Published: January 2016
Report Code: CM10595
Category : Renewable Chemicals
Heat exchangers are used by various industries, such as HVAC, chemical, petrochemical and marine to dissipate or transfer the heat produced during different operations. A wide range of heat exchangers are available in the market, according to the requirement of a particular industry. Shell & tube type heat exchangers, plate type heat exchangers, helical coil type heat exchangers and fin type heat exchangers are some of the examples of heat exchangers used by different industries. The heat exchangers manufacturing companies have developed emergent technologies that have improved the efficiency of these devices, so that they can withstand the harmful effects of chemicals.
The increasing investment in research and development has helped the manufacturing companies to develop efficient solutions for various industries. The innovative technologies have improved the efficiency of heat exchanger process that enables maximum extraction of heat from outgoing fluids. The heat extracted can be used for other purposes, such as heating other fluids and producing steam. This ultimately reduces the consumption of fuel, thus reducing the carbon footprint from the industry and making the process more economical. The demand for heat exchangers with higher efficiency is increasing in North America and Europe, where the emission regulations are stringent.
Although heat exchangers is a mature industry with well-proven technology, the global heat exchangers market is evolving in order to meet the ever-changing demands of industrial processes and the environment in which they have to work. The heat exchangers market has been undergoing a revolutionary change. The manufacturing companies have introduced new hybrid heat exchangers that are extremely efficient and flexible. Moreover, the low weight and compact size of these heat exchangers, as compared to the conventional ones has provided added advantages in location, which has space constraints such as offshore platforms.
Among the various types heat exchangers, the shell & tube segment is expected to witness the fastest growth, at a CAGR of 7.3%, during the forecast period in the global market. The shell & tube segment also accounted for the largest share in the global heat exchanger market in 2014. Among the various end-users, the chemicals industry segment accounted for the largest market size and is expected to witness CAGR of 9.2%, during the period 2015-2020.
The global heat exchanger market was valued at $14,108.8 million in 2014, and it is expected to grow with a CAGR of 6.5% during 2015 - 2020. In 2014, Asia-Pacific was the fastest growing market in the global heat exchangers market. Asia-Pacific is considered as a developing economy, due to increasing industrialization in the region. With the clustering of several industries in the region, the demand for heat exchangers is increasing. Moreover, the developing infrastructure in the region has increased the demand of heat exchangers from HVAC industry. These factors are expected to boost the growth of the heat exchangers market in Asia-Pacific.
Some of the key companies operating in the global heat exchangers market include Alfa Laval AB, Kelvion Holding GmbH, Danfoss A/S, SPX Corporation, Xylem Inc., API Heat Transfer, Inc., Guntner GmbH & Co. KG, Hisaka Works, Ltd., HRS Hevac Ltd., Modine Manufacturing Company, Sierra S.p.a., Sondex Holdings A/S, SWEP International AB.