Heat Exchanger Market to hold a share worth over USD 32.45 billion by 2023
In recent years, the global market for heat exchangers has evolved significantly. Heat exchangers are widely accepted equipment for various end-user applications because of their ecological properties and energy efficiency. In addition, the increase in industrial activities in developing countries is one of the main factors determining the demand for heat exchangers
Heat Exchanger Market Size and Growth Rate:
Heat Exchanger Market is projected to reach USD 32.45 billion by 2023 growing at a CAGR of 8.7% during the forecast period 2018 to 2023.
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Heat Exchanger Market Growth Drivers and Restraints:
The global market for heat exchangers is growing due to increasing investments in chemicals, air conditioning, gas processing, power plants and the petrochemical industry. The chemical industry is the fastest growing heat exchanger industry, with significant investments in the Asia-Pacific region. In addition, the demand for heat exchangers in the growing heating, ventilation and air-conditioning industry is increasing across the global marketplace due to improved infrastructure and higher living standards.
Increasing cost of production of these heat exchangers due to rising raw material costs is expected to hamper the growth of the global market over the forecast period. The frame and core material which are composed of these materials greatly increases the cost of the heat exchangers. Copper, stainless steel and aluminum are the most commonly used metals for the construction of heat exchangers. The cost of these metals has increased significantly in recent years. Therefore, a buyer has to negotiate between the price and the performance of the heat exchanger.
Heat Exchanger Market Segmentation:
Depending on the type, the market for heat exchangers is classified in Shell & Tube, Plate Heat, Fin type Heat and Air Cooled Heat. Shell & tube held the largest share of the global market during the historical period and is expected to contribute more than 50% of this market by 2020. Shell & Tube segment growth is expected to continue as a result of its increase in growing industries, such as chemicals and petrochemicals.
In terms of end-users, the heat exchanger market is classified in the chemicals, hydrocarbons, petrochemicals, HVAC and refrigeration, food and beverages and energy sectors. The chemical industries accounted for the largest share of the global market and are expected to account for 29.2% of the overall heat exchanger market share by 2020.
Geographical Overview of Heat Exchanger Market:
Geographically, Europe is expected to be the fastest growing market for heat exchangers during the forecast period. The economic crisis in the region, coupled with the maturity of the heat exchanger sector, is the factor responsible for the weak growth of the European market. In addition, the drop in the price of crude oil has reduced investment in the oil and gas sector, which is hampering market growth in Europe.
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Key Players of Heat Exchanger Market:
Some of the leading market players of Heat Exchanger Market are Alfa Laval, Kelvion (GEA), SPX Corporation, IHI, SPX-Flow, DOOSAN, API, KNM, Funke, Xylem, Thermowave and others.
Key Takeaways from this Report:
- For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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