PUNE, India — The global shell and tube heat exchangers market is forecast to grow from $5.29 billion in 2015 to $7.05 billion by 2020, at a compound annual growth rate (CAGR) of 4.98 percent, according to a new report published by MarketsandMarkets.
The market is being driven by the surging need for energy and high investment in chemicals, petrochemicals and the oil and gas industries. Among the regions considered, Asia-Pacific is expected to witness strong growth in the next five years. Also, demand across the region is reinforced by the emerging markets, namely China and India.
Asia-Pacific is currently the largest market for shell and tube heat exchangers. The U.S. is the largest market in the North American region.
The favorable market forces driving the market for shell and tube heat exchangers in North America are growing oil and gas exploration in the region as well as growing chemical, petrochemical, and HVAC and refrigeration applications in the U.S. and Canada.
Shell and tube heat exchangers are used in a variety of applications including chemicals, petrochemicals and oil and gas, HVAC and refrigeration, power generation, pulp and paper, food and beverages, power generation, and others. In 2015, the chemicals segment is estimated to account for the largest market share among all applications, in terms of value, followed by petrochemicals and oil and gas, food and beverages, HVAC and refrigeration, power generation, and pulp and paper applications. The chemicals sector is expected to grow at the highest CAGR between 2015 and 2020.
More information is available here.
Publication date: 2/16/2016