According to a recent study report published by the Market Research Future, The global market of heat exchanger is booming and expected to gain prominence over the forecast period. The Global Heat Exchanger market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 8.2% during the estimated period (2018 – 2023).
Heat exchange is an important unit operation that contributes to efficiency and safety of many processes. Heat transfer operations, of heat from one medium to another, holds high significance in industries such as chemicals, food, waste recovery, oil & gas, and others. Heat exchanger is a device that transfers thermal energy between one fluid to another fluid or solid surface and fluid, which are originally at different temperatures and are in thermal contact. The objectives served by heat exchangers include overheating prevention in power generation facilities, waste heat recovery, air cooling, general heat transference, and others.
Industry Top Key Players:-
- Alfa Laval AB
- Kelvion Holdings Gmbh
- Southern Heat Exchanger
- Danfoss A/S
- SPX Corporation
- Xylem Inc.
- API Heat Transfer Inc.
- Gunter AG & Co. KG
- Sierra S.p.A
- Hamon & Cie International SA
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Heat Exchanger Market – Segmentation
Global Heat Exchanger Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of type, market is segmented into Shell and Tube Heat Exchanger, Plate Heat Exchanger, Regenerative Heat Exchanger, Air cooled. Shell and Tube heat exchanger dominates the type segment of the market. It is most common types of heat exchangers used globally. This exchanger is used for high-temperature and high-pressure applications in oil refineries and other large chemical processes. The Plate Heat segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the growing applications is food & beverage, petroleum & chemical processing and hydrocarbon processing.
On the basis of application, market is segmented into Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages and Other. Chemicals dominates the application segment of the market followed by followed by petrochemical. HVACR segment is expected to grow at the highest CAGR during the forecast period.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
In November 2017, US-based LNG equipment provider Chart Industries completed the acquisition of the heat transfer solutions company, Hudson Products, for USD 410 million.
In April 2017, Wabtec Corporation has acquired Thermal Transfer Corp., a supplier of industrial heat exchangers. The company has annual sales of about USD 25 million.
Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, announced the completion of its previously disclosed agreement to purchase Luvata Heat Transfer Solutions (HTS). The agreement to acquire the company was announced on September, 2016. The purchase price was approximately USD 418 million.
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Global Heat Exchanger Market
Europe region is capturing the largest market share of heat exchanger market owing to robust presence in plate & frame heat exchangers with respect to demand as well as production capacity. Moreover, heating demand from the region due to the cold weather condition drives the market for heat exchangers.
Asia-Pacific is anticipated to witness sharp expansion and developments in heat exchanger market as compared to other geographical regions, mainly by virtue of growing industrialization and increasing demand from developing nations like China and India. China is likely to register huge developments in its heat exchanger market due to growing demand from chemical as well as refrigeration industries.