May 13, 2015: Energy Efficiency Innovation Spurs Demand for Heat Exchangers
Heat Exchangers Are Used in a Range of Applications
SAN JOSE, Calif. — The global market for heat exchangers is projected to reach $24.3 billion by 2020, driven by recent innovations in energy efficient heat exchangers, according to a new report by Global Industry Analysts Inc.
Heat exchangers are used in a range of applications including commercial building HVAC and heating, cooling, and heat recovery in industrial plants, manufacturing facilities, and power plants. Demand in the market is driven by rapid industrialization in developing countries and increasing investments in manufacturing plant infrastructures. The highly mature global heat exchangers market is set to thrive on replacement demand coming from frequent upgrades and incremental technology improvements. The market will continue to be driven by technology innovation and development. 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. Of special interest is the emergence of micro channel heat exchangers, a new generation with potential applications in a wide range of diverse industries ranging from automotive to residential HVAC to process industries.