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Heat Exchangers Market Analysis – 2018-2027
Heat Exchanger is a device that is mainly used for passing of heat between fluids that can include liquids, vapours and sometimes even gases that can exist in varied temperatures. Both heating and cooling processes can involve the usage of heat exchangers. Heat exchangers are used in many places and they normally work to heat buildings, including the cooling of buildings, including providing assistance to help engines and machines work in an efficient manner. Heated exchangers are also used by refrigerators, air conditioners, power stations, refineries, chemical plants and a few others. The global heated exchanger market was valued at USD 3820.7 million in the year 2018 and is projected to register a CAGR of 9.24% over the forecast period i.e. 2020-2027. The market is anticipated to witness tremendous growth, owing to rise in demand for heat exchangers in the power generation industry in many regions of the world and increasing installation of energy recovery systems either in HVAC mechanical systems or in industrial processes is helping raise the demand for heat exchangers mainly in commercial and industrial buildings. The demand for heat exchangers is expected to rise over the next decade, as it is an important component of HVAC systems, which is followed by the growing demand for reduction of energy bills in both residential and commercial establishments in the recent years as well as for the increasing concern for reducing carbon dioxide footprints. According to the statistics by the BP Statistical Yearbook, carbon dioxide emissions around the globe increased from 32,317 million tonnes in the year 2012 to 33,891 million tonnes in the year 2018.
The market is segmented on the basis of type, material, end user industry, applications in petrochemical and oil and gas industry and by region. On the basis of type, shell and tube heat exchangers, which was valued at USD 1970.4 million in the year 2018 in Asia Pacific and MEA together, is anticipated to grow at a significant rate over the forecast period. The applications in petrochemical and oil and gas industry segment consists of six segments, out of which petrochemical processing is projected to record a significant market share over the forecast period.
Based on region, the global heat exchangers market comprises of five segments that include North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The market in Asia Pacific, which was valued at USD 3820.7 million in the year 2018, is anticipated to grow at a notable CAGR of 9.24% over the forecast period. The various factors that are estimated to drive the growth of this market are the rising levels of urbanization taking place in the region and the growth of the automobile and aviation industry that is providing huge opportunities to heat exchange manufacturers to make investments in the region. Moreover, countries such as China that are seeing industrialization growth improving and the existence of various HVAC industries that have been using heat exchangers is anticipated to raise the demand for heat exchangers over the forecast period. On the other hand, the market in Middle East and Africa is anticipated to witness a value of USD 3708.2 million by the end of the forecast period, owing to factors such as growing initiatives of government for the development of the manufacturing industry in the region. Moreover, the active presence of various market players that are offering HVAC equipment in the region are anticipated to boost the demand for heat exchangers in the region over the forecast period.
Several industry leaders in the global heat exchangers market are working towards the development of heat exchangers by spending hugely in research and developmental activities. Also, numerous players are increasingly expanding their product line to gain an extra edge of competitiveness in the global heat exchangers market.