Heat Exchanger Market Share

Heat Exchanger Market Share Analysis

In 2021, a significant portion of the heat exchanger market revenue was attributed to shell & tube, the industry's best-performing category. The floating-head type, U-tube design, and fixed tube sheet design are the three most common types of shell and tube goods. These simple heat exchangers work wonders at converting steam's heat into water. It is projected that the plate and frame product segment will expand at a quick rate throughout the forecast period. Plate and frame products are widely used for liquid-liquid exchange at low to medium pressures. These products are used by power plants, petrochemical plants, refineries, compressor stations, gas treatment plants, and other facilities. Therefore, increasing plate-type heat exchanger applications have a favourable effect on market expansion.
Because of the significant growth in the chemical sector, the chemicals segment dominated the heat exchanger market. Many pieces of equipment are used in the production of chemicals, such as solvent condensation, hydrocarbon cooling, and reactor heating and cooling.
Over the course of the study, it is projected that the North American heat exchanger market, which was valued at USD 7.5 billion in 2021, would grow at a notable CAGR of 42.6 percent. The growing automotive industry in the region has led to an increased need for heat exchangers as more individuals want to drive hybrid and lighter cars. In 2021, there were around 721,100 plug-in hybrid electric vehicles driven on US highways.