Heat Exchanger Market Highlights
Market Research Future reveals that the global Heat Exchanger System Market is foreseen to witness a vigorous development with 9.5% CAGR during the forecast period 2018-2023. The market valuation is also estimated to be high, as revealed in its in-depth study. Various factors, segmental analysis, and regional market share are plugged in to help the overall market to expand rapidly during the assessment period.
Market Key Trends
The heat exchanger is a device generally used to transfer the heat from one medium to another. The process of heat exchanging embraces efficiency and reliability in operation when specific parameters such as flow rate, temperature differential, and installation guidelines are evaluated successfully. These features have been causative for the global heat exchanger market’s growth for the forecast period.
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The usability of these industrial applications such as marine, hydraulics & industrial processing, mobile power plant, food process equipment, mining, power generation, and spas & swimming pools are also being essential factors leading the market’s growth over the years, that will be continued during the forecast period.
The heat exchanger being the most efficient source of energy-saving, is considered to be the best solution for mining, pulp and paper, coke, Iron & steel-making industries, metallurgy, and heavy industries. Therefore, the surge in demand for heat exchanger owing to factors such as growth in the demand of power from the commercial and non-commercial sector, increase in population and economic growth in the developing countries globally are some of the factors driving the market growth globally. In fact, the technological developments in heat exchanger and growth in HVACR (Heating Ventilation Air Conditioning and Refrigeration) process equipment are eventually pushing the market towards growth.
At the same time, a noteworthy escalation in industrialization and rising investments in commercial, manufacturing, and industrial projects have observed the growth in the heat exchanger market. As per the information provided by the BP Statistical Review of World Energy 2018 report, the power generation rose by 2.8% from the year 2017 that was backed by emerging economies. Even the renewables had a growth of 1% global share, which indicates manufacturing, the rapid development in power generation is also leading to the expansion of the heat exchanger market globally.
On the other hand, under the heat exchanger market analysis, factors such as prompt development and evolving trends of waste heat recovery heat exchangers and the introduction of exhaust gas recirculation coolers had impacted the heat exchanger market growth to a high level.
On the flip side, the factor of variability in the costs of raw material acts as the foremost barrier for the growth of the heat exchanger market.
Market Segmentation – Heat Exchanger
As per the study conducted, the global Heat Exchanger Market segmental analysis has been done by the elements of type and application.
In terms of type: Shell & tube, regenerative, plate, and air-cooled are the segments. Of which, shell & tube heat exchanger segment can lead to the market mainly owing to higher operating temperatures and pressure, ease of fault detection, the immense potential of heat transfer, less pressure drop across the tube cooler, and free from erosion.
In terms of application: Chemicals, oil & gas, HVACR, power generation, and food & beverages, are the segments. Among these, the chemical segment acquires the largest market share in the heat exchanger market. In fact, the oil & gas industry also receives the second largest market share due to a surge in refineries and mining machinery coolers.
Regional Outlook
Region-wise, the global heat exchanger market is also spanned across the regions of North America, Asia-pacific, and Middle East & Africa.
Among these regions, the Asia Pacific region is leading the heat exchanger market owing to the rising investments in chemical industries and power generation capacity in countries like China, Japan, and India. Therefore, the evolution of manufacturing, chemical, and construction industries in Asia-Pacific will be leading the market growth during the forecast period. At the same time, as per World Nuclear Performance Report 2018, published by World Nuclear Association, four reactor construction projects have been commissioned by 2017 with a capacity of 4298 MW from countries such as India, Bangladesh, and South Korea. This signifies a massive contribution in Asia-Pacific countries, which drives the market demand for the heat exchange market.
Europe was also the most significant heat exchanger market in the past years due to snowballing production capacity. It is anticipated that the market would witness significant growth owing to its application in light automobiles and motorsports. Also, the rise in the automobile sector is likely to have a positive impact on the heat exchanger industry over the assessment period.
In the last, the rising environmental concerns concerning the use of non-renewable energy resources are probable to upraise market growth in the countries of the U.S., Germany, the Netherlands, and Japan. With the thin, tremendous rise in the renewable energy sector in the past few years is likely to expand the heat exchanger industry as various ongoing projects for improving power generation capacity are happing speedily.
Market Key Players
The chief player actively participating in the market of global heat exchanger are listed as Kelvion Holdings Gmbh (Germany), Alfa Laval AB (Sweden), Danfoss A/S (Denmark), Southern Heat Exchanger (U.S.), Xylem Inc. (U.S.), SPX Corporation (U.S.), Gunter AG & Co. KG (Germany), Sierra S.p.A (Italy), API Heat Transfer Inc. (U.S), Hamon & Cie International SA (BelgiumHughes Anderson Heat Exchangers (U.S.) and ), Koch Heat Transfer Company (U.S.).
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