The Global Market for Heat Exchangers is Projected to Reach US$24.3 Billion by 2020

Energy Efficiency Innovation Spurs Demand for Heat Exchangers, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Heat Exchangers. The global market for Heat Exchangers is projected to reach US$24.3 billion by 2020, driven by recent innovations in energy efficient heat exchangers.  

Heat exchangers are essential heat transfer devices used in all modern industrial, engineering, and commercial applications ranging from automotive, aerospace, commercial building HVAC to heating, cooling, and heat recovery applications in industrial plants, manufacturing facilities and power plants. A core component of all thermal systems, heat exchangers are vital and indispensable to energy conversion and utilization. Demand in the market is driven by rapid industrialization in developing countries and increasing investments in manufacturing plant infrastructures. The highly mature global heat exchangers market is set to thrive on replacement demand coming from frequent upgrades and incremental technology improvements. The market will continue to be driven by technology innovation and development. Also poised to drive future gains are innovations that help lower total ownership costs, increase durability and efficiency of heat exchangers, and reduce vibration induced premature failures. Of special interest is the emergence of Micro Channel heat exchangers, a new generation heat exchangers flaunting potential applications in a wide range of diverse industries ranging from automotive, residential HVAC, to process industries.

In the coming years, Greenfield projects in the energy industry, especially in the nuclear power sector, will support demand. Demand for heat exchangers in the nuclear power sector is poised to witness the highest growth given the encouraging number of new plants in the pipeline. Future growth will also be largely supported by the growing emphasis on energy savings and the ensuing need to reduce heat energy costs. The growing global focus on energy efficiency against a backdrop of depleting fossil fuel resources, rising focus on green energy and emphasis on curbing environmental pollution and climate, is poised to benefit the market for energy efficient heat exchangers. Environmental concerns are likely to expedite the adoption of energy efficient products like compact heat exchangers and closed circuit cooling towers. The chemical industry also offers steady growth opportunities for heat exchangers in chemical processing and production applications. Stringent wastewater treatment laws, against a backdrop of rising levels of water pollution and contamination, are providing fertile opportunities for the growth of heat exchangers in wastewater treatment plants.

As stated by the new market research report on Heat Exchangers, Europe represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing regional market with a CAGR of 8.9% over the analysis period. Growth in the region is led by broad economic factors such as rising income levels, rapid urbanization, strong industrialization, expanding manufacturing/industrial base, growing middle class population, favorable demographics, government focus on infrastructure development, and energy self-sufficiency, among others.     

Key players covered in the report include Air Products and Chemicals, Inc., Alfa Laval AB, Tranter Inc., Barriquand Technologies Thermiques, Xylem Inc., Chicago Bridge & Iron Company N.V., GEA Heat Exchangers Group, Hamon Group, Harsco Industrial Air-X-Changers, Hisaka Works, Ltd., Sondex, A/S, SmartHeat Inc., SPX Corporation, Balcke-Dürr GmbH, SPX Cooling Technologies, Inc., API Heat Transfer, and Vahterus Oy, among others.

The research report titled “Heat Exchangers: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the heat exchangers market, industry overview, trends, growth drivers and issues, and recent industry activity. The report provides market estimates and projections for heat exchangers in value sales in US$ for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. Product segments analyzed include Shell & Tube Heat Exchangers, Plate & Frame Heat Exchangers (Gasketed PHE, Welded PHE, Brazed PHE, and Other PHE), Air Coolers, Cooling Towers, and Others. End-Use sectors analyzed include Chemicals Industry, Fuel Processing, HVAC & Refrigeration, Food & Beverage, Power Generation, and Others.