Global Heat Exchanger Market – Overview
Increasing stringent environmental regulations across the globe is the major factor driving the demand of market. Additionally, technological advancements in heat exchanger also have the positive influence on the growth of the market. However, fluctuating prices of raw material and high cost of synthetic may restrict the growth of the market.
Technological development in heat exchanger and growth in HVACR (Heating Ventilation Air Conditioning and Refrigeration) process equipment are pushing the Heat Exchanger Market towards growth. Recent study shows that emerging trends in HVAC and its applications, have a direct impact on the dynamics of the heat exchanger industry, such as the development of waste heat recovery heat exchangers and the introduction of exhaust gas recirculation coolers. However, fluctuating prices of raw material acting as a major barrier to the growth of the heat exchanger market.
Heat Exchanger Market News:-
Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, announced the completion of its previously disclosed agreement to purchase Luvata Heat Transfer Solutions (HTS). The agreement to acquire the company was announced on September, 2016. The purchase price was approximately USD 418 million.
In April 2017, Wabtec Corporation has acquired Thermal Transfer Corp., a supplier of industrial heat exchangers. The company has annual sales of about USD 25 million.
In November 2017, US-based LNG equipment provider Chart Industries completed the acquisition of the heat transfer solutions company, Hudson Products, for USD 410 million.
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Industry Top Key Players:-
- Danfoss A/S
- SPX Corporation
- Xylem Inc.
- API Heat Transfer Inc.
- Gunter AG & Co. KG
- Sierra S.p.A
- Alfa Laval AB
- Kelvion Holdings Gmbh
- Southern Heat Exchanger
Heat Exchanger Market – Segmentation
Global Heat Exchanger Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of type, market is segmented into Shell and Tube Heat Exchanger, Plate Heat Exchanger, Regenerative Heat Exchanger, Air cooled. Shell and Tube heat exchanger dominates the type segment of the market. It is most common types of heat exchangers used globally. This exchanger is used for high-temperature and high-pressure applications in oil refineries and other large chemical processes. The Plate Heat segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the growing applications is food & beverage, petroleum & chemical processing and hydrocarbon processing.
On the basis of application, market is segmented into Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages and Other. Chemicals dominates the application segment of the market followed by followed by petrochemical. HVACR segment is expected to grow at the highest CAGR during the forecast period.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Global Heat Exchanger Market Analysis:-
Europe region is capturing the largest market share of heat exchanger market owing to robust presence in plate & frame heat exchangers with respect to demand as well as production capacity. Moreover, heating demand from the region due to the cold weather condition drives the market for heat exchangers.
Asia-Pacific is anticipated to witness sharp expansion and developments in heat exchanger market as compared to other geographical regions, mainly by virtue of growing industrialization and increasing demand from developing nations like China and India. China is likely to register huge developments in its heat exchanger market due to growing demand from chemical as well as refrigeration industries.