Transparency Market Research (TMR) has announced the addition of a new market study on the heat exchangers market. The report analyzes the drivers, trends, opportunities, and restraints of the market. The report is titled “Heat Exchangers Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 - 2020.” The report states that the global heat exchangers market is expected to expand at a 6.02% CAGR between 2014 and 2020. The market, which was valued at US$11.86 bn in 2013, is projected to rise to US$18.04 bn by 2020. A rise in the consumption of power by various industries is behind the significant growth of the market.
Browse the full Heat Exchangers Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 - 2020 report at https://www.transparencymarketresearch.com/heat-exchanger-market.html
Due to the persistent shortage of power, various governments are expressing their interest in diversifying their energy portfolio and making use of renewable sources of energy. High demand from industries and households and the inability to meet the power demands are leading to the installation of newer power plants that are powered by steam turbines. The heat exchangers market is driven by the rising number of power plants and the subsequent increase in the use of heat exchangers in power plants.
The use of heavy-duty heat exchangers by large industrial consumers is also aiding the growth of the market. The rapidly growing heating, ventilation, and air conditioning (HVAC) industry is encouraging the heat exchangers market to grow further.
The global heat exchangers market is challenged by the various regulations curbing the use of fluorinated greenhouse gases in heat exchangers. The rising prices of the raw materials required for the fabrication of heat exchangers will also restrict the growth of the market. However, strategic alliances and mergers and acquisitions will have a positive impact on the market. The introduction of hybrid heat exchanger technology will open new doors of opportunity in the market. The after-sale services segment is also expected to have a huge potential for growth, thus benefitting the heat exchangers market.
The segmentation of the heat exchangers market is done on the basis of end user, region, and type. On the basis of type, the market is segmented into air cooled, plate and frame, shell and tube, and others. Of these, the shell and tube segment held the largest share in the market in 2014 and is expected to grow at a fast pace during the forecast period. In terms of geography, Asia Pacific accounted for 33.60% of the global heat exchangers market in 2013 and is expected to expand at a 6.34% CAGR from 2014 to 2020. The Asia Pacific market is expected to rise from US$3.94 bn in 2013 to US$6.12 bn by 2020.
The report profiles key players operating in the global heat exchangers market. They are: SAACKE GmbH, Heatmaster BV, GEA Heat Exchangers, Alfa Laval Corporate AB, and Southwest Thermal Technology.
The global heat exchangers market is segmented as follows:
- Air Cooled
- Plate and Frame
- Shell and Tube
- Others (Condensers, Oil Coolers, and Radiators)
End User Industry
- Chemicals and Petrochemicals
- Power Generation
- Others (Food Processing, Aerospace, and Medical)
- North America
- Asia Pacific
- Rest of the World (RoW)
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