Welded Spiral Heat Exchanger Market Leading Players Updates by 2025
The global welded spiral heat exchanger market size is estimated to attain USD 1.8 billion by 2025 and is projected to grow at a CAGR of 4.0% over the forecast period 2019 to 2025, according to a new report by Million Insights. Rising demand for heat exchangers from industries such as petroleum, chemical, food & beverage and others are expected to spur market growth.
Various materials including nitrite aluminum, brass alloy, titanium, rubber gasket steel and others are used for manufacturing welded spiral type heat exchangers. Key manufacturers in the industry are Danfoss and Alfa Laval. The operational activities of these companies enable the integration of the distribution process and manufacturing.
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The main advantage of using these heat exchangers is that they offer a large surface area for fluid floating across it. These heat exchangers also offer greater thermal performance than other types. Thus, welded heat exchangers are preferred in aggressive fluid management while channel construction.
HVAC and refrigeration end-use industry is projected to hold the largest market share by 2025. In 2018, it contributed to the market revenue of USD 282.1 million. Food and beverage segment is anticipated to grow at the highest CAGR of 5.0% over the forecast period while power generation industry is projected to register the CAGR of over 4.2% during the forecasted period.
In Asia Pacific, rapid industrialization, growing investment in commercial, manufacturing projects across developing countries are contributing to welded spiral heat exchangers market growth. Heat exchangers are widely used in industries like food and beverages, power generation, and petrochemicals. There is a major switch in demand from North America, and the European market to developing countries like India and China.
Further key findings from the report suggest:
- In 2018, Asia Pacific held the largest market share of over 37.6%, and is projected to grow at a CAGR of over 5.2% from 2019 to 2025.
- In 2018, European market held the second-highest revenue share of USD 397.1 million in the overall market, due to growing automobile & construction sector.
- Central and South America is projected to grow at the fastest CAGR of 6.3% during the forecasted period.
COVID-19 Impact Analysis
The outbreak of COVID-19 has negatively impacted the market. COVID-19 crisis has caused disruption in production of heat exchangers. Lack of labor force and supply chain disruption are the major factors affecting the production. During, the pandemic, several companies across the globe were facing challenges in imports of drives and compressors which are made in China.
With the partial lifting of lockdown, some of the companies have started working; however, the productivity rate is low. The long term projection for the market is expected to be positive owing to the increased spending by companies in energy business. For example, Danfoss India has announced to increase their investment with USD 3.4 million to boost its production capacity.
Global Welded Spiral Heat Exchanger Market: Key Players
Danfoss, Nexson Group, Alfa Laval, Elanco Inc., and Smartheat Inc.
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