The global heat exchangers market size is estimated to be USD 15.3 billion in 2019 and is projected to reach USD 20.5 billion by 2024, at a CAGR of 6.0%, between 2019 and 2024. The increasing energy prices, rapid industrialization in APAC, and stringent government regulations on energy efficiency and CO2 emissions are some of the major factors driving the demand for heat exchangers globally.
Increasing government regulations, technological advances, and the demand for efficient use of energy have led various end-use industries to focus on energy saving, thus leading to an increase in the need for heat exchangers. Some of the major players operating in the heat exchangers market are Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), and Gunter (Germany).
New product launches, expansions, and acquisition were key strategies adopted by the industry players to achieve growth in the heat exchangers market between 2015 and 2019. Companies took these strategies to expand their market share, revenue, and distribution network.
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Alfa Laval (Sweden)
Alfa Laval is a global leader in the manufacturing of various technologies such as heat transfer, separation, and fluid handling. Its essential products are separators, heat exchangers, pumps and valves. The company is a leader in the plate & frame heat exchangers market and holds more than 30.0% of the market share in the plate & frame segment. It has over 39 production units out, of which 20 are located in Europe, 11 in APAC, 6 in US, and 2 in South America, and its business operations are spread across 160 countries.
Kelvion is a leading manufacturer and distributor of heat exchangers. The company is a former heat exchanger division of GEA Group AG and is headquartered in Bochum, Germany. Kelvion Holdings has a strong foothold in the European market, especially in Germany. Every year, the company launches about 5-6 new types of heat exchanger and its equipment through its R&D programs. It has business operations across North America, Europe, South America, APAC, and the Middle East & Africa.
Danfoss is an independent and privately owned organization established in 1933 and is headquartered at Nordborg. Danfoss has a focus on innovation and development to acquire maximum market share. For instance, in 2016, it invested in R&D which further increased its sales to approximately 4% of sales. The company’s primary focus is on the HVACR industry, in which it has acquired a significant market in Europe and North America. The company only caters to the plate & frame heat exchangers market segment which is the fastest-growing segment in the heat exchangers market globally.
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