Heat exchangers market to reach $29,316 Mn by 2026

The global heat exchangers market was valued at $16,624 million in 2018, and is expected to reach $29,316 million by 2026, registering a CAGR of 7.2 percent from 2019 to 2026, said a report by Allied Market Research.

Heat exchanger is a major equipment or device as far as heat transfer and energy conservation is concerned. It is a device that transfers energy between two or more process fluids. Various types of heat exchangers have been developed for a wide range of domestic and industrial applications such as steam power plant, chemical processing plants, building heat and air conditioning systems, transportation power systems, and others.

The global heat exchangers market is anticipated to grow significantly during the forecast period owing to rise in preference for heat exchangers in oil & gas industries. The growth in oil & gas refineries, specifically in the Middle East, propels the heat exchangers market. North America and Europe are some of the major players in the oil & gas industry, which drive this sector.

According to the U.S. Energy Information Administration (EIA), the U.S. produced an average of around 9.4 million barrels per day of crude oil in 2015 and 3.3 million barrels per day of other non-crude petroleum liquids. The U.S. government and businesses have heavily invested to increase the extraction of crude oil, which in turn is anticipated to fuel the demand for heat exchanger in the oil & gas industry. However, when scaling and corrosion problems arise in heat exchangers, cleaning and maintenance becomes more difficult owing to the complex designs of heat exchangers such as tubular heat exchanger. This factor is anticipated to hinder the heat exchangers market growth.