NEW YORK — The global heat exchangers market was valued at $14.1 billion in 2014, and it is forecast to grow at a compound annual growth rate (CAGR) of 6.5 percent from 2015 to 2020, according to a report from P&S Market Research.
The factors driving the growth of the global market include advancement in technology and the growing HVAC, petrochemical, food processing, and chemical industries. The chemical industry is the fastest growing end-user industry for heat exchangers, due to the huge investment from Asia-Pacific. During the forecast period, a large number of plants are expected to come into operation to reap the advantage of cheap natural gas for the production of ethane, a prevalent feedstock for the petrochemical industry. Moreover, the demand for heat exchangers from the growing HVAC industry is increasing across the global market, due to the improving infrastructure and standard of living. The oil and gas industry is driving the growth of the global heat exchangers market due to the increasing number of gas processing facilities, LNG facilities, tankers, and other related infrastructure.