Global Heat Exchanger MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $25,042 million by 2024 from $13,455 million in 2016; growing at a CAGR of 8.1% from 2016 to 2024. A heat exchanger is used for transmission of heat energy between a fluid and a solid object or between two different fluids, that may be divided by a barrier to avoid mixing. Moreover, they have no exterior heat or work interactions to permit only the essential heat to enter the system. some of the applications of heat exchanger equipment comprise heating or cooling of a fluid stream and condensation & evaporation of single or multicomponent stream.
"Heat Exchanger Market (By Type: Shell and Tube, Plate & Frame, Air Cooled, Printed Circuit, and Other Types; By Application: Chemical, Petrochemicals and O&G, HVAC & Refrigeration, Food and Beverages, Power Generation, and Other Applications; By Material: Steel and Non-Steel; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Increasing oil and gas productionto drive the growth ofthe global heat exchanger market
The factors supporting growth of the global heat exchanger market are rising usage of heat exchangers in many applications such as in water treatment, to rise the effectiveness of plant and also to improve the temperature of water, improved manufacturing activities, increasing oil and gas production and increasing population. Though, fluctuating raw material prices may act as a restraint for the growth of the market. Moreover, industrial growth would provide several growth opportunities for the market in the future years.
Type, application, material, and geography are the major segments of the global heat exchanger market. Type segment includes air cooled, shell and tube, plate & frame, printed circuit, and other types. The market is categorized by application into food and beverages, chemical, petrochemicals and O&G, HVAC & Refrigeration, power generation, and other applications. Further, on basis of material, market is segmented as steel and non-steel. By geography, the global heat exchanger market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Country wise analysis has also been included in the report.
Shell and tubeaccounted for the largest market share in the type segment
Shell and tube accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to its high usage for high-pressure & high-temperature applications in oil plants and many other large chemical procedures. Plate & frame accounted for the second largest market share in 2016.
Global Heat Exchanger Market, By Type
Europedominated the global market with highest market share over the forecast period
Europe dominated the global heat exchanger market with largest market share of 35.4% in 2016, and expected to continue this trend during the forecasted period, owing to increasing need of power for commercial and non-commercial purposes, due to economic growth, increase in population, and industrial growth. North America accounted for the second largest market share in 2016.
GLOBAL HEAT EXCHANGER MARKET SHARE BY GEOGRAPHY, 2016 (%)
The key players operating in the market are Larsen & Toubro, Doosan Heavy Industries & Construction, Alfa Laval, Kelvion, FUNKE Wärmeaustauscher Apparatebau, SPX FLOW, The Japan Steel Works, Thermowave, Xylem, and Dover, among others.