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Pune, India, March 06, 2023 (GLOBE NEWSWIRE) — The global heat exchanger market size was USD 15.94 billion in 2021. The market is expected to grow from USD 16.64 billion in 2022 to USD 27.55 billion by 2029 at a CAGR of 7.5% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Heat Exchanger Market, 2022-2029.”
Market Drivers and Restraints:
Technological Advancements in the Product to Foster Market Growth
A heat exchanger is utilized to recover wastewater heat and manage operating temperatures. Further, technological advancements in the product are likely to enhance its demand drastically. Technological breakthroughs aid in the diagnosis and monitoring of problems in real-time. Moreover, increasing investments in leading technologies, such as the Industrial Internet of Things (IIoT) and research & development, by manufacturers are expected to enhance the equipment’s adoption.
Also, the adoption of the exchanger results in reduction of wear & tear, energy consumption, predictive maintenance, and machine optimization of systems, thereby driving the heat exchanger market growth.
However, installation, maintenance overheads, and operations may hinder the industry’s growth.
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Heat Exchanger Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 7.5% |
| 2029 Value Projection | USD 27.55 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 16.64 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 220 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Technological Advancements in the Product to Foster Market Growth |
| Shell & Tube Segment to Dominate Owing to its Increasing Adoption |
COVID-19 Impact:
Supply Chain Disruptions and Manufacturing Delays Hindered Market Growth
The market was negatively affected during the COVID-19…
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