Heat Exchanger Market Forecast and Segmentation to 2023

Posted by Anvi on March 6th, 2020

Heat Exchanger Market Analysis

The global heat exchanger industry is witnessing steady growth and is expected to grow at a CAGR of approximately 9.5% over the forecast period of 2017-2023, reveals Market Research Future in a minutely analyzed research report.

Heat exchangers are devices used to transfer heat energy from one fluid to another. Heat exchangers find widespread use in power generation, chemical processing, electronics cooling, air-conditioning, refrigeration, and automotive applications. Heat exchangers used in abundantly in chemical and process industries. It is also used in automobiles in the form of radiators and oil coolers. It is most preferred and widely accepted equipment due to its green and energy-efficient properties. The focus of various regulatory bodies to reduce the amount of greenhouse gases for meeting the future sustainability is further driving the market for heat exchangers.

Competitive Landscape

The global heat exchanger market is led by some prominent players including Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Southern Heat Exchanger (U.S.), Gunter AG & Co. KG (Germany), Hamon & Cie International SA (Belgium), Hughes Anderson Heat Exchangers (U.S.), Kelvion Holdings Gmbh (Germany), Koch Heat Transfer Company (U.S.), Danfoss A/S (Denmark), Alfa Laval AB (Sweden), SPX Corporation (U.S.), and Sierra S.p.A (Italy).

Segmentation

The global Heat Exchanger Market Forecast has been segmented based on type and application.

Type-wise segmentation of the global heat exchanger market includes shell & tube, plate, regenerative, and air cooled. Owing to its competitive advantages such as high efficiency, low-pressure drops, easy maintenance & repair, massive potential for heat transfer, and erosion prevention, the shell & tube heat exchanger segment dominates the market. In addition, shell & tube heat exchangers are cost-effective and possess better drainage properties.

Application-wise, the global heat exchanger market has been segmented into chemicals, oil & gas, power generation, HVACR, food & beverages, and others. The chemicals segment is the largest segment since heat exchangers are of prime importance in reaction systems such as purification systems, distillation columns, and reactors. The oil & gas segment is also an important segment.

Regional Analysis

North America, Europe, Asia Pacific, and the Middle East & Africa are the key markets for heat exchanger.

Europe is the largest market for heat exchanger due to augmented demand from the region due to cold weather condition. Moreover, the region is leading in terms of production of plate & frame heat exchangers in regions such as Germany, UK, and France.

The Middle East & Africa market generates substantial demand for heat exchangers owing to growing application in oil refineries.

Asia Pacific market is expected to witness maximum growth over the forecast period. Rapid industrialization in countries such as China, India, Japan, Indonesia, and Australia initiate the high demand for heat exchangers.

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