According to the latest report by IMARC Group, titled “Latin America Heat Exchanger Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the heat exchanger market size Latin America reached a strong growth in 2020. Heat exchangers are utilized to transfer heat between two or more liquids and control the temperature of a system. These devices include hot and cold streams, which are used to transport thermal energy among the streams. Heat exchangers help in heating or cooling buildings and enable the efficient performing of machines. Owing to this, these devices are widely installed in automotive radiators, air conditioning systems and sewage treatments across Latin America.
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Rapid industrialization and the increasing refurbishment programs of traditional power units, refineries and chemical processing plants are currently bolstering the demand for heat exchangers in Latin America. Additionally, rising investments by regulatory authorities in several countries, including Chile, Brazil, Argentina and Mexico, to develop the state-of-the-art power generation infrastructure are also providing a thrust to the market. Furthermore, due to the inflating disposable income levels and changing living standards, consumers are extensively installing the heat, ventilation and air-conditioning (HVAC) system in residential spaces, which is further propelling the market growth. Besides this, several regional manufacturers are continually engaging in research and development activities to launch cost-effective and efficient product variants, which is projected to further drive the market growth in Latin America over the forecasted period. Looking forward, the market is expected to continue its moderate growth during the forecast period (2021-2026).
Breakup by Type:
- Shell & Tube
- Plate & Frame
- Air Cooled
Breakup by Material:
- Carbon Steel
- Stainless Steel
Breakup by End Use Industry:
- Petrochemical and Oil & Gas
- HVAC and Refrigeration
- Food & Beverage
- Power Generation
- Paper & Pulp
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