Heat Exchanger Global Market Research Report, By Type , Application (Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages, Other), and by Region (North America, Europe, APAC, RoW) – Forecast till 2023
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Heat Exchanger Market Overview:-
The global heat exchanger market is estimated to grow at a spectacular CAGR of 9.5% during the forecast period (2017-2023), asserts Market Research Future (MRFR). Heat exchange products are used to transfer heat from one medium to another and are also used in power plants, natural gas processing, and sewage treatment and petroleum refineries. They are also used in aircraft applications as they improve fuel efficiency by removing heat from engine. Furthermore, advanced technologies and government regulations have propelled the global market growth. In addition, innovations in the product properties, such as corrosion resistance, are anticipated to propel the demand over the forecast period. Other applications include sterilize, pasteurize, fractionate, distill, concentrate, crystallize, and control a process fluid. The line-up of applications of heat exchanger serves to fuel the Heat Exchanger Market growth. Apart from these factors, is the presence of established market players who constantly indulge in mergers and acquisitions to set them apart from the rest of the companies and strengthen their customer base. For instance, LU-VE recently acquired U.S based Zyklus, which allows LU-VE to make use of Zyklus’ U.S. production facility for heat exchangers.
However, high probability of leakage in the heat exchanging system during heat transfer can potentially curb the market growth during the forecast period. On the contrary, power requirement for commercial and non-commercial purposes, combined with growth in population and economy in developing nations portray a positive outlook of the global market. Not just this but market trends such as technological development in heat exchanger have positively shaped the market size. One of these trends includes growth in HVACR (heating ventilation air conditioning and refrigeration) process equipment.
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Market Segmentation:-
The global heat exchangers market is segmented on the basis of type, application, and region.
By type, the market is sub-segmented into shell & tube, plate, regenerative, and air cooled. Amongst these, shell & tube heat exchanger is at the top position with the largest 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. They are highly economical as compared to regenerative and air cooled heat exchangers and also possess better drainage properties.
By application, the heat exchangers market is sub-segmented into chemicals, oil & gas, power generation, HVACR, food & beverages, and others. Among these, the chemicals segment claims the largest market share in the global market due to their high importance in reaction systems, which involve reactors, purification systems, and distillation columns. Whereas the oil & gas segment also holds a substantial market share, due to refineries drawing out advantage from different boiling points of different end products of crude oil.
Top Key Players:-
Danfoss A/S (Denmark), SPX Corporation (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Southern Heat Exchanger (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.) are some of the key players in the global heat exchanger market.
Halton Marine has developed a new HVAC technology called CaBeam that uses chilled beam technology as opposed to the usual fan coil. It will be used in marine apart from hospitals and hotels. Moreover, the chilled beams make use of primary air to induce and recirculate the room air through the heat exchanger of the unit, resulting in high cooling capacities and excellent thermal conditions in the space without a fan.
Regional Analysis:-
The global heat exchanger market is split across North America, Europe, Asia Pacific and the Rest of the World (RoW).
Among all regions, Europe region has captured the largest market share of the global heat exchanger market due to massive prevalence of plate & frame heat exchangers with respect to demand as well as production capacity. Furthermore, high demand for heat from the region due to the cold weather condition propels the market growth to much higher levels. Moreover, strong demand from various industries such as chemical, petrochemical and oil and gas, food and beverages, pulp and paper, and power generation has bolstered the market growth in the region.
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However, on the other hand, the Asia-Pacific market is estimated to witness robust expansion in heat exchanger market by virtue of increasing industrialization and growing demand from developing nations like China and India. Among all countries in the region, China is most likely to expand sizably owing to accelerated demand from chemical as well as refrigeration industries.
The Europe market revels in the presence of industries such as automobiles and motorsports which make massive demand for heat exchangers. Moreover, several emerging manufacturers from Europe are predicted to reduce import dependence on other countries, which will work for the regional market positively. Apart from this, growing environmental concerns regarding use of non-renewable energy resources substantially elevate the market growth in the region. Remarkable growth in the renewable energy sector over the past few years is projected to augment the heat exchanger industry due to various ongoing projects for improving power generation capacity.
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