Heat exchangers are devices used to transfer heat energy from one fluid to another. Heat exchangers find widespread use in power generation, chemical processing, electronics cooling, air-conditioning, refrigeration, and automotive applications. Heat exchangers used in abundantly in chemical and process industries. It is also used in automobiles in the form of radiators and oil coolers. It is most preferred and widely accepted equipment due to its green and energy-efficient properties.
The focus of various regulatory bodies to reduce the amount of greenhouse gases for meeting the future sustainability is further driving the market for heat exchangers. Increase in demand for heat exchanger due to increase in power demand from commercial and non-commercial sector, rise in population and economic growth in the developing nations are some of the factors which drive the market growth globally.
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The primary operation of heat exchanger includes, overheating prevention in power generation facilities, waste heat recovery, air cooling, general heat transfers, and others. It is used in many industrial applications including hydraulics & industrial processing, marine, food process equipment, mobile power plant, power generation, mining, and spas & swimming pools. Being the most efficient source of energy saving, heat exchanger is the best solution in such as mining, pulp and paper, coke, Iron & steel-making industries, metallurgy and heavy industries. Technological developments in heat exchanger and growth in HVACR (Heating Ventilation Air Conditioning and Refrigeration) process equipment are pushing the market towards growth.
Heat Exchanger Industry Segmental Overview
The global heat exchanger market has been segmented on the basis of type, application and region.
Based on type, the market is further segmented into shell & tube, plate, regenerative and air cooled. Shell & tube heat exchanger segment is expected to dominate the market, mainly due to higher operating temperatures and pressure, huge potential of heat transfer, ease of fault detection, less pressure drop across the tube cooler and free from erosion.
Based on application the heat exchangers market is further classified as chemicals, oil & gas, power generation, HVACR, food & beverages, and others. Heat exchangers are the basic heat transfer equipment used in chemical process industries such as polymers and plastics, petrochemicals, agrochemicals and pharmaceutical companies. Hence, chemical segment holds the largest market share in heat exchanger market. Oil & gas industry also holds second largest market share owing to increase in refineries and mining machinery coolers.
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.
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.
Scope of the Report
This research report has provided the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global Heat Exchanger market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore, the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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