Heat Exchanger Market Analysis
The heat exchanger market is progressing briskly; mainly due to the diverse application areas in industries ranging from swimming pools to maintain the water temperatures to sugar factories and distilleries. Other remarkable applications of heat exchangers include Chemical Factories and Heating Ventilation Air Conditioning and Refrigeration (HVACR) sector.
The market is increasing steadily over the past few years and is expected to gain further prominence over the next few years. Increase in population and economic growth in the developing nations are impacting the market conditions, positively. Moreover, augmented demand for heat exchangers owing to power requirement for commercial and non-commercial purposes is escalating the market on the global platform.
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Recent trends in the market show that they have a direct impact on the dynamics of the industry, such as the development of waste heat recovery heat exchangers and the introduction of exhaust gas recirculation coolers. Also, the extensive power consumption across sectors is contributing to market expansion, hugely.
Conversely, volatility in the prices and the demand-supply gap in the raw materials required for the production of the heat exchanger are some of the factors that are impeding the growth of the market. Nevertheless, increasing number of power plants across the globe would support the growth of the market, augmenting the demand for heat exchangers during the forecasted period.
A safe, reliable, and low-cost electrical energy supply is critical to ensuring power continuity. Heat Exchangers can be used to optimize the efficiencies of power plants. Heat exchangers are utilized in a variety of essential niche applications, including energy recovery, energy storage, and solar thermal energy.
Global Heat Exchanger Industry Segmentation
For a better understanding, the Heat Exchanger Market report has been segmented into three key dynamics:
By Type: Shell and Tube Heat Exchanger, Regenerative Heat Exchanger, Plate Heat Exchanger, and Air cooled, among others.
By Application: Oil & Gas, Chemicals, Power Generation, HVACR, and Food & Beverages, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Heat Exchanger Market Regional Analysis
The European region would retain its dominance over the global heat exchanger market throughout the forecast period. The presence of a strong market for plate & frame heat exchangers and most of the global leaders in heat exchanger manufacturing are driving the growth of the regional market.
Moreover, factors such as the emerging technologies and favorable regulations pertaining to the manufacturing of heat exchangers in certain parts of the region are also fostering market growth in the region. Increasing production of innovative heat exchangers that can withstand corrosive chemicals is positively impacting the growth in the regional market.
The heat exchanger market in the Asia Pacific region accounts for the second-largest share in the global market. The APAC is witnessing high industrial growth rate, which increases the demand for plate & frame heat exchangers for its diverse application areas. China, among other APAC countries, accounts for a major consumer of heat exchangers and dominates the regional heat exchanger market registering a considerable demand.
Moreover, a large number of plate & frame heat exchanger manufacturers present in the Asian countries are trying to establish a strong consumer base in the plate & frame heat exchangers market with a target of reducing imports heat of exchangers. Such efforts would, in turn, support the growth of the market growth in the region.
Global Heat Exchanger Market Competitive Analysis
Highly competitive, the heat exchanger market appears to be highly fragmented owing to the presence of several well-established players. These players incorporate strategic initiatives such as collaboration, acquisition, technology launch, partnership, and expansion to maintain their market positions.
The market is estimated to witness a relentless product launch, which would intensify the competitive nature of this market, further. In the wake of increasing demand for heat exchanger, more models are envisaged to enter the mass market. Players emphasis on geographical expansion as well.
Players leading the global heat exchanger market include Kelvion Holdings Gmbh (Germany), Alfa Laval AB (Sweden), Southern Heat Exchanger (US), SPX Corporation (US), Danfoss A/S (Denmark), Xylem Inc. (US), Gunter AG & Co. KG (Germany), API Heat Transfer Inc. (US), Sierra S.p.A (Italy), Koch Heat Transfer Company (US), Hamon & Cie International SA (Belgium), and Hughes Anderson Heat Exchangers (US), among others.
Industry/ Innovation/ Related News:
May 29, 2019 – ARPA-E (Advanced Research Projects Agency-Energy), an American government agency involved in promoting and funding R&D of advanced energy technologies, announced a grant of USD 2.3 MN to Michigan State University for the development of 3D printed heat exchangers.
3D printing applied to heat exchanger production enables geometric freedom and structural efficiency. The funding is assigned to utilize new alloys that are suitable for powder-based manufacturing to produce a scalable, compact, low-cost plate-type heat exchanger that is resistant to corrosion and high temperatures.
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