The
global heat exchanger market will demonstrate a moderate growth in
the coming years due to the growth in its end-user industries. These
end-user industries include HVAC, chemicals, power generation, and
others (such as condensers, oil coolers, and radiators). Heat
exchangers due to their ability to maximize thermal efficiency are
widely used in many industries. They allow efficient heat transfer
from one medium to another. These media are usually separated by a
solid wall to avoid mixing or sometimes in direct contact with the
materials which are being processed.
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Some
examples of appliances which use a heat exchanger are refrigerators,
air conditioners, and space heaters. One of the most common examples
of heat exchanger is car radiator, which cools down the hot radiator
fluid by employing airflow over the surface of the radiator. The
global heat exchanger market according to products is segmented into
air cooled, shell and tube, plate and frame, and others.
Heat
Exchangers Market to Grow by Billions
According
to a U.S.-based market research firm named Transparency Market
Research (TMR), the global heat exchanger market will value at
US$18.04 billion by 2020. The global market of heat exchangers was
worth US$11.86 billion in 2013 and will grow at a 6.02% CAGR during
the forecast period of 2014 to 2020.
Power
Generation Industry
Accelerating
power consumption from the industrial sector will contribute to the
growth of the global heat exchangers market. Condensers are an
important element of any power station. They act as an interface
between the heat sink and water/steam cycle. Condensers have a direct
impact on the output of a power station and the availability of
electric power.They are used in most power generations plants
worldwide, hence, the demand for heat exchangers will get a boost as
more power stations are established.
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Chemicals
and Oil and Gas Industries
A
large number of oil field and infrastructure development projects
around the world are being planned. This will result in the increase
in demand for heat exchangers products such as shell and tube
exchangers. The demand for heat exchangers will also grow due to the
rapidly developing chemicals and hydrocarbon sector. According to a
TMR consultant, shell and tube heat exchangers product segment will
dominate the global heat exchangers market till 2020.
HVAC
Industry
The
rapidly expanding heating, ventilation, and air conditioning (HVAC)
industry is one of the key drivers of heat exchangers market.
Stringent government regulations and technological innovation to meet
the consumer expectations are driving the HVAC market. Personalized
or heavy-duty heat exchangers are usually used by large industrial
consumers. Alternatively,portable heat exchangers are used by small
or residential commercial establishments. Furthermore, commercial
segment and Asia-Pacific region is driving the HVAC market.
Asia
Pacific is the fastest growing economy in the world. Asia Pacific
regional heat exchangers market sector accounted for 33.6% of the
global market share in 2013, with revenue of US$3.94 billion. The
Asia-Pacific heat exchangers market is expected to reach a value of
US$6.12 billion with a healthy CAGR of 6.34% during 2014 to 2020.
Presently, significant investments are being made by industries in
Asia Pacific to bring the infrastructure of this market at par with
growth rate of other mature industries.
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The
key companies in the global heat exchangers market include Hisaka
Works Ltd., Alfa Laval Corporate AB, and SAACKE GmbH. Most of the
companies in the heat exchangers market operate via dealers and
distributors. Many of these dealers and distributors are exclusive to
a single company. The product range of generally includes of
heavy-duty and portable heat exchangers.
Apart
from the growth in end-user industries, the global heat exchangers
market will benefit from opportunities such as huge potential for
after-sale services segment and strategic alliance and M&A
activities in this industry.
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Us
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Market Research is a global market intelligence company, providing
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of quantitative forecasting and trends analysis provides
forward-looking insight for thousands of decision makers. We are
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techniques to gather, and analyze information.
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data repository is continuously updated and revised by a team of
research experts, so that it always reflects the latest trends and
information. With a broad research and analysis capability,
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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