PUNE, India — The global market for heat exchangers is forecast to grow from $12.94 billion in 2016 to $19.14 billion by 2021, growing at a compound annual growth rate (CAGR) of 8.2 percent, according to a report published by MarketsandMarkets.
The heat exchangers market is being driven by the rising number of HVACR deployments, increasing power generation capacities, and the rise in technological advances in heat exchangers. Asia-Pacific and the Middle East & Africa are the regions expected to witness strong growth in the next five years. The demand across these regions is reinforced by the emerging markets, namely China, India, and Saudi Arabia.
The chemical segment is the largest application area for heat exchangers, dominating the market with the greatest share in 2015. Heat exchangers have been successfully employed for years in the chemical industry for applications such as the heating and cooling of base, intermediate, and final products. With growing demand for chemicals in the developing economies, the market of heat exchangers is further expected to rise in the forecast period.
Shell and tube heat exchangers are the most common types of heat exchangers used globally. They are extensively used as power condensers, preheaters, oil coolers, and steam generators. They offer a relatively large ratio of heat transfer area to volume, weight, and other additional advantages making them the most commonly used heat exchanger across all industry verticals. Increased government investments in building and construction projects are driving the demand for HVACR equipment which in turn drives the demand for shell and tube heat exchangers globally.
Europe is the largest market for heat exchangers and is the leader with respect to demand as well as production capacity. This region has the presence of most of the global leaders in heat exchanger manufacturing. It has a relatively slow growth rate as a result of its dominant market size and slow economic activity as compared to the other regions. The demand in this region is boosted mainly due to the increased replacement demand for heat exchangers.
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Publication date: 4/12/2016