Heat exchangers are built for effective heat transfer from two different mediums. As a result, these products are widely used across different industries including power plants, air conditioning, space heating, petroleum refineries, sewage management and many others. This equipment is one of the most inseparable parts of the chemical and petrochemical industries. New technologies and innovative applications are expected to be the strongest drivers for the global heat exchangers market. The industry is witnessing steady growth in terms of demand, applications, revenue, adoption and business opportunities. Trends in the different supporting industries like chemical and power generation are also expected to crate strong rise in demand for this market.
Segmentation in Heat Exchanger Industry
The global market is categorized on the basis of the types of products, applications and geographic regions. Following are the details of the segmentation in the heat exchanger market:
- Products: Plate and frame, shell and tube, air coolers and such other products
- Geography: Europe, North America, Asia Pacific and rest of the world, segmented into different significant countries
- Applications: Petrochemicals, chemical processing, oil and gas, refrigeration, HVAC, food and beverage, power generation, pulp and paper, etc.
Driving Factors for Heat Exchanger Industry
The global heat exchanger market is witnessing rapid changes since the past few years. These changes are attributed to the changing patterns of demand across different industries like power and utilities and oil and gas. Rising demand from different industrial verticals is expected to be a crucial driver for this industry. Rise in the number of capital driven projects is creating rise in demand for the heat exchangers. This hike is also contributed by the rising prices in the market. Strong growth in the HVAC market is reflecting on the growth trends in the heat exchanger market. Rising demand for HVAC&R solutions are creating strong demand for these exchangers.
Green living concepts and stringent regulations over environment are also turning out to be significant drivers for this industry. Technological advancements and large aftermarkets for the exchangers are estimated to be strong driving forces for the market as far as the growth in demand in concerned. Rise in nuclear power generation is also contributing to the demand of the heat exchanger market. Rising prices of the raw materials, however, is expected to be a major hindrance for this industry. Nevertheless, rising applications and adoption of technologies are expected to hold the grounds for this market.
As a result of all these significant industry drivers, the global heat exchanger market is expected to maintain a healthy growth rate in the next few years to come. Rise in the demand for waste heat recovery units is expected to help the companies to grab attractive business opportunities in the years to come.