NEW YORK, Nov. 02, 2017 (GLOBE NEWSWIRE) -- The global heat exchanger market is expected to witness a CAGR of 8.0 % and is projected to reach USD 23,867.9 Million by 2023. Factors propelling the growth of heat exchanger market include technological advancement taking place in heat exchanger market, growing demand from HVAC equipment in developing nations, stringent norms, and regulations laid by the government on environment protection.
The report segments heat exchangers market by Type (Shell & Tube, Plate & Frame, Air-Cooled, Printed Circuit and Others), by Material (Steel, Non-Steel), by Application (Chemical, Petrochemical and O&G, HVAC & Refrigeration, Food & Beverages, Power Generation and Others), and by Region (North America, Europe, Asia-Pacific, South America and Middle East and Africa (MEA). The report studies the global heat exchanger market during the forecast period (2017-2023).
The heat exchanger is a device employed in transferring thermal energy between fluids, from a solid surface to fluid at various temperature and thermal contact. The fluid can be separated by a solid wall in order to prevent mixing or direct contact. Heat exchangers are commonly used in refrigeration, space heating, natural gas processing, chemical plants, sewage treatment, and others.
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Key findings from Heat Exchangers report
- The heat exchanger market is expected to reach USD 37,622.8 million by 2023.
- Chemical sector in application segment is expected to grow at highest CAGR of 10.6% during the forecast period. The chemical industry in developing region is evolving thus, driving the heat exchanger market.
- Shell & tube type of heat exchangers is expected to register a CAGR of 8.0% during 2017 to 2023. Increased spending from the government on buildings and commercial project is accelerating the shell and tube type heat exchangers market.
- Steel segment in the material would dominate the heat exchanger market, registering a CAGR of 10.5%, due to its usage as a primary material for construction and development of infrastructure.
- Geographically, Europe held the largest market share owing to increased demand for replacement of heat exchangers.
- Asia-Pacific region is estimated to be the fastest growing region due to the increasing electricity demand along with the development of the end-user industry.
- The key players dealing in heat exchangers market are Modine Manufacturing Company, Mersen, Thermax Global, Swep International AB, Hrs Heat Exchangers Ltd., Smart Heat Incorporated, Aggreko, Atlas Copco, Kirloaskar Brothers Ltd., Tranter Inc.
Heat Exchangers- increasing energy demand
The rising demand for power and energy owed to the increasing population, and the economic growth over the recent years is anticipated to provide new opportunities for the heat exchangers. To cater the energy needs, emphasis on nuclear power generation is anticipated to create demand for heat exchangers. The growing demand for HVAC equipment in emerging economies such as China and India is expected to significantly contribute to the demand of heat exchangers over the forecast period. The increasing government initiatives of various countries towards the environment and rising product use in the manufacturing of energy saving devices is expected to boost the demand for heat exchangers over the forecast period.
Heat Exchangers- regional insight
Europe is holding the largest market share of heat exchangers owing to the highest production capacities. The continuous innovation and advancement in automobile sector is anticipated to increase the demand for heat exchangers, in the region. Furthermore, the rising concerns for the environmental conservation and the increasing focus towards renewable energy is anticipated to propel the demand for the heat exchangers. The decline in the prices of crude oil resulting in reducing investments in oil and gas industry would hinder the growth of the heat exchangers market to some extent, in this region over the forecast period. North America, a prominent heat exchangers market having huge installed plant capacities of heat exchangers and is majorly an export-based heat exchangers market. The high capacities are owed to the increasing demand in the chemical industry. The U.S., key market of heat exchangers is investing heavily in the shale gas and its production, increasing the demand for gas processing industry creating ample of growth opportunity in heat exchangers market.
Asia-Pacific with increased government investments for developing infrastructure and rapid growth in industries is anticipated to increase the demand for heat exchangers. The technological advancements in China’s industries are expected to further boost the demand for heat exchangers. Additionally, the demand from chemicals and hydrocarbons sector will further drive the heat exchangers market growth, in the region.
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