The report, now available on ASDReports, "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverage, Pulp & Paper, Power Generation), Classifications (MoC, Temperature Range & Fluid Type) and Geography - Forecast to 2021", The market size of heat exchanger is estimated to grow from USD 12.94 Billion in 2016 to USD 19.14 Billion by 2021, at a CAGR of 8.2%.
The market is driven by the rising HVACR deployments, increasing power generation capacities, and rise in technological advances in heat exchangers. Asia-Pacific and Middle East & Africa are estimated to witness strong growth in the next five years. The demand across these regions is reinforced by the emerging markets, namely, China, India, and Saudi Arabia.
Chemical-The largest application market for heat exchanger
The chemical segment dominated the heat exchangers market with the maximum share in 2015. Heat exchangers have been successfully employed for years in the chemical industry for applications such as the heating and cooling of base, intermediate, and final products. With growing demand for chemicals in the developing economies, the market of heat exchangers is further expected to rise in in the forecast period.
Shell & Tube-The largest type market for heat exchanger
Shell & tube heat exchangers are the most common types of heat exchangers used globally. They are extensively used as power condensers, preheaters, oil coolers, and steam generators. They offer a relatively large ratio of heat transfer area to volume, weight, and other additional advantages making them the most commonly used heat exchanger across all industry verticals. Increased government investments on commercial building & construction projects are driving the demand of HVACR equipments which in turn drives the demand of shell & tube heat exchangers, globally.
Europe-The largest market for heat exchanger
Europe which includes Western, Eastern, and Central 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. This region has the presence of most of the global leaders in heat exchanger manufacturing. It 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.
Most active market players in the heat exchanger market
Alfa Laval AB (Sweden), Danfoss A/S (Denmark), , Kelvion Holdings Gmbh (Germany), SPX Corporation (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Gunter AG & Co. KG (Germany), Hamon & Cie International SA (Belgium), Hindustan Dorr-Oliver Limited (India), Hisaka Works Limited (Japan), HRS Heat Exchangers (India), Modine Manufacturing Company (U.S.), Sierra S.p.A (Italy), Sondex Holdings A/S (Denmark), and SWEP International AB (Denmark) are the other most active players in the heat exchanger market.
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Source: ASDReports - Market Research
Date: Apr 1, 2016