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.
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.
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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.
• Key manufacturers include Danfoss, Nexson Group, Alfa Laval, Elanco Inc., and Smartheat Inc.
Million Insights has segmented the global welded spiral heat exchanger market based on end use and region:
Welded Spiral Heat Exchangers End Use Outlook (Revenue, USD Billion, 2014 - 2025)
• Food & Beverages
• HVAC & Refrigeration
• Power Generation
• Pulp & Paper
Welded Spiral Heat Exchangers Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East and Africa