Global Welded Spiral Heat Exchangers Market to reach USD 1,961.27 million by 2027 - Axiom MRC
Global Welded Spiral Heat Exchangers Market to reach USD 1,961.27 million by 2027 - Axiom MRC
Date: February 2021
The global Welded Spiral Heat Exchangers market is rising at a significant pace, projected to rise at a CAGR of 4.41% during the estimated period from 2021 to 2027, starting from USD 1,455.52 million in 2020. Growing preference for welded spiral heat exchanger in petrochemical industry, growing industrial development in the Asia Pacific region and growing concern for sustainable energy development and intensive demand for energy efficiency is augmenting the growth of the heat exchangers.
Steel segment dominated the global market in 2020
Based on material, steel segment dominated the market owing to its beneficial properties like high corrosion resistance at a wide range of pH levels, lightweight, high thermal conductivity, and high performance than other materials.
The material enables the system to operate at a lower temperature difference and reduce the weight of the equipment. The demand for steel-based welded spiral heat exchangers is increasing from various end-use industries such as chemical, food & beverage, petrochemical, HVAC & refrigeration, power generation, pulp & paper, wastewater industry, and others.
Countercurrent flow type segment dominated the market, by flow type in 2020
Based on flow type, countercurrent flow dominated the market and is expected to grow at a CAGR of 4.59% during the forecast period as the counter-current flow allows a diverse range of fluid temperatures to be exchanged and is highly effective than the other flow types.
Food & beverage industry dominated the global market in 2020
Based on industry the food & beverage sector accounted for the largest share of 21.08%. Based on value, the global welded spiral heat exchangers market for food & beverage industry is expected to reach USD 422.52 million by 2027. Growing population, increasing demand for food and increasing consumer spending are the major factors responsible for the growth of the industry.
Asia Pacific dominated the global market in 2020
Asia Pacific led the market and is expected to reach USD 701.55 million by 2027. Growing industrial operations in developing countries such as China, India, etc. are projected to fuel demand for the welded spiral heat exchanger market in the region. It is also expected to be the fastest growing regional market growing at a CAGR of 5.12% from 2021 to 2027.
Key Players
The key competitors of this market include Nexson Group (France), Kurose Chemical Equipment Co., Ltd. (Japan), Shanghai Shenglin M&E Technology Co., Ltd. (China), SmartHeat Inc. (China), Shineheat Tech (Shanghai) Corp (China), Elanco, Inc. (United States), Alfa Laval AB (Sweden), Danfoss A/S (Denmark), Gooch Thermal (United States) among others.
