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.