Heat Exchangers Market Overview:
Global heat exchangers market was valued at $12,611 million in 2015, and is expected to reach $20,118 million by 2022, registering a CAGR of 6.9% from 2016 to 2022. A heat exchanger is a device employed to transfer thermal energy (enthalpy) between a solid object and a fluid, from liquid to liquids and between solid particulates and a fluid, at different temperatures and in thermal contact. The fluids used in heat exchangers are separated by a solid wall to prevent mixing or they may be in direct contact. Moreover, heat exchangers, usually have no external heat and work interactions. Major applications of heat exchangers involve heating or cooling of a fluid stream and evaporation or condensation of single- or multicomponent fluid streams. Other applications include, sterilize, pasteurize, fractionate, distill, concentrate, crystallize, and control a process fluid. The aforementioned applications are further expected to drive heat exchangers market.
The heat exchanger market is segmented based on type, end-user industry, material of construction, and geography. Based on type segment, the heat exchangers market is classified into shell & tube, plate & frame, air-cooled, micro-channel, and others (gasketed, welded, brazed, and finned tube). Based on end-user industry, the market is divided into chemical, petrochemical, oil & gas, HVACR, food & beverage, and power generation. By material of construction segment, the market is segmented into carbon-steel, stainless-steel, nickel, and others (nickel alloys, copper, titanium, molybdenum).
There is an increase in demand for heat exchangers owing to power requirement for commercial and non-commercial purposes, on account of increase in population and economic growth in the developing nations. Other factors that boost the demand include technological development in heat exchangers, growth in use in the refineries in Middle East, upsurge in applications of heat, ventilation and air-conditioning (HVAC) process equipment in emerging countries such as China and India, during the forecast period.
The global heat exchangers market offers various opportunities to the market players, owing to disposable incomes and rapid growth in the global economy. Increase in use of plate & frame type in heat exchangers industry to maintain low temperature in natural gas, helium, and oxygen liquefaction plants and industries are some significant aspects that augment the growth of the market. In addition, the rapid growth of process industries and discrete industries and their manufacturing operations globally also fuel the growth of heat-exchanger market. However, fluctuating prices of raw material and shift of heat exchanger manufacturers from developed to developing countries with rise in the cost of production resist the growth of the market.
Growth in demand for shell & tube heat exchangers in chemical industry in North America and Europe is due to high efficiency and heat transfer capacity, low pressure drops, ease of repair, abrasive wear protection & preventing erosion, price advantage, and excellent drainage properties. Moreover, increase in per capita disposable incomes in the developing countries such as China, India, and Korea has led to the development of end-use industries, thereby, driving the market growth globally.
The heat exchanger market is segmented based on type, end-user industry, material of construction and geography. Shell & tube type, dominated the global market in 2014, and is anticipated to maintain its dominance throughout the forecast period. Based on end-user industry, the market is divided into chemical, petrochemical, oil and gas, HVACR, food and beverage and power generation. The chemical industry segment is estimated to grow at a significant CAGR of 7.0% during the forecast period.
Europe accounted for a considerable share of the total revenue in 2015, followed by Asia-Pacific and LAMEA.
Key players, which include API Heat Transfer Inc., Alfa Laval AB, Brask Inc., Hrs Heat Exchangers Ltd., Hughes Anderson Heat Exchangers Inc., Kelvion Holdings GmbH, Koch Heat Transfer Co., Manning and Lewis, SPX Corporation, Southern Heat Exchanger Corporation. (SHECO), and Xylem Inc., have largely invested in R&D activities to develop advanced products to cater to the requirements of the market.
Other players in the value chain (profiles not included in the report) include Standard Xchange, GEA Group, Hisaka Works Ltd., Cummins, Atlas Copco, Kirloskar Brothers, Aggreko and Mitsubishi Heavy Industries, Ltd., Smart Heat Inc., and Swep International AB
- The report provides an extensive heat exchangers industry analysis of the current market trends and future estimations of heat exchangers market size from 2014 to 2022 to determine the prevailing opportunities of the global heat exchangers.
- It offers comprehensive analysis of North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Extensive analysis is conducted by following key product positioning and by monitoring the top competitors.
- The report provides extensive qualitative heat exchangers market trends on the significant segments or regions.
- The report provides key insights on strategic heat exchangers industry analysis of various companies and the value chain analysis of heat exchangers.
Heat Exchangers Market Key Segments:
- Shell & Tube
- Plate & Frame
- Others (Gasketed, Welded, Brazed, and Finned Tube)
By End-User Industry
- Oil & Gas
- Food & Beverage
- Power Generation
By Material of Construction
- Carbon Steel
- Stainless Steel
- Others (Nickel Alloys, Copper, Titanium, and Molybdenum)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA