The latest report on Heat Exchangers Market by Infinium Global Research gives complete coverage of the Heat Exchangers Market by type (shell and tube, plate, regenerative, and adiabatic wheel heat exchanger), application (power stations, air conditioning, petrochemical plants, chemical plants, petroleum refineries, food & beverage, and others) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Heat Exchangers such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Rising Demand and Wide Use of Heat Exchangers in Major Industries Such as Petroleum Refining, Power Station, Natural-Gas Processing
The heat exchanger is a device that allows transferring heat from one fluid to another to control the temperature of a system or substance. Depending upon the exchanger type fluids can be single or two-phase and it may be in direct contact or separated. Heat exchangers are of four types and they work in many different ways. Several types of heat exchangers are shell and tube heat exchanger, plate heat exchanger, regenerative heat exchanger, and adiabatic wheel heat exchanger.
Heat exchangers not only used in heating applications but also used in cooling applications such as air conditioners and refrigerators. Heat exchanger widely includes application in power stations, space heating, petrochemical plants, natural gas processing, chemical plants, and sewage treatment. Heat exchangers offer minimal heat losses from buildings, engines, and machines.
Rising demand and wide use of heat exchangers in major industries such as petroleum refining, power station, natural-gas processing, and chemical plants are expected to boost the heat exchangers market in the coming years. Furthermore, varying temperature requirements of streams in a chemical process enables the use of heat exchanger in chemical process industries that in turn, boosts the growth of heat exchangers market.
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Growing Demand for Heat Exchangers Owing to the High Thermal Efficiency of Heat Exchanger Propels the Growth of Heat Exchanger Industry
Growing demand for heat exchangers owing to the high thermal efficiency of heat exchanger propels the growth of heat exchanger market. Moreover, rising government investments in commercial building fuel the growth of heat exchanges market. However, lack of awareness associated with energy efficiency in the building may hamper the market in the near future. Nevertheless, technological advancement and Innovation may provide new growth avenues to the market in the forecast period. Moreover, increase in need of power and energy in accordance with rising population provides opportunities for heat exchangers market.
Europe dominates the growth of heat exchangers market. Energy-efficiency provided by heat exchangers contributes to increasing demand for compact heat exchangers. European directives on energy efficiency and emissions have become more stringent. Dominant producers and the huge presence of leading suppliers of heat exchangers in the Europe region contribute to the growth of heat exchangers market in this region. Furthermore, Asia Pacific is set to grow at a significant rate owing to rapid industrialization in this region. Asia Pacific countries such as China and India are expected to boost the growth of heat exchangers market owing to increasing demand from the chemical industry and the presence of leading consumers in China.
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- Comprehensive analysis of global as well as regional markets of the Heat Exchangers.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.