April 13, 2020
As per the report titled ‘Heat Exchanger Market By Technology, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, global heat exchanger market is poised to surpass USD 13 billion by the year 2025.
Rising preference for centralized cooling and heating systems across residential and commercial spaces is supporting the deployment of heat transfer equipment. Increasing utilization of waste heat recovery systems (WHRS) in industrial plants coupled with stringent regulations to reduce carbon emission are propelling the market growth.
Introduction of emission reduction targets across developing nations to combat global warming is resulting in increased investments towards replacement of existing processing equipment with energy efficient solutions, thereby stimulating the market outlook. Additionally, rising focus towards improving energy generation capacity and rapid growth of chemical sector are complementing the heat exchanger business landscape.
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Based on technology spectrum, shell & tube segment is expected to witness rapid growth during the forecast period, owing to benefits such as high efficiency, lower pressure drop, and reduced cost. Extensive product adoption across oil & gas industry, primary metal manufacturing sector, electric power plants and food processing industry is contributing to the segment growth. Increasing investments for expansion and upgradation of chemical production units in tandem with rising deployment of WHRS will boost the demand for shell & tube heat exchangers in the years to come.
Speaking of the application spectrum, heat exchanger market share from food processing segment is slated to multiply over the forthcoming years. Rising focus towards energy optimization, along with technological innovations for viable heat transfer solutions will stimulate the market growth.
Geographically, China heat exchanger market is slated to witness considerable growth during 2019-2025, owing to surging government support towards the upgradation and establishment of new industrial centers along with expansion of existing manufacturing facilities. Currently, China is emerging as vital manufacturing, which coupled with inflowing investment in metallurgy, chemical, oil & gas sectors will bolster the regional market share in the ensuing years.
Prominent players of heat exchanger market include Thermofin, Larsen & Toubro Ltd., Lanpec Technologies Ltd., Kelvion, API Heat Transfer Inc., KNM Group, Southern Heat Exchanger Corp., Danfoss, Vahterus, Wessels Company, Doosan Corp., Koch Heat Transfer Company, LP, Alfa Laval, FUNKE Wärmeaustauscher Apparatebau GmbH, Shandong Beichen Electromechanical Equipment Co., Ltd., THT Heat Transfer Technology Inc., HRS Heat Exchangers, Accessen Group, Xylem, Inc., Hitachi Zosen Corp., SPX-Flow, Inc., IHI Corp., Hisaka Works Ltd., SWEP International AB, and Thermowave GmBH.
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