LONDON, Nov. 23, 2016 /PRNewswire/ -- Innovation is the key to stronger growth in the mature and traditionally risk-averse heat exchangers market. End users require energy efficiency, ease of maintenance, reduction of corrosion, and improved heat transference. The new all-welded plate heat exchanger technology is providing an edge over conventional shell and tube products, especially in high-temperature and pressure applications. Heat exchanger companies must join instrumentation suppliers and educate end users on the benefits of the novel technology to drive penetration in a conservative and product-loyal ecosystem.
"Creating a local presence with strong representation for aftersales support is crucial to develop higher acceptance among end users, and suppliers can achieve this through acquisitions and partnerships that enhance visibility," said Frost & Sullivan Industrial Automation & Process Control Industry Analyst Sandeep Kardhalli Mukunda. "The rising emphasis on efficiency and total cost of ownership to drive productivity will also reduce price sensitivity among end users and unlock growth opportunities for suppliers with a strong brand image and services portfolio."
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Market-leading companies offering innovative products and services include:
- Alfa Laval: Utilises new product development and extensive research to increase energy efficiency in heat transfer technology;
- KELVION GmbH: Offers high customization of designs and engineered products, enhancing the serviceability factor;
- SPX: Focuses on the development of a product line suitable for upcoming "Smart Factory" application requirements.
"The Asia-Pacific market provides tremendous growth opportunities with an expanding customer base across all key industries in the growing energy sector, elevated platform for new and replacement heat exchanger sales, and numerous local emerging suppliers ripe for acquisition," noted Mukunda.
About Frost & Sullivan's Industrial Automation and Process Control team: Analysis of the Global Heat Exchangers Market is part of the Industrial Automation and Process Control Partnership Subscription. Related studies include: Global Data Centre Infrastructure Solutions Market, Diesel Generator-based Power Rental Market in the Kingdom of Saudi Arabia, South African Small-scale Embedded Generation Market, Benchmarking of Top 10 Independent Power Producers (IPPS) in ASEAN-6, Emerging Trends Affecting the Global Generator Sets Market, and many more. All studies in the subscription provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Heat Exchangers Market
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SOURCE Frost & Sullivan