According to the recent research report titled ‘Global Heat Exchangers Market, 2021-2027’, available with MarketStudyReport, global heat exchangers market size is expected to multiply at a CAGR of 4.5% over 2021-2027.
 

As per the report findings, growth in oil & gas refineries, along with demand from power, energy, chemical, and food & beverages industries are promulgating global heat exchangers market development.
 

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For the uninitiated, heat exchanger is a system used to transfer heat between two or more fluids. It is utilized in both heating and cooling processes. Heat exchangers have been developed for various domestic and industrial applications, including chemical processing facilities, steam power plants, transportation power systems, and building heat and air conditioning systems, among others.
 

Growing construction activities across commercial, residential, and industrial sector is also driving the market growth. However, issues associated with cleaning and maintenance when scaling and corrosion challenges arise in heat exchanges with complex designs, such as tubular heat exchanger, are negatively impacting the business dynamics.
 

With respect to product type, worldwide heat exchangers industry is divided into shell & tube heat exchangers, gasketed plate & frame heat exchange, cooling tower systems, brazed plate heat exchangers, and air-cooled heat exchangers. Of these, shell & tube segment recorded strong demand in the recent past, in several applications like power generation, chemical, and food & beverage owing to their ability to manage fluids at high temperature and pressure.
 

Speaking of geographical scope, North America (U.S., Canada), Europe (France, U.K., Germany, Italy), Asia Pacific (India, China, South Korea, Japan, ASEAN Countries), Middle East & Africa (Saudi Arabia, Turkey, South Africa), and South America (Brazil, Argentina) are the key contributors to the industry expansion.
 

Asia Pacific market is predicted to witness considerable growth over the forecast duration owing to presence of a large customer base across verticals like oil & gas refineries, food, chemical, sugar industries. Surging demand for heat exchangers in economies like South Korea, Japan, India, and China for generating energy through nuclear power is also propelling the regional market growth.
 

Top firms profiled in global heat exchangers market report are SPX Flow Inc., Paharpur Cooling Towers Pvt. Ltd., Kelvion Holding GmbH, Baltimore Aircoil Company, and Alfa Laval AB among others.