Heat exchange is an important unit operation that contributes to efficiency and safety of many processes. Heat transfer operations, of heat from one medium to another, holds high significance in industries such as chemicals, food, waste recovery, oil & gas, and others. Heat exchanger is a device that transfers thermal energy between one fluid to another fluid or solid surface and fluid, which are originally at different temperatures and are in thermal contact. The objectives served by heat exchangers include overheating prevention in power generation facilities, waste heat recovery, air cooling, general heat transference, and others.
Increase in demand for heat exchangers, owing to power requirement for commercial and non-commercial purposes, and increase in population and economic growth in the developing nations are some of the factors driving the market growth. Moreover, technological development in heat exchanger and growth in HVACR (Heating Ventilation Air Conditioning and Refrigeration) process equipment are pushing the market towards growth. Recent study shows that emerging trends in HVAC and its applications, have a direct impact on the dynamics of the heat exchanger industry, such as the development of waste heat recovery heat exchangers and the introduction of exhaust gas recirculation coolers. However, fluctuating prices of raw material acting as a major barrier to the growth of the heat exchanger market.
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The heat exchangers market is segmented on the basis of type, application, and region. Based on the type, the market is further segmented into shell & tube, plate, regenerative, and air cooled. Amongst these, shell & tube heat exchanger is dominating the market share due to its competitive advantages such as relatively high efficiency, huge potential for heat transfer, low-pressure drops, easy maintenance and repair, reduced wear-outs, and erosion prevention. Besides the shell & tube heat exchangers are economically feasible over regenerative and air cooled heat exchangers and possess better drainage properties. On the basis of application, the heat exchangers market is further classified into chemicals, oil & gas, power generation, HVACR, food & beverages, and others. Chemicals segment hold the largest market share in the heat exchangers market due to their high importance in reaction systems, which involve reactors, purification systems, and distillation columns. Oil & gas industry also holds strong market share, owing to refineries drawing out advantage from different boiling points of different end products of crude oil.
Heat exchanger industry is expected to have a huge number of advancements over the forecast period owing to continuous developments in end-use industry coupled with rising demand from industries in the end use sector. The market is also expected to have high expansion activities by multinationals and well-established companies.
The global heat exchanger market is expected to expand at ~9.5% CAGR during the forecast period.
Global Heat Exchanger Market
Europe region is capturing the largest market share of heat exchanger market owing to robust presence in plate & frame heat exchangers with respect to demand as well as production capacity. Moreover, heating demand from the region due to the cold weather condition drives the market for heat exchangers.
Asia-Pacific is anticipated to witness sharp expansion and developments in heat exchanger market as compared to other geographical regions, mainly by virtue of growing industrialization and increasing demand from developing nations like China and India. China is likely to register huge developments in its heat exchanger market due to growing demand from chemical as well as refrigeration industries.
The major player operating in the market of global heat exchanger are Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Southern Heat Exchanger (U.S.), Danfoss A/S (Denmark), SPX Corporation (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Gunter AG & Co. KG (Germany), Sierra S.p.A (Italy), and Hamon & Cie International SA (Belgium), Koch Heat Transfer Company (U.S.), and Hughes Anderson Heat Exchangers (U.S.).
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