New York, United States, July 06, 2022 (GLOBE NEWSWIRE) -- Heating , ventilation , and air conditioning (HVAC) systems are utilized in personal , industrial , and commercial settings . Local and national rules govern the industry, closely tied to the building industry. Expanding desire for environmentally friendly HVAC systems, such as photovoltaic power or geothermal energy to minimize energy consumption, is likely to drive market expansion soon. Additionally, market growth for HVAC systems in the commercial sector, due to increased development of offices, retail sectors, and public buildings, is likely to drive product demand in the future years.
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Growth of Chemical and Petrochemical Industries to Boost the Global Heat Exchanger Market
The American Chemical Society predicts that the chemical sector in the United States will increase by 2.5 percent in 2019 and 3 percent in 2020. The rising residential end-use industries are significant contributors to boosting the expansion of the chemical sector in the United States. Increased chemical consumption from various end-use applications is spurring additional capital expenditure in the chemical sector. Heat exchangers are used to chill , heat, and combine chemicals in the chemical manufacturing process. The chemical industry's rapid expansion is a prominent driver driving the heat exchangers market.
According to Deutsche Bank, China will account for 45 percent of the world revenue share by 2020. Because of the extensive product invasion in different applications such as solvent condensation , different material mixtures , benzene heat exchange , cooling of water circuits , cooling of hydrocarbons , convection & cooling of intermediate products , heating & cooling of reactors , and production methods , the quick advancement of the chemical industry in Asia, particularly in China, is anticipated to intervene as a prominent driving force for the heat exchangers market.
Rapid Industrialization in the Asia Pacific to Provide Potential Opportunities for the Global Heat Exchanger Market
Rapid urbanization in Asia-Pacific's growing countries, coupled with higher spending on production, industrial, and commercial projects, has attributed to the region's aggregate rise in the heat exchangers market. This expansion can be attributable to growing market penetration in various end-use industries such as power generation, petrochemicals, chemicals, HVAC & refrigeration , and food & beverage.
Demand for heat exchangers is shifting significantly from mature countries such as Europe and North America to rising economies such as China and India in the Asia-Pacific. The development of China's petrochemical industry can be ascribed to the country's substantial government control, increasing environmental laws, significant industrial dispersion, and the increasing significance of specialized chemicals. Rising energy consumption creates profitable prospects for the heat exchangers market growth.
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Impact of COVID-19
COVID-19 impeded several industrial activities and interrupted the distribution network, affecting nearly all industries. The bulk of firms has shut down due to a lack of labor. Additionally, due to COVID-19's impacts, the global heat exchanger market is slowly declining.
Revenue from heat exchangers is closely related to the demand for oil and gas. The COVID-19 pandemic restriction has severely harmed the oil and gas industry , and crude prices decreased considerably in 2020 due to renewed overflow manufacturing. In contrast, ongoing upstream measures have had little impact on the demand for heat exchangers.
According to the UNIDO, many enterprises, including petrochemical, chemicals, petroleum & gas, HVACR, food and drinks, power generation, and other third-party suppliers, moved to their native regions due to a lack of knowledge and missed earnings during the lockdown. This shortage of labor is found to directly influence machinery and construction processes, resulting in a drop in the desire for raw materials used in heat exchangers. During the projection period, this is expected to slow market growth.
The Global Heat ...
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