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The air-cooled heat exchanger industry is expected to witness 8% growth up to 2032. Primarily utilized in refineries, gas processing facilities, power generation plants, and petrochemical installations, these units excel in efficient heat transfer and the harnessing of waste heat. Their cost-effectiveness and superior efficiency make them a preferred choice over other available options. With continued investments in the establishment of new petrochemical complexes, the demand for these heat exchangers is anticipated to further surge.
The market size for plate heat exchangers has witnessed a revenue of over USD 4 billion in 2023. Renowned for their superior heat transfer capabilities, streamlined design, and effortless maintenance, these units are poised for increased adoption across a range of industries. Manufacturers are also increasing their capacity addition and introducing advanced technologies across the market to cater to the industrial requirements.
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The installation of heat exchangers across the mechanical industry is projected to experience 7% growth rate from 2024 to 2032. The positive trajectory can be attributed to the strong industrial expansion in developing nations and heightened investments aimed at modernizing existing manufacturing facilities. In addition, the escalating emphasis on achieving energy efficiency in critical industrial processes is expected to bolster the heat exchanger market.
The expansion in the demand for various chemical products coupled with increased emphasis on energy efficiency and sustainability has driven the adoption of advanced heat exchanger technologies across chemical verticals. Moreover, the stringent safety standards & regulatory compliance in chemical processing operations along with the integration of digital technologies, sensors, and data analytics in heat exchanger systems to deliver real-time monitoring, predictive maintenance, and overall better control in customized chemical facilities will further add to the industry landscape.
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