Demand of heat exchangers market through chemical industry is projected to grow in the next five years at a CAGR of 14.32% from 2014 to 2019.
(PRWEB) January 08, 2015
Global heat exchanger market has grown considerably during the last few years and is estimated to grow at a more rapid pace in the coming five years, mainly driven by growing demand in the APAC region. Asia-Pacific, being the fastest growing heat exchangers market globally, is estimated to grow at a CAGR of 10.70% for the next five years. Asia-Pacific is witnessing high industrial growth rate, which hints at an ever-increasing demand of heat exchangers for its diverse applications. China is experiencing the highest heat exchanger demand globally, mainly due to raise in its industrial growth. The heat exchanger market in other countries is rising from past few years and is predictable to grow significantly in the future. The European region is the biggest heat exchangers market and hold more than one-third of the total heat exchangers demand.
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A heat exchanger is equipment built for efficient heat transfer from one medium to another, whether the media are separated by a solid wall or the media are in direct contact. Technological advancements, rising environmental concerns and increasing energy consumption remain the key driving forces in the market. On the basis of applications, the market of heat exchangers can be broadly segmented into chemical, petrochemical, oil & gas, HVACR, food & beverage, pulp & paper, and power generation. Though chemical is the major application market for heat exchangers and serves majority of the heat exchangers market, HVACR is an emerging market and the demand for the same is growing at a high pace.
Currently, the demand for heat exchangers is increasing in the end-user industries. The key drivers for increasing demand of heat exchangers are stringent environmental regulations, rise in demand for energy, and increased investments in the chemical, petrochemical, fuel processing, and HVACR industries. Technological developments & innovations, agreements, partnerships & collaborations are identified as key strategies to expand the heat exchangers market.
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Companies profiled in this research report are Alfa Laval Ab, Api Heat Transfer Inc., Danfoss A/S, Gea Heat Exchangers, Guntner Ag & Co. Kg, Hamon & Cie (International) Sa, Hrs Heat Exchangers Ltd, Hindustan Dorr-Oliver Ltd, Hisaka Works Ltd, Modine Manufacturing Company, Sierra S.P.A., Sondex Holding A/S, Spx Corporation, Swep International Ab, Xylem Inc., and Heatric.
This study on heat exchangers market estimates its global demand and market size in terms of value for 2013 and projects the expected demand and also the market size for the same by 2019. As a part of the quantitative analysis, the study segments the global market by type and application at country level with current market estimation and forecast till 2019. The countries covered in the report are the U.S., Canada, Sweden, France, Germany, Italy, U.K., Japan, China, India, Brazil and Saudi Arabia. The segmentation by type includes shell & tube, plate & frame, air cooled, and printed circuit; while on the basis of its application, the segmentation includes chemical, petrochemical, oil & gas, HVACR, food & beverage, pulp & paper, and power generation.
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