Heat Exchangers Market Expected to Reach $20.12 Billion by 2022
Shell and tube exchangers to show the highest growth rate
PUNE, India — The global heat exchangers market was valued $12.61 billion in 2015 and is projected to reach $20.12 billion by 2022, growing at a compound annual growth rate (CAGR) of 6.9 percent from 2016 to 2022, according to Heat Exchangers Market Report published by Allied Market Research. The shell and tube heat exchanger segment held approximately one-fourth of the total market share in 2015.
Heat exchangers are devices designed to transfer heat between two or more fluids and between a solid surface and fluids at different temperatures. In several heat exchangers, such as gasketed and brazed type, heat transfer between fluids takes place through a separating wall or heat transfer takes place in and out of a wall in a transient manner (transfer of heat from one medium to another medium). In gasketed plate heat exchangers, the fluids are separated by a compact and lightweight heat transfer surface, thereby avoiding sizing problems and acting as an efficient method for heat exchange between two liquid streams. These are used in power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries. They are also used in air conditioning and ventilation applications as they remove heat from engines. Moreover, enormous applications of plate and frame exchangers in food and beverage, petroleum, chemical, and hydrocarbon processing is expected to propel the market growth in coming years.
Currently, the global heat exchangers market witnesses numerous opportunities, owing to rapid increase in development of end-user industry in Asia-Pacific and Latin America. Governments of emerging nations are facing persistent power shortages issues, thereby taking measures to constantly upgrade their power generation capacity in order to meet the demand from industries and households. Many new power plants powered by steam and gas turbines are commissioned, thereby acting as an emerging factor for the growth of the market. Tremendous rise in the renewable energy sector over the past few years is at a surge for the heat exchanger industry owing to various ongoing projects for improving power generation capacity.
Shell and tube heat exchangers accounted for nearly one-fourth of the share, in terms of value, in 2015. Furthermore, increases in demand for shell and tube heat exchangers in oil and gas exploration processes act as a key factor responsible for market growth.
"Demand for different heat exchangers such as shell and tube and air-cooled are expected to be driven, owing to their high-efficiency, heat transfer ability, abrasive wear protection, and excellent drainage properties. This acts as a lucrative opportunity for the key players in the global heat exchangers market," said Eswara Prasad, team lead, chemicals and materials at Allied Market Research.
KEY FINDINGS OF THE MARKET STUDY:
- In terms of value, the shell and tube type is anticipated to show the highest growth rate of 7.3 percent during the analysis period;
- Latin America is projected to maintain its lead throughout 2022 and is projected to grow at a CAGR of 7.2 percent, in terms of value;
- The chemical industry segment occupied approximately one-fourth of the total market in 2015;
- France occupied around one-eighth of the total European heat exchangers market in 2015; and
- In terms of value, Japan is expected to grow at a CAGR of 7.7 percent from 2016 to 2022.
In 2015, Asia-Pacific and Europe collectively accounted for more than half of the total heat exchangers market and are expected to continue this trend due to increases in demand for heat exchangers in petrochemical and oil and gas industries, specifically in China, India, Japan, Brazil, and other developing countries.
The major companies profiled in the report include API Heat Transfer Inc., Alfa Laval AB, Brask Inc., Hrs Heat Exchangers Ltd., Hughes Anderson Heat Exchangers Inc., Kelvion Holdings GmbH, Koch Heat Transfer Co., Manning and Lewis, SPX Corp., Southern Heat Exchanger Corp., and Xylem Inc.
For more information, visit www.alliedmarketresearch.com.
Publication date: 5/19/2017