Global Heat Exchangers Market Growth and Global Analysis Report 2022
The global heat exchangers market was valued at $12.92 billion in 2016 and is expected to reach $22.36 billion by 2023, registering a CAGR of 8.15% from 2017 to 2023 according to the latest study offered by DecisionDatabases.com. A heat exchanger is a device which is used to transfer thermal energy between a solid object and a fluid, or between two or more fluids. The fluids are separated with the help of a solid wall to prevent mixing or they may be in direct contact. Heat exchangers works on the principle of heat transfer without transferring the fluid that carries the heat.
Heat exchangers market is expected to be driven by the various applications which include heating, cooling, evaporation and condensation of fluid streams. Some other applications involves sterilizing, pasteurizing, fractionating, distilling, concentrating, crystallizing, and controlling a process fluid. Heat exchangers are in huge demand in the market owing to power requirement for commercial and non-commercial purposes, on account of increase in population and economic growth in the developing nations. Also the use of plate and frame type in heat exchangers industry to maintain low temperature in natural gas, helium, and oxygen liquefaction plants and industries are some significant aspects that augment the growth of the market. Other factors that drives the demand includes growth in use in the refineries in Middle East, technological development, upsurge in applications of heat, ventilation and air-conditioning (HVAC) process equipment in emerging countries such as China and India, during the forecast period. However, rapid growth in the global economy and disposable income of individuals are the factors which are offering different opportunities to the market players belonging to the global heat exchangers market.
The heat exchangers market is segmented into four types- end-user industry, type, material of construction, and geography. On the basis of type, the heat exchangers market is segmented into plate & frame, air-cooled, shell & tube and micro-channel).Among all of these, the shell and tube segment occupies the major part of the market share during 2016 and will continue to dominate the market for the next four years. On the basis of end-user industry, the market is classified into petrochemical, oil & gas, chemical, HVACR, food & beverage, and power generation. Among all of these, the chemical segment captured the heat exchangers market owing to its higher demand and applications offered such as the heating and cooling of base, intermediate, and final products. By material of construction segment, the market is segmented into carbon-steel, stainless-steel, nickel, and others (nickel alloys, copper, titanium, molybdenum).
The market is also segmented by region into Asia-Pacific, North America, Western Europe, Central & Eastern Europe, Latin America, and Middle East & Africa. Among all of these, the heat exchanger market in Europe and the Americas is anticipated to observe slower growth than Asia-Pacific as demand in these two regions are largely emanating from the replacement segment. However, Asia-Pacific is likely to achieve sharp growth as compared to other regions due to growing industrialization, increasing government spending on infrastructure development and rising exploration activities in the oil & gas sector. Technological development of the product by manufacturers in emerging economies including China and India is expected to contribute to demand over the forecast period. Also, China is anticipated to show strong growth in its heat exchanger market due to growing demand from HVAC as well as chemical and refrigeration industries. Europe which includes Western, Eastern, and Central Europe has always been a strong market for heat exchangers owing to the increasing production capacity. In addition, 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 helps in maintaining temperatures in oil refinery reactors.
Some of the major players are API Heat Transfer Inc. (U.S), SPX Corporation (U.S.), Xylem Inc. (U.S.), Gunter AG & Co. KG (Germany), Danfoss A/S (Denmark), Alfa Laval AB (Sweden), Hindustan Dorr-Oliver Limited (India), Hamon & Cie International SA (Belgium), Hisaka Works Limited (Japan), HRS Heat Exchangers (India), Kelvion Holdings Gmbh (Germany), Modine Manufacturing Company (U.S.), Sierra S.p.A (Italy), Sondex Holdings A/S (Denmark), and SWEP International AB (Denmark).
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