The global heat exchanger market will demonstrate a moderate growth in the coming years due to the growth in its end-user industries. These end-user industries include HVAC, chemicals, power generation, and others (such as condensers, oil coolers, and radiators). Heat exchangers due to their ability to maximize thermal efficiency are widely used in many industries. They allow efficient heat transfer from one medium to another. These media are usually separated by a solid wall to avoid mixing or sometimes in direct contact with the materials which are being processed.
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Some examples of appliances which use a heat exchanger are refrigerators, air conditioners, and space heaters. One of the most common examples of heat exchanger is car radiator, which cools down the hot radiator fluid by employing airflow over the surface of the radiator. The global heat exchanger market according to products is segmented into air cooled, shell and tube, plate and frame, and others.
Heat Exchangers Market to Grow by Billions
According to a U.S.-based market research firm named Transparency Market Research (TMR), the global heat exchanger market will value at US$18.04 billion by 2020. The global market of heat exchangers was worth US$11.86 billion in 2013 and will grow at a 6.02% CAGR during the forecast period of 2014 to 2020.
Power Generation Industry
Accelerating power consumption from the industrial sector will contribute to the growth of the global heat exchangers market. Condensers are an important element of any power station. They act as an interface between the heat sink and water/steam cycle. Condensers have a direct impact on the output of a power station and the availability of electric power.They are used in most power generations plants worldwide, hence, the demand for heat exchangers will get a boost as more power stations are established.
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Chemicals and Oil and Gas Industries
A large number of oil field and infrastructure development projects around the world are being planned. This will result in the increase in demand for heat exchangers products such as shell and tube exchangers. The demand for heat exchangers will also grow due to the rapidly developing chemicals and hydrocarbon sector. According to a TMR consultant, shell and tube heat exchangers product segment will dominate the global heat exchangers market till 2020.
The rapidly expanding heating, ventilation, and air conditioning (HVAC) industry is one of the key drivers of heat exchangers market. Stringent government regulations and technological innovation to meet the consumer expectations are driving the HVAC market. Personalized or heavy-duty heat exchangers are usually used by large industrial consumers. Alternatively,portable heat exchangers are used by small or residential commercial establishments. Furthermore, commercial segment and Asia-Pacific region is driving the HVAC market.
Asia Pacific is the fastest growing economy in the world. Asia Pacific regional heat exchangers market sector accounted for 33.6% of the global market share in 2013, with revenue of US$3.94 billion. The Asia-Pacific heat exchangers market is expected to reach a value of US$6.12 billion with a healthy CAGR of 6.34% during 2014 to 2020. Presently, significant investments are being made by industries in Asia Pacific to bring the infrastructure of this market at par with growth rate of other mature industries.
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The key companies in the global heat exchangers market include Hisaka Works Ltd., Alfa Laval Corporate AB, and SAACKE GmbH. Most of the companies in the heat exchangers market operate via dealers and distributors. Many of these dealers and distributors are exclusive to a single company. The product range of generally includes of heavy-duty and portable heat exchangers.
Apart from the growth in end-user industries, the global heat exchangers market will benefit from opportunities such as huge potential for after-sale services segment and strategic alliance and M&A activities in this industry.
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