Steel heat exchanger by material types accounted for the major revenue share in the India Heat Exchanger Market – 6Wresearch
By material types, steel heat exchangers dominated the heat exchanger market in 2022, contributing a significant proportion of the revenue. This can be attributed to their exceptional ability to withstand high temperatures and resist corrosion, surpassing alternative materials such as Hastelloy, Titanium, and others. Furthermore, Shell & Tube Heat Exchangers emerged as the leading contributor to the revenue in the heat exchanger market on account of their widespread utilization in key industries, including chemical, pharmaceutical, and oil and gas.
According to 6Wresearch, India heat exchangers market size is projected to grow at a CAGR of 11.6% during 2023-2029F. With the increasing infrastructure development, which includes the upcoming construction of 80 airports and the expansion of office spaces, malls, and hotels, the demand for HVAC systems in the country is expected to rise. Consequently, the surge in demand for HVAC systems will lead to an increased demand for heat exchangers. Moreover, the government of India has set a vision for 2034, actively pursuing opportunities in the petrochemical sector. With the projected growth of the petrochemical market in India, there will be a significant increase in the demand for heat exchangers in the forthcoming years as heat exchangers play a crucial role in various stages of the petrochemical industry, including heat recovery systems and the production of final petrochemical products.
According to Ravi Bhandari, Research Head, 6Wresearch, shell & tube heat exchangers are expected to grow significantly as they offer excellent thermal performance and efficiency, making them highly effective across various industries. Additionally, they can handle a wide range of temperatures and pressures, making them suitable for diverse applications. Furthermore, their reliability and long service life contribute to their popularity and anticipated growth in the industry.
The India Heat Exchanger Market (2023-2029) report provides an in-depth analysis with 22 figures and 14 tables, covered in 84 pages. The report comprehensively covers the market by region, material types, product types, and end-use industries. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.