Shell & Tube Heat Exchangers Market Worth $9.19 Billion By 2027 “The global shell & tube heat exchangers market is anticipated to value USD 9.19 billion until 2027. It is also expected to register a CAGR of 6.2% over the forecasted years, 2020 to 2027. The surging need for heat transfer to carry out several manufacturing activities is expected to drive the market growth of shell & tube heat exchangers across the globe.”
The global shell & tube heat exchangers market is anticipated to value USD 9.19 billion until 2027. It is also expected to register a CAGR of 6.2% over the forecasted years, 2020 to 2027. The surging need for heat transfer to carry out several manufacturing activities is expected to drive the market growth of shell & tube heat exchangers across the globe. In 2019, the steel segment dominated the global market with a share of 30.9% due to features like enhanced corrosion resistance in cooling waters and chemical environments and improved temperature resistance. On the other hand, the nickel & nickel alloys segment is expected to register the highest CAGR of 6.6% over the forecasted years owing to its rising demand across petrochemical and chemical industries. The end-use segment of chemical dominated the global market with a share of around 20.2% in 2019 on account of its characteristics of heat exchangers such as ease of repair and maintenance and designing flexibility. The petrochemical segment is anticipated to witness substantial growth from 2020 to 2027 owing to its wide range of industrial applications like separating oil from gas and water in the process of heat recovery. The Asia Pacific dominated the global market in 2019 owing to the rising investments across petrochemical and chemical industries across this region. While Europe accounted for the second-largest share due to the imposition of regulations by governing authorities for reducing greenhouse gas and CO2 emissions. The shell & tube heat exchangers market includes key players such as Thermex; Xylem Inc; Alfa Laval; HRS Heat Exchangers; Elanco, Inc.; and Brask, Inc. They are engaged in implementing strategies like acquisitions, alliances, and mergers to gain a competitive advantage. Also, many local players have started entering the global market thereby creating stiff competition for the key players.
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