| |OCTOBER 202219In the case of nuclear plants, heat exchangers prove their efficacy when it comes to cooling of the wet storage. For storage of renewable energy, heat exchangers assume the role of gas and electrolyte coolers. As the industry goes ahead on the technological transformation ride, increasing demand for automation and smooth operations will keep making the case for heat exchangers. Even in the non-industrial sector, they are finding applications rapidly.In residences, there is an increasing need to manage the air quality and humidity issues without opening a window. Air-to-air heat exchangers are proving useful in such cases by bringing two air streams of different temperatures into thermal contact, and transferring heat from the exhausting inside air to incoming outside air during the heating season. DRIVEN BY THE TECHNOLOGICAL ADVANCEMENTSWith increasing urbanization, the growth of heat exchanger market is evident. There are several types of heat exchangers that are commercially available, namely shell & tube heat exchanger, plate & frame heat exchangers, air-cooled heat exchangers and more. Driven by the technological advancements and rising adoption, India heat exchangers market is anticipated to grow at a CAGR of more than eight percent till 2026. Market studies suggest that the growth of the heat exchangers market in India is primarily driven by rapid industrialization that has in turn resulted in increasing demand and adoption of process plant equipment. "The global heat exchanger market size was estimated at $17.38 billion in 2021, and is expected to reach $17.93 billion in 2022. But the major challenges faced are the volatility in prices of metals and high cost of production, which are likely to affect heat exchangers market negatively and clients are mostly holding their decisions for unknown period for new investments", says Girish Kumar Bhootaka, CEO at MECh Engineers. Apart from the power sector, heat exchangers also play an important role in the food industry as they are used for management of heat produced during the production process of fruit pulp, food paste, juices, hazel nut pastes, yoghurts, and more. Likewise, many industries in India have implemented advanced heat exchangers to address the challenge of energy loss which is unaffordable given the exorbitant cost of energy. As the implementation spreads further, the competition in the market is getting tough between the manufacturers of heat exchangers, which are in turn leading to their expedited technological evolution. by the technological advancements and rising adoption, India heat exchangers market is anticipated to grow at a CAGR of more than eight percent till 2026
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