BURNABY, British Columbia — Global heat exchanger market revenues are forecast to grow at a compound annual growth rate (CAGR) of 9 percent from 2014 to 2019, according to a new report by TechSci Research. The market is expected to be driven by growing industrialization across the globe and increasing demand from developing economies over the next five years. In addition, the demand for HVAC equipment is also increasing in emerging economies, largely driven by growing urbanization in these countries. The heat exchanger market is also expected to benefit from growing demand for replacement equipment during the next five years.
The report notes that shell and tube heat exchangers are among the most widely used exchanger units in a range of industries. Plate heat exchangers are also gaining in popularity due to their compact size coupled with ease of cleaning, assembling, and disassembling.
“Heat exchanger demand from Asia-Pacific is forecast to grow at a faster rate as compared to mature markets such as Europe and the Americas, with China and India expected to dominate. Additionally, potential technology advancements are expected to significantly drive the adoption of heat exchangers during the forecast period,” said Karan Chechi, research director with TechSci Research.
The market is currently highly competitive due to the presence of a large number of small and medium-size manufacturers across the globe. However, consolidation has already started and the market is expected to start reflecting this trend in the next three to four years.
For more information, visit www.techsciresearch.com/2846.
Publication date: 7/7/2014