Due to the rapidly growing hydrocarbon and chemicals industries, as well as several prospective mega power projects, the need for heat exchangers is predicted to rise dramatically.
The need for heat exchangers is projected to increase as a result of the fast-growing HVAC industry and brisk capacity expansions in the power and hydrocarbons sectors.
By 2030, it is predicted that the heat exchangers market would be worth $25.8 billion. The existence and development of the end-use industries in each of the regions affect the market's expansion.
The petrochemical, chemical, food & beverage, oil & gas, electricity, paper & pulp, and HVAC-R, sectors all employ several types of heat exchangers, including plate-and-frame and shell-and-tube.
Therefore, in addition to the large rise in HVAC-R deployment, other factors influencing the market growth include the sharp growth in energy prices and the brisk industrial growth in the Asia-Pacific developing nations.