Market Size of ASEAN Heat Exchanger Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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ASEAN Heat Exchanger Market Analysis
The ASEAN heat exchanger market is expected to register a CAGR of greater than 3.3% during the forecast period of 2021 - 2026. The COVID-19 pandemic has already cast its shadow on various industries, with the heat exchanger market being no exception. One important aspect of the industry that has been impacted was maintenance. With strict orders on social distancing and lockdowns in place throughout the ASEAN countries, many steam and boiler maintenance businesses, including heat exchangers, have been unable to provide services such as routine inspections and maintenance as regularly as they once did. Factors such as increasing industrialization in emerging ASEAN countries, low maintenance cost, and soaring demand for space heating and cooling applications are expected to drive the heat exchanger market in ASEAN region during the forecast period. However, an increase in renewable energy, which rarely requires a heat exchanger, is expected to have a negative impact on the market studied.
- Shell and Tube heat exchangers are expected to witness significant growth during the forecast period, owing to the multiple associated benefits when compared to other construction types. They are most commonly used heat exchangers for industrial applications.
- Technological advancements and upgradations are likely to create immense opportunities for the heat exchanger market in ASEAN region soon.
- Indonesia is expected to witness significant demand during the forecast period, owing to the plans of increasing power generation capacity in the coming years.
