According to a new market research report "Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size of heat exchangers is estimated to grow from USD 14.68 billion in 2018 to USD 22.59 billion by 2023, at a CAGR of 9.0% from 2018 to 2023. The market is driven by increasing power generation capacities and rise in technological advances in heat exchangers. The rising energy prices and stringent government regulations on the emission of CO2 are also driving the heat exchangers market.
Chemical is projected to be the largest application segment of the market for heat exchangers
The chemical segment led the heat exchangers market with the largest share in 2017. Heat exchangers have been successfully employed for years in the chemical industry to heat and cool base, intermediate, and final products. With the growing demand for chemicals in the emerging economies, the market for heat exchangers is expected to grow during the forecast period.
The shell & tube type segment is expected to lead the heat exchangers market in 2018
Shell & tube heat exchangers are the most common types of heat exchangers used globally. They are extensively used as power condensers, preheaters, oil coolers, and steam generators. These type of heat exchangers are considered to be an ideal choice for the heavy-duty applications, owing to their high efficiency. Increased government investments on commercial building & construction projects are driving the demand of HVACR equipment, which, in turn, is expected to drive the demand for shell & tube heat exchangers, globally.
Europe is estimated to account for the largest share of the heat exchangers market in 2018
Europe is a potential market for heat exchangers with respect to demand and production capacity. This region has the presence of most global leaders operating in the heat exchangers market. The demand for heat exchangers in Europe is majorly driven by the presence of huge chemical industry.
Key market players in the heat exchangers market
Alfa Laval (Sweden), Danfoss (Denmark), Kelvion Holdings (Germany), SPX Corporation (US), Xylem (US), API Heat Transfer (US), Gunter (Germany), Hindustan Dorr-Oliver (India), Hisaka Works (Japan), HRS Heat Exchangers (India), Modine Manufacturing Company (US), Sierra (Italy), and SWEP International (Denmark) are key players operating in the heat exchangers market.
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