The global Shell & Tube Heat Exchangers
Market size is anticipated to reach USD 8.1 billion
by 2025, exhibiting a CAGR of 6.1% over the forecast period, according to a new
report published by Grand View Research, Inc. The market is anticipated to be
driven by the ascending demand for shell and tube heat exchangers in chemical,
power generation, and petrochemical industries, specifically in the emerging
economies in Asia Pacific and CSA.
Shell and tube heat exchangers play a significant
role in enhancing the heat transfer efficiency of industrial machinery. Rising
demand for efficient thermal management systems is expected to boost the
consumption of these exchangers over the forecast period. Growing industrial
sectors including food & beverages, chemical, pulp & paper, power generation,
metal & mining, textiles, and petrochemicals are expected to result in an
increase in the requirement for highly efficient and compact heat exchangers.
This, in turn, is projected to drive the market for shell and tube heat
exchangers over the forecast period.
Based on end use, chemical is expected to emerge as
the largest segment in the global shell and tube exchangers market over the
forecast period. The segment is expected to be valued at USD 1.8 billion by
2025. Petrochemicals end-use segment is expected to progress at the fastest
CAGR of 7.2% from 2019 to 2025. Furthermore, growing environmental concerns
regarding waste discharge from the mills are expected to propel the demand for
shell and tube heat exchangers in pulp & paper industry.
Increasing consumer spending coupled with ascending
demand for thermal management in residential and commercial establishments is
expected to drive HVAC segment over the forecast period. Moreover, growing
awareness regarding energy conservation and reduction in energy bills is
anticipated to propel the product demand in this segment.
Europe regional market accounted for a share of
28.4% in the total market in 2018 and is expected to move ahead at a CAGR of
3.8% from 2019 to 2025. Recent developments in renewable and nuclear energy
sectors are expected to drive power generation segment in Europe. Asia Pacific
emerged as the largest regional market in 2018 and is anticipated to witness
significant growth over the forecast period. The region is projected to ascend at
a CAGR of 8.1% over the forecast period.
Browse
Details of Report @
https://www.grandviewresearch.com/industry-analysis/shell-tube-heat-exchangers-market
https://www.grandviewresearch.com/industry-analysis/shell-tube-heat-exchangers-market
Further key findings from the report suggest:
- Asia Pacific is expected to emerge as the largest and fastest-growing
regional shell & tube heat exchangers market over the forecast period
- Rising construction projects of industrial and commercial
establishments coupled with favorable government initiatives in India,
China, and Japan to develop thermal & solar energy are expected to
drive the demand for shell and tube heat exchangers in the APAC region
- North America market for shell and tube heat exchangers is
anticipated to reach USD 1.5 billion by 2025
- CSA and MEA are expected to exhibit a growth rate of 7.8% and 5.9%,
respectively, over the forecast period. Rising requirement for heat
recovery application in petrochemical and food & beverages sectors is
projected to propel the product demand over the forecast period.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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