Heat Exchanger Market Forecasted to Grow
“The heat exchanger is preferred and widely accepted equipment due to its green and energy efficient properties and the focus of various regulatory bodies to reduce the amount of green house gases for meeting the future sustainability,” stated the summary. “Heat exchanger consumption has grown significantly in recent times and is at an emerging stage in various countries.”
According to the report, Europe is currently the largest market of heat exchangers, acquiring more than 30 percent of the total global market. The region has large installed plant capacities of heat exchangers and is an export based heat exchanger market.
“The same market is emerging in various countries like China, Japan, Saudi Arabia, and Brazil, etc., due to increasing industrial activity,” noted the report. “Also, large number of emerging manufacturers from Asia-Pacific and Eastern Europe are expected to reduce import dependence of various regions and is expected to drive the heat exchanger market in future.
Due to stringent environmental regulations and increasing energy prices, the use of heat exchangers in various industries is gaining popularity. Moreover, in some countries such as China, the use of energy efficient heat exchangers is promoted by government which is also helping boost the demand for heat exchangers.
The HVACR industry is flourishing at a fast pace in emerging economies such as Asia-Pacific and the Middle East which is ultimately driving the demand for heat exchangers in these regions. The key manufacturers of heat exchangers, such as Alfa Laval AB, Sweden; GEA Group AG, Germany; Tranter Inc., United States; Xylem Inc., United States; and Modine Manufacturing Co., United States; are investing in research and development activities and production facilities to meet the growing demand for heat exchangers as well.
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