PUNE, India — The heat exchanger market is estimated to grow from $13.89 billion in 2017 to $20.65 billion by 2022, at a compound annual growth rate (CAGR) of 8.3 percent for the forecast period, according to a report by MarketsandMarkets™. The report is titiel, "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Paper & pulp), and Region - Global Forecast to 2022."

The market is driven by the rising HVACR deployments, increasing power generation capacities, and technological advances in heat exchangers. Asia-Pacific and Middle East & Africa are estimated 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 dominated the heat exchanger market, having accounted for the largest share in 2016. 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 emerging economies, the market for heat exchangers is further expected to rise during the forecast period.

Shell & 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 industries. Increased government investments on commercial building and construction projects are driving the demand for HVACR equipment, which, in turn, drives the demand for shell & tube heat exchangers globally.

Europe has been a leader for heat exchangers 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 the heat exchangers.

Alfa Laval AB (Sweden), Danfoss A/S (Denmark), Kelvion Holdings Gmbh (Germany), SPX Corp. (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S.), Gunter AG & Co. KG (Germany), Hamon & Cie Intl. SA (Belgium), Hindustan Dorr-Oliver Limited (India), Hisaka Works Limited (Japan), HRS Heat Exchangers (India), Modine Manufacturing Co. (U.S.), Sierra S.p.A (Italy), Sondex Holdings A/S (Denmark), and SWEP Intl. AB (Denmark) are the other most active players in the heat exchanger market, according to the report.

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Publication date: 7/20/17