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.
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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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