The Global Heat Exchangers Market is Forecast to Stabilize Over the Long-Term to Reach US$24.5 Billion by 2022

Continued Weakness in Post-Recession Global Growth Creates Intramarket Demand Irregularities for Heat Exchangers, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Heat Exchangers market. The global Heat Exchangers market is forecast to stabilize over the long-term to reach US$24.5 billion by 2022, overcoming current challenges posed by anemic world economic growth, sluggish manufacturing industry, uncertain exploration investments in the oil and gas industry, and a collapsing world mining industry.

Heat transfer is a vital process in every industrial plant with virtually every industrial facility requiring heat to be efficiently removed, added and moved from one process task to another. The most important and ubiquitous process equipment in industries, heat exchangers is an indispensable heat transfer technology in modern engineering, industrial, 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. With mainstay segments flaunting a broad base, the highly mature global heat exchangers market is set to thrive on replacement demand emerging from frequent upgrades and incremental technology improvements. The huge and aging installed base of heat exchangers worldwide, replacement demand will provide ample opportunities for future growth. Periodic renewal and upgrading as a result of natural wear-and-tear of heat exchangers coupled with modernization initiatives adopted in key end-user industries will magnify the business opportunity offered by replacements.

Evolution of new product designs with value added functional features and benefits will provide the sweetener required for pushing equipment replacement demand to the fore. With growing environmental concerns worldwide, replacement demand for heat exchangers will be fuelled by the dire need to achieve energy-savings and reduction in CO2 emissions. The market will also be driven by technology innovations that helps address customer need for more cost effective, efficient and customized products. Therefore innovations and new product developments remain on top of the priority list for manufacturers. Innovations that help reduce high installation costs, maintenance and operating costs will especially be critical to the success of expensive product categories such as Air Coolers. Manufacturers of even mature product lines such as shell-and-tube heat exchangers are seeking to leverage new technologies and innovations to differentiate their product offerings from others. With most industries increasingly adopting the “going green” approach of achieving sustainability in industrial processes, there exists marked increase in the commitment exhibited towards making environmentally friendly choices. Improvements in energy efficiencies will therefore emerge as a key differentiating factor for manufacturers to compete in the marketplace. The market will also benefit from the expected revival of nuclear energy.

Currently however, the market is negotiating a slew of challenges posed by factors such as continued weakness in post-recession global growth; weak global manufacturing growth; economic weakness in China which is a key market for heat exchangers; prolonged decline in oil prices and uncertain exploration investments in the oil & gas sector; fall in new deepwater exploration wells; mixed scenario of profits and losses in the oil refining, processing and petrochemicals sector; tumbling mineral commodity prices and a troubled mining industry.

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 market with a CAGR of 6.3% over the analysis period, led by factors such as strong push towards building new nuclear power plants in developing Asian countries; growth in the food processing industry amidst falling agricultural commodity prices and increased affordability of processed foods among a larger section of the population; growing opportunities in renewable chemicals production, strong demand for energy and stable government policy led focus on utility infrastructure development.   

Major players in the market include Air Products and Chemicals, Inc., Alfa Laval AB, Tranter Inc., Barriquand Technologies Thermiques, Xylem Inc., Chicago Bridge & Iron Company N.V., Kelvion, 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 market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. The market for Heat Exchangers is analyzed by the following product segments - Shell & Tube Heat Exchangers, Plate & Frame Heat Exchangers (Gasketed PHE, Welded PHE, Brazed PHE, and Other PHE), Air Coolers, Cooling Towers and Others. The market is also analyzed the following end-use sectors - Chemicals Industry, Oil & Gas, HVAC & Refrigeration, Food & Beverage, Power Generation and Others.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

Comments

Popular posts from this blog

The Global Market for Big Data Technologies and Services is Projected to Reach $60 Billion by 2022

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022