Heat Exchangers Market
Heat Exchangers Market Analysis By Product (Air Cooled Heat Exchangers, Plate and Frame Heat Exchangers, Shell and Tube Heat Exchangers), By End User (HVAC, Chemicals and Petrochemicals, Power Generation), by Region - Global Forecast Report 2022 to 2031
Analysis of Heat Exchangers market covering 30+ countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Heat Exchangers Market Growth Outlook 2022 to 2031
Global sales of heat exchangers are expected to increase at a CAGR of 6% from 2022 to 2031.In the year 2021, the global heat exchangers market was valued at US$ 18.94 billion, and is anticipated to reach US$ 34.24 billion by 2031.
Demand for shell and tube heat exchangers is projected to increase at a significant CAGR from 2022 to 2031, attributed to their growing usage across several industry verticals.
| Report Attributes | Details |
|---|---|
| Market Size in 2021 | US$ 18.94 Billion |
| Projected Forecast Value 2031 | US$ 34.24 Billion |
| Global Market Growth Rate (2022 to 2031) | 6% CAGR |
| Europe Market Share (2022) | 35% |
| Key Companies Profiled | SAACKE GmbH; Heatmaster BV; Alfa Laval Corporate AB; Southwest Thermal Technology; General Electric Company; Thermax Limited; SPX Flow, Inc.; Kelvion Holding GmbH |
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Demand Analysis of Heat Exchangers from 2017 to 2021 Vs Market Outlook for 2022 to 2031
“Growing Need to Use of Energy-efficient Devices to Boost Demand for Heat Exchangers”
The global heat exchangers market was valued at US$ 18.94 billion in 2021.
A heat exchanger is a device that allows heat to be transferred from one fluid to another. It's utilized to regulate a system's or substance's temperature. It contains hot and cooler fluid streams that are used to transfer thermal energy between them. If the fluids are immiscible, they can be separated by a regenerative thermal oxidizer or plate or kept in direct contact.
These heat transfer devices aid in the heating and cooling of buildings, as well as the proper operation of motors and machinery. As a result, air blast coolers, heater coils, boilers, furnaces, heat pumps, freezers, car radiators, sewage treatment, and air conditioning systems all use them.
The market is primarily driven by significant increase in the demand for heat, ventilation, and air conditioning (HVAC) from the industrial, commercial, and residential sectors. This can be attributed to rising disposable income levels, shifting living standards, and globally extreme average climatic conditions.
Furthermore, rising environmental concerns among consumers about the use of energy-efficient and environmentally-friendly devices are driving market growth. Government organizations have enacted strict rules to limit carbon emissions across industries, resulting in a bright future for the heat exchangers industry.
Demand for heat exchangers is projected to rise at a CAGR of 6% from 2022 to 2031.
Which Emerging Trend is Fuelling Sales of Heat Exchangers?
“Rapid Deployment of Advanced Technologies for Waste Heat Recovery”
Every industry on the planet generates waste heat, which can be trapped and reused to harness high temperatures and energies. Because this equipment is equipped with the functionality to do so, it is in high demand across all industry verticals.
Their use generates revenues for the owner by increasing heat utilization and lowering energy costs per unit. Furthermore, application industries including power plants and the food and beverage industry are growing at a strong rate, supporting investment in such exchangers.
The global need for energy has been fueled by causes such as rising population rates and rapid industrialization. However, because of increased greenhouse gas emissions from companies, this has a negative impact on the environment.
As a result, a number of businesses are using energy-efficient technologies for waste heat recovery and improving process optimization by installing innovative heat recovery devices in a variety of industrial applications. This is projected to contribute to the global heat exchangers market growth over the forecast period.
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Which Roadblocks are Hampering Heat Exchangers Market Expansion?
“High Maintenance Cost & Fluctuating Raw Material Prices Restraining Market Growth”
Raw material price fluctuations in copper, aluminum, steel, and other metals affect heat exchanger manufacturers.
One of the major market limitations is the regular cracking and rust of devices, which is accompanied by difficult tube cleaning. Because this equipment has to deal with a variety of chemicals and water types, internal part corrosion is a big worry, and the complexity of maintaining and replacing any parts adds to the losses.
These considerations may limit market expansion to some extent.
Which Region Will Lead Revenue Generation for Heat Exchanger Manufacturers?
“Increasing Demand for Sustainable Energy Usage Driving Market Growth in Europe”
Europe accounts for 35% revenue share of the global heat exchangers market. Increasing focus on less carbon-intensive activities and demand for sustainable energy usage driving demand for heat exchangers in the region.
Industrial development is predicted to be fuelled by rising public and private infrastructure investments, as well as increased demand from a variety of end-use industries for steam heat exchangers with improved durability, performance, and corrosion resistance.
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Country-wise Insights
How is the U.S. Heat Exchangers Market Faring?
“Rising Energy Consumption in Commercial Sectors Driving Market Growth”
The need for heat exchangers in the United States is predicted to rise as oil and gas development activities increase. Furthermore, rising energy consumption in a variety of private and commercial sectors is expected to enhance the power and energy sectors, boosting the market for heat exchangers over the coming years.
Many well-known enterprises in the fields of oil and gas, information and communication technology, HVAC, automobiles, aviation, and aerospace are based in the United States. Increased investment in technological advancements will increase operating efficiencies, resulting in lower energy use.
With a booming aviation industry, the United States is expected to account for high demand for aircraft heat exchangers over the coming years.
Why is There High Consumption of Heat Exchangers in China?
“Government Initiatives for Infrastructure Development to Propel Market Revenue”
The market in China is likely to rise rapidly over the forecast period due to increased demand for heat exchangers from the chemical industry. Overall expansion of the market has been aided by rapid industrialization and increased investments in production, commercial, and industrial projects.
Rise in the population and increasing attempts by the government to improve the infrastructure of the country are driving the market for heat exchangers, especially regenerative heat exchangers.
China’s marine sector is one of the biggest in the world. With a maritime network spanning the globe, the country will see consistent demand for marine heat exchangers, thereby driving overall growth of the market for heat exchangers.
Category-wise Insights
Why is Demand for Shell and Tube Heat Exchangers Rising Rapidly?
“Shell and Tube Heat Exchangers Most Popular Owing to Their Cost-effective Benefits”
Shell and tube heat exchangers are expected to account for around 40% of market sales over the forecast period, as they are more cost-effective than other forms of heat exchangers. They are preferred in many industries, including petrochemicals and food and drinks since they are simple to install and maintain at greater working temperatures and pressures.
Shell and tube heat exchangers are utilized in applications that demand a wide temperature and pressure range, as well as the transfer of two liquids, liquids and gases, or two gases. These heat exchangers have a simple design and are suitable for transferring heat from steam to water.
Which End User is Bringing in High Profits for Heat Exchanger Suppliers?
“Heat Exchangers Commonly Used in Chemicals & Petrochemicals Due to Their Flexibility in Design”
Chemicals and petrochemicals account for a significant portion of the market. The use of heat exchangers in a complicated series of processes is a key driver for the chemical segment. They have the ability to manage fluids with varied quantities of solids due to their characteristics.
The petrochemical sector is expected to develop in response to the rising demand for fertilizers, plastics, packaging, electronic devices, medical devices, and textiles. In addition, the integration of petrochemical products in advanced power systems, such as wind turbines, solar cells, and electric vehicle parts, is expected to propel the industry forward.
As a result, the aforementioned reasons are projected to stimulate demand for these goods in chemical and petrochemical industries.
Competitive Landscape
Heat exchanger manufacturers collaborate with others to produce innovative heat transfer products to meet the world's expanding energy needs. Heat exchanger providers are trying to gain a competitive advantage over their competitors by expanding the scope of their products' applications.
For instance :
- In December 2021, Alfa Laval signed a global partnership deal with Microsoft to create digital solutions to help with the maintenance and support for its plate heat exchanger range. End users will be able to identify customers’ requirements using artificial intelligence (AI) in these new devices.
Key Segments Covered in Industry Research
-
By Product :
- Air Cooled Heat Exchangers
- Plate and Frame
- Shell and Tube
- Others (Condensers, Oil Coolers, and Radiators)
-
By End User :
- HVAC
- Chemicals and Petrochemicals
- Power Generation
- Others (Food Processing, Aerospace, and Medical)
-
By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 6. Market Dynamics (Placeholder for missing section)
- 7. Global Market Volume (Units) Analysis 2017 to 2021 and Forecast, 2022 to 2031
- 8. Global Market - Pricing Analysis
- 9. Global Market Value Analysis 2017 to 2021 and Forecast, 2022 to 2031
- 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2031, by Product
- 10.1. Air Cooled Heat Exchangers
- 10.2. Plate and Frame Heat Exchangers
- 10.3. Shell and Tube Heat Exchangers
- 10.4. Others (Condensers, Oil Coolers, and Radiators)
- 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2031, by End User
- 11.1. HVAC
- 11.2. Chemicals and Petrochemicals
- 11.3. Power Generation
- 11.4. Others (Food Processing, Aerospace, and Medical)
- 12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2031, by Region
- 12.1. North America
- 12.2. Latin America
- 12.3. Europe
- 12.4. East Asia
- 12.5. South Asia
- 12.6. Oceania
- 12.7. Middle East and Africa (MEA)
- 13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 16. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 17. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 18. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 19. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 20. Key and Emerging Countries Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 21. Market Structure Analysis
- 22. Competition Analysis
- 22.1. SAACKE GmbH
- 22.2. Heatmaster BV
- 22.3. Alfa Laval Corporate AB
- 22.4. Southwest Thermal Technology
- 22.5. General Electric Company
- 22.6. Thermax Limited
- 22.7. SPX Flow, Inc.
- 22.8. Kelvion Holding GmbH
- 23. Assumptions and Acronyms Used
- 24. Research Methodology
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List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By End User
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By End User
Table 08: Latin America Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By End User
Table 11: Europe Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By End User
Table 14: South Asia Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By End User
Table 17: East Asia Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By End User
Table 20: Oceania Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By End User
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Product
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By End User
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List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2017 to 2021
Figure 02: Global Market Volume Forecast (in 000' Units), 2022 to 2031
Figure 03: Pricing Analysis (US$) Per Product, By Region, 2021
Figure 04: Pricing Analysis (US$) Per Product, By Region, 2021
Figure 05: Global Market Value Analysis (US$ Mn), 2017 to 2021
Figure 06: Global Market Value Forecast (US$ Mn), 2022 to 2031
Figure 07: Global Market Absolute $ Opportunity, 2022 to 2031
Figure 08: Global Market Share Analysis (%), By Product, 2022 to 2031
Figure 09: Global Market Y-o-Y Analysis (%), By Product, 2022 to 2031
Figure 10: Global Market Attractiveness Analysis by Product, 2022 to 2031
Figure 11: Global Market Share Analysis (%), By End User, 2022 to 2031
Figure 12: Global Market Y-o-Y Analysis (%), By End User, 2022 to 2031
Figure 13: Global Market Attractiveness Analysis by End User, 2022 to 2031
Figure 14: Global Market Share Analysis (%), By Region, 2022 to 2031
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2022 to 2031
Figure 16: Global Market Attractiveness Analysis by Region, 2022 to 2031
Figure 17: North America Market Value Share, By Product, 2022 (E)
Figure 18: North America Market Value Share, By End User, 2022 (E)
Figure 19: North America Market Value Share, By Country, 2022 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2017 to 2021
Figure 21: North America Market Value Forecast (US$ Mn), 2022 to 2031
Figure 22: North America Market Attractiveness Analysis by Product, 2022 to 2031
Figure 23: North America Market Attractiveness Analysis by End User, 2022 to 2031
Figure 24: North America Market Attractiveness Analysis by Country, 2022 to 2031
Figure 25: Latin America Market Value Share, By Product, 2022 (E)
Figure 26: Latin America Market Value Share, By End User, 2022 (E)
Figure 27: Latin America Market Value Share, By Country, 2022 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2017 to 2021
Figure 29: Latin America Market Value Forecast (US$ Mn), 2022 to 2031
Figure 30: Latin America Market Attractiveness Analysis by Product, 2022 to 2031
Figure 31: Latin America Market Attractiveness Analysis by End User, 2022 to 2031
Figure 32: Latin America Market Attractiveness Analysis by Country, 2022 to 2031
Figure 33: Europe Market Value Share, By Product, 2022 (E)
Figure 34: Europe Market Value Share, By End User, 2022 (E)
Figure 35: Europe Market Value Share, By Country, 2022 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2017 to 2021
Figure 37: Europe Market Value Forecast (US$ Mn), 2022 to 2031
Figure 38: Europe Market Attractiveness Analysis by Product, 2022 to 2031
Figure 39: Europe Market Attractiveness Analysis by End User, 2022 to 2031
Figure 40: Europe Market Attractiveness Analysis by Country, 2022 to 2031
Figure 41: South Asia Market Value Share, By Product, 2022 (E)
Figure 42: South Asia Market Value Share, By End User, 2022 (E)
Figure 43: South Asia Market Value Share, By Country, 2022 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2017 to 2021
Figure 45: South Asia Market Value Forecast (US$ Mn), 2022 to 2031
Figure 46: South Asia Market Attractiveness Analysis by Product, 2022 to 2031
Figure 47: South Asia Market Attractiveness Analysis by End User, 2022 to 2031
Figure 48: South Asia Market Attractiveness Analysis by Country, 2022 to 2031
Figure 49: East Asia Market Value Share, By Product, 2022 (E)
Figure 50: East Asia Market Value Share, By End User, 2022 (E)
Figure 51: East Asia Market Value Share, By Country, 2022 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2017 to 2021
Figure 53: East Asia Market Value Forecast (US$ Mn), 2022 to 2031
Figure 54: East Asia Market Attractiveness Analysis by Product, 2022 to 2031
Figure 55: East Asia Market Attractiveness Analysis by End User, 2022 to 2031
Figure 56: East Asia Market Attractiveness Analysis by Country, 2022 to 2031
Figure 57: Oceania Market Value Share, By Product, 2022 (E)
Figure 58: Oceania Market Value Share, By End User, 2022 (E)
Figure 59: Oceania Market Value Share, By Country, 2022 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2017 to 2021
Figure 61: Oceania Market Value Forecast (US$ Mn), 2022 to 2031
Figure 62: Oceania Market Attractiveness Analysis by Product, 2022 to 2031
Figure 63: Oceania Market Attractiveness Analysis by End User, 2022 to 2031
Figure 64: Oceania Market Attractiveness Analysis by Country, 2022 to 2031
Figure 65: Middle East and Africa Market Value Share, By Product, 2022 (E)
Figure 66: Middle East and Africa Market Value Share, By End User, 2022 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2022 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2017 to 2021
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2022 to 2031
Figure 70: Middle East and Africa Market Attractiveness Analysis by Product, 2022 to 2031
Figure 71: Middle East and Africa Market Attractiveness Analysis by End User, 2022 to 2031
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2022 to 2031
Figure 73: U. S. Market Value Analysis (US$ Mn), 2022 & 2031
Figure 74: U. S. Market Value Share, By Product, 2022 (E)
Figure 75: U. S. Market Value Share, By End User, 2022 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2022 & 2031
Figure 77: Canada Market Value Share, By Product, 2022 (E)
Figure 78: Canada Market Value Share, By End User, 2022 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2022 & 2031
Figure 80: Mexico Market Value Share, By Product, 2022 (E)
Figure 81: Mexico Market Value Share, By End User, 2022 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2022 & 2031
Figure 83: Brazil Market Value Share, By Product, 2022 (E)
Figure 84: Brazil Market Value Share, By End User, 2022 (E)
Figure 85: U. K. Market Value Analysis (US$ Mn), 2022 & 2031
Figure 86: U. K. Market Value Share, By Product, 2022 (E)
Figure 87: U. K. Market Value Share, By End User, 2022 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2022 & 2031
Figure 89: Germany Market Value Share, By Product, 2022 (E)
Figure 90: Germany Market Value Share, By End User, 2022 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2022 & 2031
Figure 92: France Market Value Share, By Product, 2022 (E)
Figure 93: France Market Value Share, By End User, 2022 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2022 & 2031
Figure 95: Italy Market Value Share, By Product, 2022 (E)
Figure 96: Italy Market Value Share, By End User, 2022 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2022 & 2031
Figure 98: Spain Market Value Share, By Product, 2022 (E)
Figure 99: Spain Market Value Share, By End User, 2022 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2022 & 2031
Figure 101: Russia Market Value Share, By Product, 2022 (E)
Figure 102: Russia Market Value Share, By End User, 2022 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2022 & 2031
Figure 104: China Market Value Share, By Product, 2022 (E)
Figure 105: China Market Value Share, By End User, 2022 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2022 & 2031
Figure 107: Japan Market Value Share, By Product, 2022 (E)
Figure 108: Japan Market Value Share, By End User, 2022 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2022 & 2031
Figure 110: South Korea Market Value Share, By Product, 2022 (E)
Figure 111: South Korea Market Value Share, By End User, 2022 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2022 & 2031
Figure 113: India Market Value Share, By Product, 2022 (E)
Figure 114: India Market Value Share, By End User, 2022 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2022 & 2031
Figure 116: ASEAN Market Value Share, By Product, 2022 (E)
Figure 117: ASEAN Market Value Share, By End User, 2022 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2022 & 2031
Figure 119: Australia Market Value Share, By Product, 2022 (E)
Figure 120: Australia Market Value Share, By End User, 2022 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2022 & 2031
Figure 122: New Zealand Market Value Share, By Product, 2022 (E)
Figure 123: New Zealand Market Value Share, By End User, 2022 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2022 & 2031
Figure 125: GCC Countries Market Value Share, By Product, 2022 (E)
Figure 126: GCC Countries Market Value Share, By End User, 2022 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2022 & 2031
Figure 128: Turkey Market Value Share, By Product, 2022 (E)
Figure 129: Turkey Market Value Share, By End User, 2022 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2022 & 2031
Figure 131: South Africa Market Value Share, By Product, 2022 (E)
Figure 132: South Africa Market Value Share, By End User, 2022 (E)
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the global heat exchangers market size?
The global heat exchangers market is estimated to be worth US$ 20.1 billion in 2022.
Who are the key providers of heat exchangers?
SAACKE GmbH, Heatmaster BV, Alfa Laval Corporate AB, Southwest Thermal Technology, and General Electric Company are key suppliers of heat exchangers.
At what CAGR is the heat exchangers market expected to progress?
The heat exchangers market is expected to rise at a CAGR of around 6% over the forecast period of 2022 to 2031.
Which are the top 5 countries driving most demand for heat exchangers?
The U.S., Canada, India, China, and Germany are expected to drive most of the demand for heat exchangers.
Which key dynamics drive the heat exchangers market?
Increasing industrialization & urbanization and rapid adoption of HVAC systems across the residential, commercial, and industrial sectors are driving market growth.
Which product of heat exchangers accounts for the highest sales?
Shell and tube heat exchangers account for 40% share of the global heat exchangers market.
Heat Exchangers Market