- The global heat exchanger market is predicted to exhibit a considerable growth. The market is driven by the growth in technological advancements in the exchangers, power generation capacity, and technological maturity in the heat, ventilation, & air conditioning (HVAC). The requirement for the product can also impel the development of power projects and hydrocarbon and chemical sectors.
Heat exchangers are widely used in chemical plants, power plants, sewage treatment, and petroleum refineries. They are also used in refrigerators and natural gas processing. They also improve fuel efficiency in aircrafts by reducing heat from their engines. This will support market growth. In addition to this, industrial activities in developing economies will further boost market growth.
Stringent environmental regulations and growth in the end-user applications will propel market growth. Innovation in product properties, namely corrosion resistance will hurl market growth.
For Market Research Report on “Global Heat Exchanger Market” Visit – http://www.radiantinsights.com/research/global-heat-exchanger-market-2015-2019
Heat exchanges are mechanical devices used to transfer thermal energy from one medium to another. The media are partitioned to prevent the content from coming in contact and harming the final product. An example of heat exchangers is a classic internal combustion engine. The engine coolant circulates in through the radiator coils, while the air flowing past these coils cools the engine. The heat exchangers market is classified on the basis of applications, types, and geographies.
Applications encompass chemical, food & beverage, HVAC, paper & pulp, petrochemical and oil &gas, power generation, and others. Growing need for energy & power owing to the increasing global population and economy will open new opportunities for the product. Heat exchangers are also used in shipbuilding. This will also positively affect the market.
Types include air cooled, shell & tube, plate & frame, and others. Shell & tube is primarily used in marine and harsh applications. Plate is used in helium, oxygen, natural gas liquefaction plants, and transport industries, requiring low temperature. Plate segment is predicted to witness tremendous scope in application such as petroleum & chemical processing, food & beverages, and hydrocarbon processing.
On the basis of geographies, the market is split into North America, Latin America, Europe, the Middle East & Africa (MEA), and Asia Pacific. Augment in petroleum refineries in Latin America, MEA, and Asia Pacific will catapult the market demand for the product. Heat exchangers help in maintaining temperatures in oil refinery reactors, thus boosting its need.
Environmental concerns regarding the use of non-renewable energy resources can elevate market growth in countries like Japan, U.S., Netherlands, and Germany. Recent ascend in renewable the energy sector can augment the development of heat exchanger market owing to current projects for improving power generation capacity.
Emerging manufactures in Eastern Europe can reduce the import dependency. However, growth of industry in Europe is predicted to be sluggish as compared to Asia Pacific.
Asia Pacific dominated the market in the past. It is projected to grow owing to growing government investment on infrastructure development and rising exploration in oil & gas sectors. Rising use of HVAC equipment in India and China will boost market growth. Use of heat exchangers in energy saving devices will also contribute to the market. Technological advancements made by manufacturers in these nations will increase the demand for the product.
Key players of the heat exchanger industries include Hisaka works Ltd., Alfa Laval, Kirloskar Brothers Ltd., and SPX Corprotaion and Xylem Inc. Companies partake in research and development to develop effective heat exchangers.
Information Source: Radiant Insights
To request a sample copy of this report, please complete the form below.
To purchase a copy of this report, please contact at
28 2nd Street, Suite 3036
San Francisco, CA 94105
Toll Free: 1-888-202-9519