Heat exchangers are vital in the maintenance of safety and efficacy of various processes in diverse industries such as chemical, food, waste recovery, oil & gas, and others. They prevent overheating by transfer of thermal energy between one fluid to another or solid surface. The global heat exchanger industry is witnessing steady growth and is expected to grow at a CAGR of approximately 9.5% over the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a minutely analyzed research report.
Rapid industrialization across the globe, especially in developing countries is one of the prime factors augmenting the growth of the global heat exchangers market. Heat exchangers find extensive application in industries such as chemical and petrochemical.
Heat exchangers are experiencing high demand from both commercial and non-commercial sector for the reduction of energy costs. The soaring energy price has prompted various energy-intensive industries to direct their focus towards energy-saving which induces high demand for heat exchangers.
In addition, various measures by regulatory bodies to reduce greenhouse emissions and achieve sustainability is fostering the growth of the market. Initiatives to reduce dependency on crude oil derivatives have also spurred the adoption of heat exchangers.
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Technological advancements in heat exchangers have impacted the market growth positively. Improvements in technology and innovations in designs and efficiency are expected to open up new avenues for the growth of the global heat exchangers market. However, the market might be constrained by volatile raw material prices and the high cost of production.
The global heat exchanger market has been segmented based on type and application.
Type-wise segmentation of the global heat exchanger market includes shell & tube, plate, regenerative, and air cooled. Owing to its competitive advantages such as high efficiency, low-pressure drops, easy maintenance & repair, massive potential for heat transfer, and erosion prevention, the shell & tube heat exchanger segment dominates the market. In addition, shell & tube heat exchangers are cost-effective and possess better drainage properties.
Application-wise, the global heat exchanger market has been segmented into chemicals, oil & gas, power generation, HVACR, food & beverages, and others. The chemicals segment is the largest segment since heat exchangers are of prime importance in reaction systems such as purification systems, distillation columns, and reactors. The oil & gas segment is also an important segment.
North America, Europe, Asia Pacific, and the Middle East & Africa are the key markets for heat exchanger.
Europe is the largest market for heat exchanger due to augmented demand from the region due to cold weather condition. Moreover, the region is leading in terms of production of plate & frame heat exchangers in regions such as Germany, UK, and France. Also, the region is home to major heat exchanger manufacturers such as Kelvion Holdings Gmbh, Gunter AG & Co. KG and others which provides an added advantage to Europe.
Asia Pacific market is expected to witness maximum growth over the forecast period. Rapid industrialization in countries such as China, India, Japan, Indonesia, and Australia initiate the high demand for heat exchangers.
The Middle East & Africa market generates substantial demand for heat exchangers owing to growing application in oil refineries.
The global heat exchanger market is led by some prominent players including Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Southern Heat Exchanger (U.S.), Gunter AG & Co. KG (Germany), Hamon & Cie International SA (Belgium), Hughes Anderson Heat Exchangers (U.S.), Kelvion Holdings Gmbh (Germany), Koch Heat Transfer Company (U.S.), Danfoss A/S (Denmark), Alfa Laval AB (Sweden), SPX Corporation (U.S.), and Sierra S.p.A (Italy).
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- In October 2018, Komax System, an industry leader in static mixing technology, steam heaters, desuperheaters, and heat exchangers, launched a new advanced heat exchanger, the Komax Klean-Wall. The new heat exchanger is an advanced inline mixing system and has been backed by cutting-edge technology is capable of meeting the unique mixing requirements of users.
- October 2018- The manufacture of heat exchangers is limited to subtractive manufacturing processes which have proven to be inefficient. Conflux Technology, Australia-based additive manufacturing company has directed its efforts towards the development of new and innovative heat exchanger, Conflux Core heat exchanger with the utilization of 3D printing technology.