heat exchanger market has been segmented on the basis of type, application and region, is expected to grow at 9.5% % CAGR – Forecast till 2023

Market Research Future (MRFR) has announced the release of a new research report on the Global Heat Exchanger Market. The report uses extensive historical information about the development of the Global Heat Exchanger Market to provide reliable projections about the market’s likely growth trajectory over the forecast period of 2018 to 2023. Key drivers boosting the global heat exchanger market are profiled in the report to provide readers with a clear picture of the market’s beneficial factors. At the same time, key restraints expected to hold the market back are also profiled in the report. Key players operating in the global heat exchanger market are also profiled in the report to provide readers with a detailed look into the competitive dynamics within the global heat exchanger market. The global heat exchanger market is expected to rise at a strong CAGR of 9.5% over the forecast period.

Heat exchangers are systems that allow smooth transfer of heat from one medium to another. Depending upon the particular setup, heat exchangers can have a varied range of applications which include air cooling, prevention of overheating, waste heat recovery, and general heat transfer. Accordingly, a wide range of industries make use of heat exchangers for various applications, which is likely to remain the key driver for the global heat exchanger market over the forecast period.

The growing industrial sector around the world is likely to be the major driver for the global heat exchanger market. Its proliferation has been particularly prominent in emerging regions such as Asia Pacific and the Middle East, where governments have made serious efforts to boost industrial activities. The manufacturing sector has been a particular beneficiary of the increased government efforts to boost economic activity in these regions and is likely to remain a key end user of heat exchanger solutions over the forecast period. The increasing power generation capabilities in emerging regions are also likely to drive the global heat exchanger market, as heat exchangers are widely used in the power generation sector for applications such as waste heat recovery and prevention of overheating.

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Competitive Analysis:

Leading players in the global heat exchanger market include Alfa Laval AB, Southern Heat Exchanger, SPX Corporation, API Heat Transfer Inc., Sierra S.p.a., Koch Heat Transfer Company, Hughes Anderson Heat Exchangers, Hamon & Cie International SA, Gunter AG & Co. KG, Xylem Inc., Danfoss A/S, and Kelvion Holdings GmbH.

Industry Updates:

In January 2019, Danfoss deployed new surface modification technology on its microchannel heat exchangers.

Segmentation:

The global heat exchanger market is segmented on the basis of type and application.

By type, the global heat exchanger market is segmented into shell and tube, plate, regenerative, and air cooled heat exchangers. Shell and tube heat exchangers are expected to dominate the global heat exchanger market over the forecast period due to their greater operating temperature and pressure range, higher potential of heat transfer, immunity from erosion, and ease of fault detection.

By application, the global heat exchanger market is segmented into chemicals, oil and gas, power generation, heating ventilation air conditioning and refrigeration (HVACR), food and beverage, and others. The chemicals industry holds the leading share in the global heat exchanger market and is likely to remain in the dominant position over the forecast period due to the widespread use of heat exchangers in chemical industry processes involving petrochemicals, polymers, agrochemicals, and pharmaceuticals. The oil and gas industry is also likely to be a major contributor to the global heat exchanger market over the forecast period due to its growing scale of operations.

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. Also, the region is home to major heat exchanger manufacturers such as Kelvion Holdings Gmbh, Gunter AG & Co. KG and others which provides an added advantage to Europe.

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.

The Middle East & Africa market generates substantial demand for heat exchangers owing to growing application in oil refineries.

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