MARKET OVERVIEW- NORTH AMERICA WELDED SPIRAL HEAT EXCHANGERS MARKET
The welded spiral heat exchanger has been manufactured by rolling two long metal plates around the center core to form two concentric spiral flow passes, one for each fluid. For, welded spiral heat exchanger plate gap is normally maintained by welded spacer studs, which are generally customized for every application. The welded spiral heat exchanger are widely recognized for various benefits associated with them which mainly include high thermal efficiency as welded spiral heat exchanger have single and long curving flow passage which maintain superior flow distribution. Moreover, welded spiral heat exchangers are compact and requires minimal space for installation and servicing due to which they are widely popular in various industries such as chemical, food & beverage, petrochemical, HVAC & refrigeration, power generation, pulp & paper, wastewater and other industries.
The key factor driving the market growth of welded spiral heat exchanger market is the growing role of food and beverages industry in the North American countries. For instance, according to a report issued by USDA, the food spending by U.S. consumers, businesses, and government entities totaled $2.12 trillion, recovering from a sharp decline in 2020. Similarly, food and beverage processors industry in Canada contributed around USD 33.2 billion in the economy in 2021, and accounted for around 1.7% of GDP, according to Statics Canada. Thus, growing Food and Beverages industry in various parts of the North America region is paving the way for welded spiral heat exchanger market to grow further.
The market for welded spiral heat exchangers has been growing at a significant rate, and there are several factors, providing an opportunity for the market to grow which include, growing petrochemical industry across the North America region is attributed to growth in industries like construction, pharmaceuticals, and automotive industries. The petrochemical industry is growing rapidly in the North America region, according to report released by the International Energy Agency, the United States is home to around 40% of the global ethane-based petrochemical production capacity. Along with that, growing industrial development across the region is also creating an opportunity for the spiral heat exchangers market.
The key factor which hampers the growth of the market is increasing demand for the electric vehicles, since welded spiral heat exchanger are widely used in the radiators of the traditional vehicles but most of the electric vehicles generally do not use radiators for cooling down but they use other components. However, in the last few years, as the environmental awareness has been increased and regulatory bodies are also focusing upon promoting the use of electric vehicle which is likely to hamper the growth of welded spiral heat exchanger market.
MARKET GROWTH CHALLENGES
The major growth challenges for the welded spiral heat exchangers market is the complexity associated with the design of welded hear exchanger market. These are designed to withstand higher fluid pressure and have more structural rigidity due to which they are very complex to design and the parts used in the manufacturing welded spiral heat exchangers are also expensive which is a great challenge for the welded spiral heat exchangers market to grow. Also, disruption of supply chain during the COVID crisis has hampered the growth of welded spiral heat exchangers market.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the region welded spiral heat exchangers market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Growing food & beverage and growth in the petrochemical industry is likely to increase the demand for the market and is expected to witness growth at a specific CAGR from 2022-2028.
NORTH AMERICA WELDED SPIRAL HEAT EXCHANGERS MARKET SEGMENTAL OVERVIEW
The North American welded spiral heat exchangers market comprises different market segments like Material, Flow Type, Industry and Country.
NORTH AMERICA WELDED SPIRAL HEAT EXCHANGERS MARKET BY MATERIAL
By Material, the welded spiral heat exchangers includes key segment of
On the basis of material, the market for welded spiral heat exchangers is likely to be dominated by the steel segment during the forecast period, 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. Moreover, welded spiral heat exchanger are able to remove heat quickly via high throughput which make them desirable among various industries including chemical, food & beverage, petrochemical, HVAC & refrigeration, power generation, pulp & paper, wastewater industry, and others.
NORTH AMERICA WELDED SPIRAL HEAT EXCHANGERS MARKET BY FLOW TYPE
Flow types studied under welded spiral heat exchangers market are-
- Countercurrent Flow
- Co-Current Flow
The countercurrent segment is likely to expand at a fast rate over the projected 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. Also, countercurrent helps in enhancing the heat exchange, and it is commonly applied in various industries. Moreover, a heat exchanger can be arranged in a countercurrent configuration to increase the overall heat transfer and the same principle is also useful for optimizing the transfer of chemical species from one flow to another.
NORTH AMERICA WELDED SPIRAL HEAT EXCHANGERS MARKET BY INDUSTRY
The North American Welded Spiral Heat Exchangers market by Industry is classified into
- Food & Beverages
- HVAC & Refrigeration
- Power Generation
- Pulp & Paper
- Wastewater Industry
For welded spiral heat exchangers market, the chemical sector holds an important share owing to ongoing technological advancements, increasing focus on efficiency standards and many more which has been resulted into increasing demand of the welded spiral heat exchangers in the chemical sector. Also, countries like United States is among largest chemical producers, which make it a growing region. Moreover, growing food & beverages sectors across North America and increasing demand for power generation is also likely to create the demand for welded spiral heat exchanger market.
NORTH AMERICA WELDED SPIRAL HEAT EXCHANGERS MARKET BY COUNTRY
The North American Welded Spiral Heat Exchangers Market is studied for the following countries
- United States
In North America region the market has been dominated by United States, since the country is considered to be the one of largest manufacturer of chemicals across the globe. Moreover, in the last few years, as the globalization has increased, and industrialization is growing rapidly in the country, the demand for welded spiral heat exchangers has been also increased in power generation industry. Moreover, the country is rich in oil & gas production as well, due to which petrochemical industry of the country is also growing, creating an opportunity for the welded spiral heat exchangers Market to grow at a rapid pace. Apart from that, as the industrialization is growing at a rapid pace and the country is making several investment to boost the economy it is expected that the demand for welded spiral heat exchangers would also grow in the coming years.
COVID-19 IMPACT ANALYSIS ON NORTH AMERICA WELDED SPIRAL HEAT EXCHANGERS MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macroeconomic factors in the welded spiral heat exchangers market. In addition, a complete analysis of changes in the welded spiral heat exchangers market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. In the North America region, COVID-19 has affected several sector including, chemical, food & beverages and many more. According to a report released by the American Chemical Council (ACC), the total production of chemical lowered by 1.3% in the year 2020 as compared to the year 2019, and due to labor shortage, shut-down of manufacturing units, etc. the price of chemicals also increased. Also, food & beverages industry of the country suffered a great loss, in the initial few months of the COVID, export of the Foods, feeds, and beverages declined drastically which impacted the market growth.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the welded spiral heat exchangers market is certainly based on the range of market players operating in the market which have been offering a wide range of products for different applications in various geographic locations. The market has a major competitive analysis based on new product launches as well as other developments.
The key players studied in market are
- Nexson Group (France),
- Kurose Chemical Equipment Co., Ltd. (Japan),
- Shanghai Shenglin M&E Technology Co., Ltd. (China),
- SmartHeat IncChina),
- Shineheat Tech (Shanghai) Corp (China),
- Elanco, Inc. (United States),
- Alfa Laval AB (Sweden),
- Danfoss A/S (Denmark),
- Gooch Thermal (United States)