Heat Exchangers Market: Increasing demand for heat exchangers in nuclear power for power generation by 2022
These are used in power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries. They are also used in air conditioning and ventilation applications as they remove heat from engine. Moreover, enormous applications of plate & frame exchangers in food & beverage, petroleum, chemical-, and hydrocarbon processing is expected to propel the market growth in coming years.
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According to a new report published by Allied Market Research, "Heat Exchangers Market by Type, End-User Industry, and Material of Construction: Global Opportunity Analysis and Industry Forecast, 20142022," the global heat exchangers market was valued $12,611 million in 2015, and is projected to reach $20,118 million by 2022, growing at a CAGR of 6.9% from 2016 to 2022. The shell & tube heat exchanger segment held approx. one-fourth of the total market share in 2015.
Currently, the global heat exchangers market witnesses numerous opportunities, owing to rapid increase in development of end-user industry in Asia-Pacific and LAMEA. Governments of emerging nations are facing persistent power shortages issues, thereby taking measures to constantly upgrade their power generation capacity in order to meet the demand from industries and households. Many new power plants powered by steam & gas turbines are commissioned, thereby acting as an emerging factor for the growth of the market. Tremendous rise in the renewable energy sector over the past few years is at surge for heat exchanger industry owing to various ongoing projects for improving power generation capacity.
Shell & tube heat exchanger accounted for nearly one-fourth share, in terms of value, in 2015. In response to the rise of shell & tube heat exchanger in engine coolers, condensers, and in refrigeration systems witness high demand globally. Furthermore, increase in demand for shell & tube in oil & gas exploration processes act as a key factor responsible for market growth.
In 2015, Asia-Pacific and Europe collectively accounted for more than half of the total heat exchangers market, and are expected to continue this trend, due to increase in demand for heat exchangers in petrochemical and oil & gas industries, specifically in China, India, Japan, Brazil, and other developing countries.
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The major companies profiled in the report include API Heat Transfer Inc., Alfa Laval AB, Brask Inc., Hrs Heat Exchangers Ltd., Hughes Anderson Heat Exchangers Inc., Kelvion Holdings GmbH, Koch Heat Transf
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