Rapid growth in power consumption by industries worldwide has substantially boosted the market for heat exchangers. Transparency Market Research (TMR), in its new report, titled “Heat Exchangers Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 - 2020,” studies the global heat exchangers market from the ground up, covering aspects such as market definition, segmentation, and factors impacting its growth trajectory.
Based on in-depth study, the report estimates that the global market for heat exchangers, which stood at US$11.86 bn in 2013, is likely to reach US$18 bn by the end of 2020. If the figures hold true, the global heat exchangers market will exhibit a CAGR of 6.02% between 2014 and 2020. Regionally, the market was led by Asia Pacific, which accounted for a share of 33.6%, valued at US$3.94 bn, in 2013. By 2020, the region is expected to reach an estimated market valuation of US$6.12 bn, rising at a positive 6.34% CAGR during the aforementioned forecast period.
With construction of infrastructure and potentially large oilfield development projects underway, the future of the heat exchangers market seems very impressive. The shell and tube heat exchangers segment is likely to dominate the market by the end of 2020, as the demand from chemicals and hydrocarbon sector rises.
The demand for heat exchangers increases in response to the growing need for maximizing thermal efficiency. Heat exchangers are an equipment built and designed to render efficient heat transmission from one medium to another. The media, however, may be separated by an obstruction such as a solid wall in order to prevent the materials being processed from mixing or coming into direct contact with one another, which could possibly have an adverse impact on the end product. Heat exchangers are most commonly spotted in an internal combustion engine, in which the engine coolant passes through radiator coils and air flows through the coils, cooling the coolant and ventilating the heat generated by the engine.
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“Governments of several nations are currently facing the persisting problem of power shortages; hence, adopting measures to update their power generation capacity is imperative to satisfy the energy demand from the industrial and household sectors,” said a lead TMR analyst. “This creates an ideal situation for expansion of the global power industry, thereby fuelling demand from the heat exchangers market,” he added.
To mitigate the issue of power shortages several new power plants are in the process of being commissioned. The renewable energy sector has also gained robust momentum in the last couple years. This shows the rising interest of economies around the world in diversifying their energy portfolio and adopting renewable energy technologies to power industries and households in the forthcoming years. The situation thus holds incredible promise for enterprises operating in the heat exchangers market to look forward to.
Currently, the most prominent companies operating in the global market for heat exchangers are Hisaka Works Ltd., Alfa Laval Corporate AB, and SAACKE GmbH. Most of these enterprises operate through dealers and distributors. The product range they offer generally includes heavy-duty and portable heat exchangers.
The report studies the performance exhibited by the various product segments of the heat exchangers market and profiles the leading companies to provide an updated overview of the market’s prevailing dynamics and the growth trajectory it is likely to exhibit.
The global heat exchangers market has been segmented as below:
Global Heat Exchangers Market: By Geography
- North America
- Europe
- Asia Pacific
- RoW
Global Heat Exchangers Market: By Product Segment
- Air Cooled
- Plate and Frame
- Shell and Tube
- Others
Global Heat Exchanger Market: by End User Industry
- HVAC
- Chemicals
- Power Generation
- Others
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