat exchanger, demonstrate the potential for enhancing energy efficiency in waste heat utilization. However, there remains a knowledge gap regarding the benefits of heat exchangers, suggesting the need for increased awareness and promotion of these technologies in Poland.
Get a Sample Report of Heat Exchanger Market@ https://www.snsinsider.com/sample-request/1129
Major Players Analysis Listed in this Report are:
Heat Exchanger Market Report Scope:
Do you have any specific queries or need any customization research on Heat Exchanger Market, Make an Inquiry Now@ https://www.snsinsider.com/enquiry/1129
By Product: The shell & tube heat exchanger segment dominated the industry and accounted for 35.6% of the global revenue demand in 2023. Shell & tube heat exchangers consist of a collection of tubes arranged within a cylindrical shell, enabling effective heat transfer between liquids and gases. They are prevalent in applications requiring a wide temperature and pressure range. The three most commonly seen designs include the floating-head type, U-tube design, and fixed tube sheet design. However, the need for extensive surface areas may hinder growth in this segment in the future.
By End-Use: The chemical & petrochemical sector led the market, accounting for 24.08% of the global revenue demand in 2023. Heat exchangers are integral to the chemical processing industry due to their design flexibility and resistance to corrosion, making them suitable for handling fluids with varying concentrations of solid particles. The growing demand for fertilizers, plastics, medical equipment, and other petrochemical products is expected to drive growth in this sector.
Heat Exchanger Market Key Segmentation:
The European region dominated the market, accounting for 32.07% of the market revenue share in 2023. The anticipated increase in public and private infrastructure investments is expected to boost the demand for HVAC and refrigeration products. Moreover, the growing need for durable, efficient heat exchangers with reduced fouling is anticipated to propel market growth in the upcoming period.
The Asia-Pacific region's heat exchanger demand is projected to grow at a CAGR of 6.4% over the forecast period. Rapid industrialization in developing economies such as India and China, combined with significant investments in manufacturing and industrial projects, is driving the overall expansion of the regional market. The ongoing focus on sustainable energy practices further enhances the attractiveness of this region for market players.
Future Growth of the Market
In November 2023: Danfoss Heat Exchangers agreed with Danfoss Commercial Compressors to set up an internal testing facility for propane in the ATEX-certified laboratory in Trevoux, France. The latest propane testing center specifically examines brazed plate heat exchangers with capacities between 10 and 150kW.
Buy a Single-User PDF of Heat Exchanger Market Analysis & Outlook Report 2024-2032@ https://www.snsinsider.com/checkout/1129
Table of Contents - Major Key Points
5. Statistical Insights and Trends Reporting
7. Heat Exchanger Market Segmentation, By Product
8. Heat Exchanger Market Segmentation, By End-Use
9. Heat Exchanger Market Segmentation, By Material
12. Use Cases and Best Practices
Access Complete Report Details of Heat Exchanger Market Analysis & Outlook 2024-2032@ https://www.snsinsider.com/reports/heat-exchanger-market-1129
[For more information or need any customization research mail us at info@snsinsider.com]
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
SNS Insider Offering/ Consulting Services:
Go To Market Assessment Service
Total Addressable Market (TAM) Assessment
pressure nutsche filter Competitive Benchmarking and Market Share Gain