According to a new market research report published by Credence Research “Industrial Heat Exchangers Market (Construction Type – Shell & Tube Heat Exchangers, Plate Heat Exchangers, Spiral Heat Exchangers, Helical-coil Heat Exchangers, Others (Regenerative, Micro Channel, etc.); Medium – Liquid, Air; Application – Chemical, Oil & Gas, Power Generation, Food & Beverage, HVAC (Heating, Ventilation and Air Conditioning), Pharmaceuticals, Pulp & Paper, Others (Sewage Treatment Sector, Marine, Automotive, etc.)) Market – Growth, Future Prospects and Competitive Analysis, 2018—2026”, the global industrial heat exchangers market is set to expand with a CAGR 7.6% throughout the forecast period from 2018 to 2026.
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Global industrial heat exchangers market expected to witness significant growth in near future owing to consistently improving chemical as well as oil & gas industries, worldwide. Heat exchanger is a device used to exchange heat between two or more fluids in either direct contact or indirect contact method. Numerous industries increasingly adopting heat exchangers to maintain operating temperature among products and other substances, during process.
Increased power requirement from commercial as well as non-commercial sectors, on account of growing population observed as one of the prominent factors propelling the growth of overall market for industrial heat exchangers. In addition, rising investment in renewable energy further supplementing the increasing demand for heat exchangers from numerous industry verticals including chemical, oil & gas, marine, power generation among others.
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Further, improving chemical industry reported for the highest contribution in overall industrial heat exchangers market growth in recent past. In 2017, chemical industry accounted for more than 25% of total market share. With high adoption and worldwide increasing count of chemical plants, chemical industry further expected to retain its dominating position in years to come.
In current scenario, considering improved features, product design and growing applications, shell and tube industrial heat exchangers are creating huge traction among end-users. These industrial heat exchangers are consistently leading global industrial heat exchangers market from past few decades. Increasing adoption of shell and tube heat exchangers in chemical industry allowing this segment to continue dominating overall industrial heat exchangers market in near future.
Leading players in global industrial heat exchangers market are adopting different strategies to sustain their position in global market. Mergers & acquisitions and product innovation are some of the common strategies widely adopted in global industrial heat exchangers market. In addition, leading manufacturers are undertaking consistent efforts to improve the efficiency along with the strength of heat exchangers. Recently, on 6 September 2018, HRS Heat Exchangers Ltd. showcased its all new HRS RHD (R series Heavy Duty Version) series of heavy duty industrial heat exchangers at PACK EXPO International, 2018. This unique RHD series boasts continuous scraping action to improve the mixing of viscous products along with improved strength.
Leading players in the global industrial heat exchangers market include Thermal Transfer Systems, Inc., Xylem, Inc., GEA Group, Hisaka Works, Ltd., Cummins, Inc., Atlas Copco AB, Mitsubishi Heavy Industries, Ltd., SmartHeat, Inc., Swep International AB, Alfa Laval AB, Danfoss A/S, Kelvion Holdings GmbH, SPX Corp., API Heat Transfer, Inc., Guntner GmbH & Co. KG, Hisaka Works, Ltd., HRS Heat Exchangers Ltd., Modine Manufacturing Company, Inc., Sierra Corporation, Koch Heat Transfer Co. and others.
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