Heat Exchanger
Market Analysis
The global heat exchanger industry is witnessing steady growth and is
expected to grow at a CAGR of approximately 9.5% over the forecast period of
2017-2023, reveals Market Research Future in a minutely analyzed research
report.
Heat exchangers are devices used to transfer heat energy from one fluid
to another. Heat exchangers find widespread use in power generation, chemical
processing, electronics cooling, air-conditioning, refrigeration, and
automotive applications. Heat exchangers used in abundantly in chemical and
process industries. It is also used in automobiles in the form of radiators and
oil coolers. It is most preferred and widely accepted equipment due to its
green and energy-efficient properties. The focus of various regulatory bodies
to reduce the amount of greenhouse gases for meeting the future sustainability
is further driving the market for heat exchangers.
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Competitive
Landscape
The global heat
exchanger market is led by some prominent players including Xylem Inc. (U.S.),
API Heat Transfer Inc. (U.S), Southern Heat Exchanger (U.S.), Gunter AG &
Co. KG (Germany), Hamon & Cie International SA (Belgium), Hughes Anderson
Heat Exchangers (U.S.), Kelvion Holdings Gmbh (Germany), Koch Heat Transfer
Company (U.S.), Danfoss A/S (Denmark), Alfa Laval AB (Sweden), SPX Corporation
(U.S.), and Sierra S.p.A (Italy).
Segmentation
The global heat exchanger market
has been segmented based on type and application.
Type-wise segmentation of the
global heat exchanger market includes shell & tube, plate, regenerative,
and air cooled. Owing to its competitive advantages such as high efficiency,
low-pressure drops, easy maintenance & repair, massive potential for heat
transfer, and erosion prevention, the shell & tube heat exchanger segment
dominates the market. In addition, shell & tube heat exchangers are
cost-effective and possess better drainage properties.
Application-wise, the global heat
exchanger market has been segmented into chemicals, oil & gas, power
generation, HVACR, food & beverages, and others. The chemicals segment is
the largest segment since heat exchangers are of prime importance in reaction
systems such as purification systems, distillation columns, and reactors. The
oil & gas segment is also an important segment.
Regional Analysis
North America, Europe, Asia
Pacific, and the Middle East & Africa are the key markets for heat
exchanger.
Europe is the largest market
for heat exchanger due to augmented demand from the region due to cold weather
condition. Moreover, the region is leading in terms of production of plate
& frame heat exchangers in regions such as Germany, UK, and France.
The Middle East & Africa
market generates substantial demand for heat exchangers owing to growing
application in oil refineries.
Asia Pacific market is
expected to witness maximum growth over the forecast period. Rapid
industrialization in countries such as China, India, Japan, Indonesia, and
Australia initiate the high demand for heat exchangers.
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