Heat Exchanger Market Synopsis
The global heat exchanger system market can expand at
the rate of 9.5% during the forecast period (2018-2023), estimates Market
Research Future (MRFR).
The market 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.
Top Drivers and Key Barriers
The strong growth of the heat
exchanger market is the result of the amplified demand for the water and
wastewater industry. The market growth also relies on the surging use of heat
exchangers in different plants like water treatment plants that maximize water
temperature and also elevates energy efficiency. Apart from this, the growing
market for water and wastewater equipment is also boosting the demand for heat
exchanger design across the globe.
Data analysts at MRFR note
that the expanding worldwide population and the rising number of manufacturing
activities also seem to be benefitting the worldwide market. Surge in oil and
gas production is also estimated to have a lucrative effect on the global heat
exchanger market. Besides, environmental concerns rising due to the use of
non-renewable energy resources can work in favor of the heat exchanger market,
given the several ongoing projects that are working on increasing the power
generation capacity.
High demand for heat
exchangers has been observed for commercial and non-commercial purposes owing
to power requirement, which has been brought on by rising population and surge
in economic growth in emerging countries. A host of technological advancements
in heat exchangers and the remarkable progress of the nuclear power sector will
also stimulate market growth in the following years.
Global Heat Exchanger Market
Segmentation
The global market for heat
exchanger can be segmented in terms of type and application.
Depending on the type
segment, the market consists of shell & tube, plate, regenerative and
air-cooled. Shell & tube heat exchanger segment, among these, has the
potential to achieve the top spot in the market, primarily owing to higher
operating pressures and temperatures, the massive potential of heat transfer,
low-pressure drop across the tube cooler and ease of fault detection.
The application-wise segments
covered in the report are oil & gas, chemicals, food & beverages,
HVACR, power generation, and others. Heat exchangers are the primary heat
transfer equipment that are deployed in chemical process industries like
petrochemicals, polymers and plastics, pharmaceutical, and agrochemicals
companies. Thus, the chemical segment is expected to acquire the largest share
in the heat exchanger market. Oil & gas industry comes second in the
market, on account of the increasing number of refineries as well as mining
machinery coolers.
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Regional Outlook
Asia Pacific (APAC), the
Middle East and Africa (MEA), North America and Europe are the primary markets
for heat exchanger identified in the MRFR report.
With the rise in
globalization, the competition among automotive heat exchanger manufacturers in
APAC has increased. This has given rise to the manufacturing of top-quality
products that boast of high functional competency. Moreover, companies are now
focusing on the aftermarket space, besides catering to the original equipment
manufacturers (OEM’s) in a bid to elevate their position in the market. The top
markets for heat exchangers in the region include India and China. The demand
for automotive heat exchangers is high in South Korea and Japan, given the
mounting demand for premium vehicles that require a high number of heat
exchangers. The implementation of rigid emission norms also prompts OEMs to opt
for advanced technologies that comply with the standards.
Europe is a significant
market for heat exchanger, owing to the high demand stemming from the extreme
cold weather condition. The region is benefiting from the high production of
plate & frame heat exchangers, especially in countries like the United
Kingdom (UK), France, and Germany. The region also houses a number of renowned
heat exchanger manufacturers like Gunter AG & Co. KG, Kelvion Holdings
Gmbh, and others, which adds to the market strength. The MEA market is gaining
significantly with the surging application of heat exchangers in oil
refineries.
Top Market Players
The leading performers in the
worldwide heat exchanger market are Southern Heat Exchanger (U.S.), Danfoss A/S
(Denmark), API Heat Transfer Inc. (U.S), Hughes Anderson Heat Exchangers
(U.S.), Xylem Inc. (U.S.), Koch Heat Transfer Company (U.S.), Hamon & Cie
International SA (Belgium), Alfa Laval AB (Sweden), Kelvion Holdings Gmbh
(Germany), Sierra S.p.A (Italy), SPX Corporation (U.S.), Gunter AG & Co. KG
(Germany), to name a few.
Related Searches: https://www.reuters.com/brandfeatures/venture-capital/article?id=81576
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