Heat exchangers are integral part of chemical and petrochemical industries. The chemical industry is the largest user of heat exchangers. Apart from the chemical industry, they are widely used in petrochemical and oil & gas industry, power generation, refrigeration, pharmaceuticals, HVAC, food & beverage processing, and pulp paper industry. New emerging technologies and regulations in certain regions have also helped in the growth of heat exchanger industry. Innovative heat exchangers which can withstand corrosive chemicals are gaining popularity.
Heat exchanger: $21,084.3 million market by 2019 signifying firm annualized growth rate of 7.20% from 2014 to 2019.
The heat exchanger market has also been classified on the basis of material of construction, temperature range, and fluid type; the market share for each type of classification is described. The market for heat exchangers based on material of construction is further segmented on the types of materials used for heat exchangers with their market share.
The heat exchanger market is further segmented on the basis of type and application. The major types of heat exchangers are shell & tube, plate & frame, air-cooled, and printed circuit. The major applications of heat exchangers are chemical, petrochemical and oil & gas, food & beverage, HVAC & Refrigeration, pulp & paper, and power generation. These types and applications have been discussed in detail in the report. Market share for major market participants has also been described in the report.
Europe – the biggest market of Heat Exchangers
Europe has always been a strong market for heat exchangers and globally, this market has been a leader for heat exchangers with respect to demand as well as production capacity. The region has the presence of most of the global leaders in heat exchanger manufacturing. Heat exchanger consumption in the region is estimated to grow at a CAGR of around 4.81% from 2014 to 2019. This region has a relatively slow growth rate as a result of its dominant market size and slow economic activity as compared to the other regions. The demand in this region is boosted mainly due to the increased replacement demand for the heat exchangers.
Currently, Europe acquires more than 30.0% of the total global market. The region has huge installed plant capacities of heat exchanger and is an export based heat exchanger market. Also, large number of emerging manufacturers from Eastern Europe is expected to reduce import dependence of various countries which is further expected to drive the heat exchanger market in future.
“Asia-Pacific – the fastest growing” Heat Exchangers market
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 expected to witness strong growth in its heat exchangers market due to growing demand from chemical, petrochemical and oil & gas industry. HVAC industry is also growing at a healthier pace in this region. China dominates the heat exchangers market in Asia-Pacific region, being a major consumer and the fastest growing country in terms of heat exchangers demand. Currently, a high share of heat exchanger is being consumed by the chemical industry and the demand of heat exchangers through chemical industry is projected to grow in the next five years at a CAGR of 14.32% from 2014 to 2019. After China, countries such as India, Japan and other Asian countries, are showing increasing growth in demand for heat exchangers. Moreover, increasing number of heat exchangers manufacturers from Asian countries are putting vigorous efforts for developing a strong base of heat exchanger market, with a target of reducing heat exchanger imports.
Conclusion...
This study estimates the global market of heat exchangers by the end of 2019. This market research study provides detailed qualitative and quantitative analysis of the global heat exchanger market. The market is further segmented and forecasted for major geographic regions, North America, Europe, Asia Pacific, and Rest of the World. The market is further segmented and forecasted for major countries like U.S., China, India, Italy, Germany, Sweden, Saudi Arabia, and their market revenues are covered for each of the country. Competitive scenario and market share of the top players in the market has been discussed in detail. The top players of the industry are profiled in detail with their recent developments and other strategic industry activities.
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