Asia-Pacific is currently the largest market; U.S. is the largest market in North America
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.