Heat
exchangers, as may be all but obvious from the name, are various
devices used for the purpose of transferring heat between two media,
usually fluids. Heat exchangers have come to prominence in recent
years as a tool to reduce wastage of thermal energy. They thus work
to make the pertinent process more efficient. Modern heat exchangers
can also directly be linked to energy generation mechanisms, thus
making good use of ‘waste’ energy.
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Heat Exchangers Market Report with Full TOC at
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The
recent growth of the global heat exchangers market is highly
sustainable, due to the growing recognition of the importance of
energy conservation. Thus, the global market is expected to grow at a
steady 6% CAGR from 2014 to 2020, according to recent research
figures released by leading market research and analysis firm
Transparency Market Research. TMR estimates the global heat
exchangers market to be worth more than US$18 billion by 2020,
growing from a 2013 value of US$11.86 billion.
Oil
and Gas Exploration to Constitute Major Demand for Heat Exchangers
Heat
exchangers are used first and foremost for the purpose of reducing
the inefficiency in machinery caused by buildup of heat. Though this
is a crucial aspect in virtually the whole industrial sector, two
industries in particular stand out as major utilizers of heat
exchangers: oil and gas exploration and energy generation.
Increasing
paucity of petroleum reserves in the world has led to novel but
usually inefficient mechanisms of extracting petroleum from
unconventional sources. Heat exchangers are crucial to these new
processes for ensuring thermal inefficiency doesn’t hamper the
already low extraction efficiency. The growing number of offshore oil
and gas exploration projects, particularly off the coast of western
Africa and in the North Sea, is expected to aid the global heat
exchangers market massively in the forecast period.
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Energy
generation, particularly generation from renewable resources such as
solar, wind, and tidal, makes liberal use of heat exchangers to
ensure that only inevitably minimal wastage of energy occurs. Other
major end users of heat exchangers include the chemicals industry,
the HVAC industry, and the automotive industry.
Innovation
of Hybrid Heat Exchangers to Shape Global Market
Due
to being a relatively new arrival on the industrial landscape, heat
exchangers are prone to major restraints, such as the high prices of
raw materials required in the manufacture of heat exchangers and a
limited range of conditions in which they offer premium performance.
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Press Release Of Heat Exchangers Market
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Both
these problems, though, could be solved in one stroke by the
innovation of hybrid heat exchangers. Made to operate in a wider
variety of environmental conditions than conventional heat exchangers
and from cheaper materials, hybrid heat exchangers have the potential
to rejuvenate the global heat exchangers market.
Consolidation
and Collaboration the Way Forward for Heat Exchanger Manufacturers
The
global heat exchangers market is marked by the presence of several
competitive market participants, such as Alfa Laval Corporate AB,
Cummins, Inc., Kirloskar Brothers Ltd., and Mitsubishi Heavy
Industries, Ltd., all operating through independent distribution
channels. The limitations this puts on the development of the global
market for heat exchangers could see these major players going in for
mergers and acquisitions to expand their global presence. If not
M&As, other forms of collaboration such as in R&D or in
distribution are expected to become the order of the day in the
global heat exchangers market in the coming years.
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TMR Blog Energy Reports :
http://www.tmrblog.com/search/label/Energy
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Transparency
Market Research (TMR) is a market intelligence company, providing
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and analyze information.
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Transparency Market Research employs rigorous primary and secondary
research techniques in developing distinctive data sets and research
material for business reports.
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