The Global Heat Exchangers Market revenue is expected to reach USD 18.04 Billion by 2020
Transparency Market Research has published a new report on the global heat exchangers market. According to the report, the global heat exchangers market stood at US$11.86 bn in 2013 and is predicted to reach US$18.04 bn by 2020. The report, titled ‘Heat Exchangers Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 - 2020’, states that the global heat exchangers market is predicted to rise at a 6.02% CAGR till 2020.
Browse the full Heat Exchangers Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 - 2020 report at https://www.transparencymarketresearch.com/heat-exchanger-market.html
Rapid growth in consumption of power in various industries is expected to help expand the global heat exchangers market during the forecast period. For any power station, condensers are a vital element as they connect the heat sink and the water/steam cycle. The performance of the condensers directly impacts the output of power stations and availability of electric power. Condensers are meant to fulfill high-performance requirements.
This group of heat exchanger devices is primarily implemented in most power generation plants. Thus, the demand for all kinds of heat exchangers is expected to grow across the globe, resulting in the growth of the global heat exchangers market. The global heat exchangers market is segmented on the basis of product type, end user, and geography.
By geography, the global heat exchangers market is divided into Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific was the leading regional segment of the global heat exchangers market in 2013. The Asia Pacific segment accounted for 33.60% of the global market in 2013 and was valued at US$3.94 bn. Thanks to the constant demand for heat exchangers across the region, the Asia Pacific market is expected to expand at a 6.34% CAGR to reach US$6.12 bn by 2020.
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By product type, the global heat exchangers market is divided into air cooled, plate and frame, shell and tube, and others. The shell and tube segment of the global heat exchangers market accounted for the highest market share in 2014. With an increasing number of oil field and infrastructure development projects being planned across all regions, the shell and tube segment is expected to grow rapidly during the forecast period.
At present, governments of countries facing constant power shortages are taking efforts to upgrade power generation activities to meet the rising demand for power from various industries. The availability of several heat exchangers with advanced features is expected to boost the global heat exchangers market during the forecast period.
The global heat exchanger market was valued at USD 11.86 billion in 2013 and is expected to reach USD 18.04 billion by 2020 at a CAGR of 6.0% from 2014 to 2020. Asia Pacific alone accounted for 33.6% of the overall market share in 2013, valued at USD 3.94 billion. The region is expected to reach market capitalization to the tune of USD 6.12 billion, growing at a respectable CAGR of 6.34% from 2014 to 2020.
With a large number of infrastructure and oil field development projects planned across the globe, the demand for shell and tube heat exchangers in the market is anticipated to be dominant till 2020. The demand for heat exchangers is likely to increase significantly owing to the rapidly developing chemicals and hydrocarbon sector along with various upcoming mega power projects.
Maximizing thermal efficiency is the prime reason behind an increased demand for heat exchangers. A heat exchanger is a piece of equipment designed and built for efficient heat transfer from one medium to another.
The media may be separated by a solid wall to prevent mixing or they may be in direct contact with the materials being processed, which could harm the end product. The common example of a heat exchanger is found in an internal combustion engine, in which a circulating fluid known as engine coolant flows through radiator coils and air flows past the coils, thereby cooling the coolant and releasing the heat generated by the engine.
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Some of the prominent players in the global heat exchangers market are GEA Heat Exchangers, Heatmaster BV, SAACKE GmbH, Southwest Thermal Technology, and Alfa Laval Corporate AB. Most of the leading companies in the global heat exchangers market introduce portable heat exchangers to cater to the needs of small commercial and residential establishments.