Global Heat Exchanger Market - Growth, Trends, and Forecast (2018 - 2023)
Over the past few years, the global heat exchanger market has witnessed significant developments. Heat exchangers are the widely accepted equipment for various end-user applications, due to their eco-friendly and energy-efficient properties. The increasing focus of various regulatory bodies to reduce greenhouse gases (GHG), to meet the future sustainability, is expected to further drive the market studied. Moreover, the increasing industrial operations in developing countries are one of the major factors propelling the demand for heat exchangers.
The innovations in heat exchanger technology are likely to drive the market during the forecast period. The efficiency improvement of heat exchangers is a big boost for enhancing the economics associated with the usage of heat exchangers. The enhanced performance of heat exchangers, fostered by technological advancements, leads to higher efficiency in energy usage.
Increasing Industrial Applications to Spur the Demand for Shell & Tube Heat Exchangers
Due to the multiple associated benefits, shell & tube heat exchangers are the most commonly used heat exchangers for industrial applications. These types of heat exchanger can transfer large quantities of heat from one end to the other. Their application is highly sought after, in temperature and pressure applications. The high-pressure and temperature and long-distance heat transfer cause significant wear and tear, which result in regular maintenance and periodic replacement of the shell & tube heat exchanger. The replacement of shell & tube heat exchanger is expected to play a significant role in the market studied.
In 2017, Ineos announced plans to construct a large propane dehydrogenation unit in Europe, with a production capacity of 750,000 t/a of propylene. The development of such large-scale projects in the region is expected to provide a considerable thrust to the shell & tube type segment of the market studied.
Europe Anticipated to Witness Significant Growth
The European Union is rolling out several policy initiatives, to foster the growth of industries and develop its economy. Central and Eastern Europe are expected to witness foremost industrial activities in the near future. The industries, such as chemicals, oil & gas, etc., have a robust infrastructure in Europe. The presence of these industries offers significant business opportunities for the suppliers of heat exchangers. The industries in the European Union account for two-third of the exports. The increasing focus on driving regional industrial growth has led to the implementation of new production technologies.
The chemical sector is the major end-user industries for heat exchangers. In Europe, natural gas production is the highest in the world. Owing to the increasing demand from Asia-Pacific countries, the liquefied natural gas (LNG) production is likely to witness significant growth in the region.
China and India to be the Fastest Growing Segments
China is expected to witness significant growth in the heat exchanger market, on account of the increasing demand for chemical, oil & gas, and petrochemical industries. In addition, owing to the growth of the commercial building & construction industry, high-end real estate, and increasing energy-saving policies, which are likely to drive the demand for heat exchanger in both China and India, the HVAC industry is registering healthy growth. China, a major consumer and the fastest growing country in terms of heat exchanger demand, is expected to dominate the heat exchanger market in Asia-Pacific, followed by India and Japan. Owing to the positive CAPEX and OPEX investment climate in the sector, and favorable government policies prioritizing growth in the industrial, manufacturing and process sectors, the heat exchanger market is expected to register healthy growth in developing countries, such as China and India.
The major players include - Alfa Laval AB, Barriquand Technologies Thermiques, Danfoss A/S, General Electric, Hamon Group, Mitsubishi Electric Corporation, amongst others.
Reasons to Purchase this Report
Current and future heat exchanger market outlook in the developed and emerging markets.
Analyzing various perspectives of the market, with the help of Porter’s five forces analysis.
The segment that is expected to dominate the market.
The countries that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
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