The global heat exchanger sector is expected to grow significantly owing to its tremendous use in various industries including chemical and petrochemical. These products are used to transfer heat from one medium to another. The media may be separated by a wall to prevent mixing of media which may harm the final product.
The product is largely used in power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries. They can be used in aircraft applications as they improve fuel efficiency by removing heat from engine. Advanced technologies and government regulations have contributed to growth. Innovations in the product properties, such as corrosion resistance, are expected to positively impact demand over forecast period.
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The market can be segmented based on their material of construction, temperature range, and type of fluids used. Shell and tube type is mainly used in marine and harsh applications while plate type is used in low temperature such as natural gas, helium, and oxygen liquefaction plants and transport industries. Tremendous application scope of plate types the food & beverage, petroleum & chemical processing and hydrocarbon processing is expected to propel the growth over the forecast period.
Rising energy and power need on account of to increasing population and economic growth over the past few years is expected to open new opportunities for the product. Increasing use of the product in the shipbuilding sector is expected to positively impact demand over the next seven years.
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Increasing applications of HVAC equipment in emerging economies including China and India is expected to significantly contribute to the demand over the forecast period. Rising product use in the manufacturing of energy saving devices is expected to fuel its need over the next seven years.
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 aids in maintaining temperatures in oil refinery reactors. Technological development of the product by manufacturers in emerging economies including China and India is expected to contribute to demand over the forecast period.
Asia Pacific dominated the market in past few years and is expected to grow owing to increasing government spending on infrastructure development and rising exploration activities in the oil & gas sector. Increasing need from chemicals and hydrocarbons sector will propel growth over the forecast period.
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