Heat Exchanger Market
Research Report to 2023
The heat exchanger market is progressing briskly;
mainly due to the diverse application areas in industries ranging from swimming
pools to maintain the water temperatures to sugar factories and distilleries.
Other remarkable applications of heat exchangers include Chemical Factories and
Heating Ventilation Air Conditioning and Refrigeration (HVACR) sector.
The Heat
Exchanger Market Research
is increasing steadily over the past few years and is expected to gain further
prominence over the next few years. Increase in population and economic growth
in the developing nations are impacting the market conditions, positively.
Moreover, augmented demand for heat exchangers owing to power requirement for
commercial and non-commercial purposes is escalating the market on the global
platform.
According to an eminent research firm, Market
Research Future (MRFR), the global heat exchanger market would demonstrate
significant growth, registering over 9.5% CAGR throughout the forecast period
(2018 – 2023). Advances in the heat exchanger related technology and increase
in HVACR process equipment is a key driving force behind this growth of the
market.
Recent trends in the market show that they have a
direct impact on the dynamics of the industry, such as the development of waste
heat recovery heat exchangers and the introduction of exhaust gas recirculation
coolers. Also, the extensive power consumption across sectors is contributing
to market expansion, hugely.
Conversely, volatility in the prices and the
demand-supply gap in the raw materials required for the production of the heat
exchanger are some of the factors that are impeding the growth of the market.
Nevertheless, increasing number of power plants across the globe would support
the growth of the market, augmenting the demand for heat exchangers during the
forecasted period.
A safe, reliable, and low-cost electrical energy
supply is critical to ensuring power continuity. Heat Exchangers can be used to optimize the
efficiencies of power plants. Heat exchangers are utilized in a variety of
essential niche applications, including energy recovery, energy storage, and
solar thermal energy.
Global Heat Exchanger
Market - Segments
For a better understanding, the report has been
segmented into three key dynamics:
By Type :
Shell and Tube Heat Exchanger, Regenerative Heat Exchanger, Plate Heat
Exchanger, and Air cooled, among others.
By Application :
Oil & Gas, Chemicals, Power Generation, HVACR, and Food & Beverages,
among others.
By Regions : Asia Pacific, North America, Europe, and the
Rest-of-the-World.
Regional Analysis
The European region would retain its dominance over
the global heat exchanger market throughout the forecast period. The presence of a strong market for plate
& frame heat exchangers and most of the global leaders in heat exchanger
manufacturing are driving the growth of the regional market.
Moreover, factors such as the emerging technologies
and favorable regulations pertaining to the manufacturing of heat exchangers in
certain parts of the region are also fostering market growth in the
region. Increasing production of
innovative heat exchangers that can withstand corrosive chemicals is positively
impacting the growth in the regional market.
The heat exchanger market in the Asia Pacific region
accounts for the second-largest share in the global market. The APAC is
witnessing high industrial growth rate, which increases the demand for plate
& frame heat exchangers for its diverse application areas. China, among
other APAC countries, accounts for a major consumer of heat exchangers and
dominates the regional heat exchanger market registering a considerable demand.
Moreover, a large number of plate & frame heat
exchanger manufacturers present in the Asian countries are trying to establish
a strong consumer base in the plate & frame heat exchangers market with a
target of reducing imports heat of exchangers. Such efforts would, in turn,
support the growth of the market growth in the region.
Competitive Analysis
Highly competitive, the heat exchanger market
appears to be highly fragmented owing to the presence of several
well-established players. These players incorporate strategic initiatives such
as collaboration, acquisition, technology launch, partnership, and expansion to
maintain their market positions.
The market is estimated to witness a relentless
product launch, which would intensify the competitive nature of this market,
further. In the wake of increasing demand for heat exchanger, more models are
envisaged to enter the mass market. Players emphasis on geographical expansion
as well.
Major Players:
Players leading the global heat exchanger market
include Kelvion Holdings Gmbh (Germany), Alfa Laval AB (Sweden), Southern Heat
Exchanger (US), SPX Corporation (US), Danfoss A/S (Denmark), Xylem Inc. (US),
Gunter AG & Co. KG (Germany), API Heat Transfer Inc. (US), Sierra S.p.A
(Italy), Koch Heat Transfer Company (US), Hamon & Cie International SA
(Belgium), and Hughes Anderson Heat Exchangers (US), among others.
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