A recent report published by Infinium Global Research on heat exchangers market provides an in-depth analysis of segments and sub-segments in the global as well as regional heat exchangers market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional heat exchangers market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global heat exchangers market. According to the report, the global heat exchangers market is projected to grow at a CAGR of 8.80% over the forecast period of 2018-2024.
The heat exchanger is a device that allows transferring heat from one fluid to another to control the temperature of a system or substance. Depending upon the exchanger type fluids can be single or two-phase and it may be in direct contact or separated. Heat exchangers are of four types and they work in many different ways. Several types of heat exchangers are shell and tube heat exchanger, plate heat exchanger, regenerative heat exchanger, and adiabatic wheel heat exchanger. Heat exchangers not only used in heating applications but also used in cooling applications such as air conditioners and refrigerators. Heat exchanger widely includes application in power stations, space heating, petrochemical plants, natural gas processing, chemical plants, and sewage treatment. Heat exchangers offer minimal heat losses from buildings, engines, and machines.
Rising demand and wide use of heat exchangers in major industries such as petroleum refining, power station, natural-gas processing, and chemical plants are expected to boost the heat exchangers market in the coming years. Furthermore, varying temperature requirements of streams in a chemical process enables the use of heat exchanger in chemical process industries that in turn, boosts the growth of heat exchangers market. Growing demand for heat exchangers owing to the high thermal efficiency of heat exchanger propels the growth of heat exchanger market. Moreover, rising government investments in commercial building fuel the growth of heat exchanges market. However, lack of awareness associated with energy efficiency in the building may hamper the market in the near future. Nevertheless, technological advancement and Innovation may provide new growth avenues to the market in the forecast period. Moreover, increase in need of power and energy in accordance with rising population provides opportunities for heat exchangers market.
Europe dominates the growth of heat exchangers market. Energy-efficiency provided by heat exchangers contributes to increasing demand for compact heat exchangers. European directives on energy efficiency and emissions have become more stringent. Dominant producers and the huge presence of leading suppliers of heat exchangers in the Europe region contribute to the growth of heat exchangers market in this region. Furthermore, Asia Pacific is set to grow at a significant rate owing to rapid industrialization in this region. Asia Pacific countries such as China and India are expected to boost the growth of heat exchangers market owing to increasing demand from the chemical industry and the presence of leading consumers in China.
The report on global heat exchangers market covers segments such as type and application. On the basis of type, the sub-markets include shell and tube heat exchanger, plate heat exchanger, regenerative heat exchanger, and adiabatic wheel heat exchanger. On the basis of application, the sub-markets include power stations, air conditioning, petrochemical plants, chemical plants, petroleum refineries, food & beverage, and others.
The report provides profiles of the companies in the market such as Kelvion Holdings, Danfoss, Alfa Laval, Xylem, SPX Corporation, API Heat Transfer, Hisaka Works, Gunter, HRS Heat Exchangers, Hindustan Dorr-Oliver, Modine Manufacturing Company, and Sierra.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of heat exchangers market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.