Newsline / News

Heat Exchanger Market Sizzles

December 24, 2012
SAN JOSE, Calif. — Research analyst Global Industry Analysts Inc. (GIA) is estimating that the global market for heat exchangers is projected to reach $20.8 billion by 2018.

According to the GIA report, titled “Heat Exchangers: A Global Strategic Business Report,” the market for heat exchangers continues to be driven by technology innovation and development. Improvements in energy efficiencies will emerge as a key differentiating factor for manufacturers to compete in the marketplace. Also poised to drive future gains are innovations that help lower total ownership costs, increase durability and efficiency of heat exchangers, and reduce vibration-induced premature failures, especially in shell- and tube-heat exchangers.

With continued technological progress, GIA said the future is forecast to witness applications of microchannel heat exchangers spread to chemical and cryogenic industries. In addition to technology innovation, demand will also be driven by rapid industrialization in developing countries and increasing investment in plant infrastructure.

Against the backdrop of growing pressure on reducing energy consumption, compact heat exchangers (CHEs) are growing in popularity, especially in gas-processing, petrochemicals, and fuel-refining plants. Compact heat exchangers enable superior heat recovery and thereby better heat re-use. Heating of crude oil in oil and gas plants is the most energy-intensive process and compact heat exchangers in this regard can help significantly reduce fuel consumption and operating costs while simultaneously strengthening the company’s bottom line.

Air-cooled heat exchangers, the adoption of which was hitherto limited by its higher installation and operating costs, is now forecast to witness robust growth. With water, especially cooling water for industrial purposes, becoming a scarce and expensive resource, and with environmental concerns and tightening regulations over plumes emitted by cooling towers pushing up cost of operation of cooling towers, air-cooled heat exchangers are now emerging as a cost-effective alternative to cooling towers. Demand for air-cooled heat exchangers in Europe is especially forecast to increase given the increasing water costs, taxes, and concerns over water pollution.

According to GIA, Europe represents the largest market for heat exchangers worldwide, while Asia-Pacific will emerge as the fastest growing regional market. Growth in Asia-Pacific will be especially driven by China.

For more details about this report, visit http://bit.ly/THRGj3.

Publication date: 12/24/2012

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.

Podcasts

NEWSmakers: Julian Scadden

Training is an ongoing process. Julian will discuss how you can generate maximum return on time and energy invested training by following a three part process. Listen to this podcast to get expert tips on training, tracking and follow up. 

More Podcasts

THE MAGAZINE

ACHRNEWS

NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

SERVICE CALLS POLL

Which statement on service calls best applies to your business?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con