Heat Exchanger Market Emerging Technologies by Forecast to 2023
Market Highlights:-
Increase in demand for heat exchangers, owing to power requirement for commercial and non-commercial purposes, and increase in population and economic growth in the developing nations are some of the factors driving the market growth. Moreover, technological development in heat exchanger and growth in HVACR (Heating Ventilation Air Conditioning and Refrigeration) process equipment are pushing the market towards growth. Recent study shows that emerging trends in HVAC and its applications, have a direct impact on the dynamics of the heat exchanger industry, such as the development of waste heat recovery heat exchangers and the introduction of exhaust gas recirculation coolers. However, fluctuating prices of raw material acting as a major barrier to the growth of the heat exchanger market.
Heat exchange is an important unit operation that contributes to efficiency and safety of many processes. Heat transfer operations, of heat from one medium to another, holds high significance in industries such as chemicals, food, waste recovery, oil & gas, and others. Heat exchanger is a device that transfers thermal energy between one fluid to another fluid or solid surface and fluid, which are originally at different temperatures and are in thermal contact. The objectives served by heat exchangers include overheating prevention in power generation facilities, waste heat recovery, air cooling, general heat transference, and others.
According to a recent study report published by the Market Research Future, The global market of heat exchanger is booming and expected to gain prominence over the forecast period. The Global Heat Exchanger market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 8.2% during the estimated period (2018 – 2023).
Industry Top Key Players:-
The major player operating in the market of global heat exchanger are Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Southern Heat Exchanger (U.S.), Danfoss A/S (Denmark), SPX Corporation (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Gunter AG & Co. KG (Germany), Sierra S.p.A (Italy), and Hamon & Cie International SA (Belgium), Koch Heat Transfer Company (U.S.), and Hughes Anderson Heat Exchangers (U.S.).
Heat Exchanger Market - Segmentation
On the basis of type, market is segmented into Shell and Tube Heat Exchanger, Plate Heat Exchanger, Regenerative Heat Exchanger, Air cooled. Shell and Tube heat exchanger dominates the type segment of the market. It is most common types of heat exchangers used globally. This exchanger is used for high-temperature and high-pressure applications in oil refineries and other large chemical processes. The Plate Heat segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the growing applications is food & beverage, petroleum & chemical processing and hydrocarbon processing.
On the basis of application, market is segmented into Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages and Other. Chemicals dominates the application segment of the market followed by followed by petrochemical. HVACR segment is expected to grow at the highest CAGR during the forecast period.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Global Heat Exchanger Market
Europe region is capturing the largest market share of heat exchanger market owing to robust presence in plate & frame heat exchangers with respect to demand as well as production capacity. Moreover, heating demand from the region due to the cold weather condition drives the market for heat exchangers.
Asia-Pacific is anticipated to witness sharp expansion and developments in heat exchanger market as compared to other geographical regions, mainly by virtue of growing industrialization and increasing demand from developing nations like China and India. China is likely to register huge developments in its heat exchanger market due to growing demand from chemical as well as refrigeration industries.
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