Global Heat Exchangers Market to Grow at 6.5% CAGR to 2020
Growing HVAC industry is contributing to growth
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.
In 2014, Asia-Pacific was the fastest growing market in the global heat exchangers market. Asia-Pacific is considered a developing economy, due to the increasing industrialization in the region. With the clustering of several industries in the region, the demand for heat exchangers is increasing. Moreover, the developing infrastructure in the region has increased the demand of heat exchangers from the HVAC industry. These factors are expected to boost the growth of the heat exchangers market in Asia-Pacific.
Among the various end-users, the chemical industry segment is expected to witness the fastest growth, a CAGR of 9.2 percent during the forecast period.
Some of the key companies operating in the global heat exchangers market include Alfa Laval AB, API Heat Transfer Inc., Danfoss A/S, Guntner GmbH & Co. KG, Hisaka Works Ltd., HRS Hevac Ltd., Kelvion Holding GmbH, Modine Manufacturing Co., Sierra S.p.a., Sondex Holdings A/S, SPX Corp., SWEP International AB, and Xylem Inc.
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Publication date: 2/5/2016