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Demand for Heat Exchangers to Surpass US$ 34.24 Bn by 2031 as Applications Across Power Generation Sector Bolsters
A recent survey conducted by Fact.MR on the global heat exchangers market provides detailed insights into prevailing trend between 2022 and 2032. The study uncovers key dynamics such as drivers and opportunities across 5 regions. It also provides demand outlook for the heat exchangers in terms of product and end user for the coming decade.
NEW YORK , June 6, 2022 /PRNewswire/ -- The global heat exchangers market was valued at US$ 18.94 Bn in 2021. Sales of heat exchangers are expected to exceed US$ 34.24 Bn by the end of 2031, exhibiting growth at a healthy CAGR of 6% during the forecast period 2022-2031.
As the trend of urbanization and sustainable development continue to create deeper inroads, a substantial rise in building and construction activities is being witnessed, especially in emerging countries such as China , India , and Brazil . Citing this trend, governments in numerous countries are undertaking initiatives to build smart cities in respective countries.
For instance, according to the India Brand Equity Foundation, the Government of India announced sanctioning nearly US$ 868 Mn to build more than 100 smart cities across India under the country's Smart City Mission between 2021 and 2022.
As heat exchangers play a crucial role in modern infrastructures for heating and cooling, increasing infrastructure development activities is anticipated to accelerate sales in the market.
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There is a significant rise in demand for electricity worldwide, owing to the surging trend of electrification and process automation. This is creating strong demand for equipment that assist in the production of energy.
For instance, according to a report by the International Energy Agency, the demand for electricity is estimated to increase at 2.1% per year across the globe till 2040, which is nearly double the rate of total primary energy demand.
Heat exchangers are used as condensers and heat extractors in nuclear power plants for electricity generation. Hence, increasing emphasis on boosting the production of electricity to meet growing energy demand is expected to augment sales of heat exchangers.
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Key manufacturers of heat exchangers are focusing on introducing novel energy efficient products to strengthen their product portfolio. Some of the other leading players are entering into collaboration and partnership with other companies expand their market share.
Key Companies Profiled by Fact.MR
More Valuable Insights on Heat Exchangers Market
In its latest study, Fact.MR uncovers governing factors influencing the growth in the global heat exchangers market for the forecast period 2022-2031. The study also provides compelling insights into key drivers that are expected to create growth opportunities in the heat exchangers market through detailed segmentation as follows:
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Key Questions Covered in the Heat Exchangers Market Report
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