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 exchanger are devices whose primary responsibility is the transfer
or exchange of heat from one medium to another. Heat exchanger are not only
used in heating applications but are also used in cooling applications such as
refrigerators and air conditioners. It is largely used in power plants,
chemical plants, natural gas processing, sewage treatment, and petroleum
refineries. The Heat
Exchanger Market Forecast with the rapid pace; mainly due to growing demand
from chemical as well as natural gas processing industry
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.
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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