Heat Exchanger Market Synopsis
The global Heat Exchanger System Market can expand at the rate of 9.5% during the forecast period (2018-2023), estimates Market Research Future (MRFR).
Top Drivers and Key Barriers
The strong growth of the heat exchanger market is the result of the amplified demand for the water and wastewater industry. The market growth also relies on the surging use of heat exchangers in different plants like water treatment plants that maximize water temperature and also elevates energy efficiency. Apart from this, the growing market for water and wastewater equipment is also boosting the demand for heat exchanger design across the globe.
Data analysts at MRFR note that the expanding worldwide population and the rising number of manufacturing activities also seem to be benefitting the worldwide market. Surge in oil and gas production is also estimated to have a lucrative effect on the global heat exchanger market. Besides, environmental concerns rising due to the use of non-renewable energy resources can work in favor of the heat exchanger market, given the several ongoing projects that are working on increasing the power generation capacity.
High demand for heat exchangers has been observed for commercial and non-commercial purposes owing to power requirement, which has been brought on by rising population and surge in economic growth in emerging countries. A host of technological advancements in heat exchangers and the remarkable progress of the nuclear power sector will also stimulate market growth in the following years.
Market Segmentation
The global market for heat exchanger can be segmented in terms of type and application.
Depending on the type segment, the market consists of shell & tube, plate, regenerative and air-cooled. Shell & tube heat exchanger segment, among these, has the potential to achieve the top spot in the market, primarily owing to higher operating pressures and temperatures, the massive potential of heat transfer, low-pressure drop across the tube cooler and ease of fault detection.
The application-wise segments covered in the report are oil & gas, chemicals, food & beverages, HVACR, power generation, and others. Heat exchangers are the primary heat transfer equipment that are deployed in chemical process industries like petrochemicals, polymers and plastics, pharmaceutical, and agrochemicals companies. Thus, the chemical segment is expected to acquire the largest share in the heat exchanger market. Oil & gas industry comes second in the market, on account of the increasing number of refineries as well as mining machinery coolers.
Regional Outlook
Asia Pacific (APAC), the Middle East and Africa (MEA), North America and Europe are the primary markets for heat exchanger identified in the MRFR report.
With the rise in globalization, the competition among automotive heat exchanger manufacturers in APAC has increased. This has given rise to the manufacturing of top quality products that boast of high functional competency. Moreover, companies are now focusing on the aftermarket space, besides catering to the original equipment manufacturers (OEM’s) in a bid to elevate their position in the market. The top markets for heat exchangers in the region include India and China. The demand for automotive heat exchangers is high in South Korea and Japan, given the mounting demand for premium vehicles that require a high number of heat exchangers. The implementation of rigid emission norms also prompts OEMs to opt for advanced technologies that comply with the standards.
Europe is a significant market for heat exchanger, owing to the high demand stemming from the extreme cold weather condition. The region is benefiting from the high production of plate & frame heat exchangers, especially in countries like the United Kingdom (UK), France, and Germany. The region also houses a number of renowned heat exchanger manufacturers like Gunter AG & Co. KG, Kelvion Holdings Gmbh, and others, which adds to the market strength. The MEA market is gaining significantly with the surging application of heat exchangers in oil refineries.
Top Market Players
The leading performers in the worldwide heat exchanger market are Southern Heat Exchanger (U.S.), Danfoss A/S (Denmark), API Heat Transfer Inc. (U.S), Hughes Anderson Heat Exchangers (U.S.), Xylem Inc. (U.S.), Koch Heat Transfer Company (U.S.), Hamon & Cie International SA (Belgium), Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Sierra S.p.A (Italy), SPX Corporation (U.S.), Gunter AG & Co. KG (Germany), to name a few.
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