The global heat exchanger sector is expected to grow significantly owing to its tremendous use in various industries including chemical and petrochemical. These products are used to transfer heat from one medium to another. The media may be separated by a wall to prevent mixing of media which may harm the final product.
The product is largely used in power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries. They can be used in aircraft applications as they improve fuel efficiency by removing heat from engine. Advanced technologies and government regulations have contributed to growth. Innovations in the product properties, such as corrosion resistance, are expected to positively impact demand over forecast period.
The market can be segmented based on their material of construction, temperature range, and type of fluids used. Shell and tube type is mainly used in marine and harsh applications while plate type is used in low temperature such as natural gas, helium, and oxygen liquefaction plants and transport industries. Tremendous application scope of plate types the food & beverage, petroleum & chemical processing and hydrocarbon processing is expected to propel the growth over the forecast period.
Rising energy and power need on account of to increasing population and economic growth over the past few years is expected to open new opportunities for the product. Increasing use of the product in the shipbuilding sector is expected to positively impact demand over the next seven years.
Increasing applications of HVAC equipment in emerging economies including China and India is expected to significantly contribute to the demand over the forecast period. Rising product use in the manufacturing of energy saving devices is expected to fuel its need over the next seven years.
Increasing application scope in petroleum refinery industries in Middle East, Asia Pacific, and Latin America are expected to propel demand for heat exchanger as it aids in maintaining temperatures in oil refinery reactors. Technological development of the product by manufacturers in emerging economies including China and India is expected to contribute to demand over the forecast period.
Asia Pacific dominated the market in past few years and is expected to grow owing to increasing government spending on infrastructure development and rising exploration activities in the oil & gas sector. Increasing need from chemicals and hydrocarbons sector will propel growth over the forecast period.
Europe was the largest market for the product on account of increasing production capacity. It is expected to witness significant growth owing to its application in light automobiles and motorsports. Rise in the automobile sector is expected to have a positive impact on the industry over the forecast period.
Numerous emerging manufacturers from Eastern Europe are expected to reduce import dependence on various countries which is further expected to propel demand. However, Europe growth is relatively sluggish as compared to Asia Pacific on account of slow economic activity. In addition, advancements in technologies in Asian countries will be a key driver for demand over the forecast period.
Rising environmental concerns regarding use of non-renewable energy resources are expected to further elevate market growth in countries including the U.S., Germany, the Netherlands, and Japan. Tremendous rise in the renewable energy sector over the past few years is expected to augment heat exchanger industry owing to various ongoing projects for improving power generation capacity.
Heat exchanger industry is highly competitive owing to number of manufacturers across the globe. Key players include Aggreko, Alfa Laval, Atlas Copco, Cummins, GEA group, SPX Corporation and Xylem Inc., Hisaka Works Ltd., and Kirloskar Brothers Ltd. Range of products offered by manufacturers varies from portable to heavy type.These companies are investing heavily in R&D to develop highly efficient heat exchangers over the next seven years.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.