Global Heat Exchangers Market Analysis Covering Size, Share, Growth, Trends and Upcoming Opportunities
Heat exchanger is an industrial device used for heat transferring from one fluid to other under specific operating conditions. It finds various end-use industries such as chemical, oil & gas, pharmaceutical, etc. Improving technologies, coupled with tightening regulations regarding the use of energy-efficient technologies in manufacturing companies in certain countries have helped the growth of heat exchangers market.
Rising concerns regarding use of non-renewable energy resources are predicted to further boost the market growth in developing, as well as developed countries including the U.S., Japan Germany, and the Netherlands. Remarkable growth in renewable energy consumption over the past few years is projected to further augment the heat exchanger market growth. Moreover, growing nuclear power generation will further provide significant growth opportunities for the heat exchanger demand to grow over the coming years.
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Shell & Tube Heat Exchanger Had The Highest Share Of The Global Market In 2017
Shell & tube heat exchangers are the most preferred heat exchangers among all types. They are preferred mainly due to the advantages over other types. These exchangers are capable to transfer heat at very high temperatures. Moreover, these heat exchangers require less servicing and low maintenance. These exchangers are capable to operate with a wide range of operating fluids.
Shell and tube heat exchangers are of effective and sturdy construction. They can be manufactured at low costs, with operating capacities ranging from very low to high volumes. They are very flexible and are ideal for applications where continuous servicing and maintenance is required. These heat exchangers offer better solutions to various fluids, including sea water.
When the sea water is used as a fluid, there is a risk of clogging the narrow spaces in tubes of heat exchangers. They can also provide a wide range of installation options, such as two-pass, three-pass, etc. These also act as an ideal solution for mining machinery, hydraulic power packs, and seawater-cooled vessels, etc.
Steel-Based Heat Exchangers Are Highly Preferred Over Non-Steel Heat Exchangers.
Steel heat exchangers are highly preferred by all kinds of consumers across the globe. Steel offers good heat conductivity and is capable of being non-corrosive while operating with various fluids. Moreover, the prices of steel heat exchangers are economical throughout the globe.
Non-steel exchangers like graphite heat exchangers are gaining much attraction from every end-use industry. This is mainly due to the effective heat transfer operations, that can be carried out by graphite heat exchangers. The graphite heat exchangers market is in its nascent stage, as the exchangers based on this material are under development. Additionally, these heat exchangers are not-much preferred because of their high prices.
Heat exchanger construction requires materials which are capable of handling fluids at very high temperatures. Heat stresses can be developed in heat exchangers, due to very large temperature differences, which might create significant cracks in the material. Mechanical effects such as high-pressure operations, vibrations, and steam hammers within the heat exchangers pose a big challenge on the material used for the construction of heat exchangers.
Moreover, corrosion and deposits from the operating fluids or any other residues are also very important to consider while selecting the material of construction for heat exchangers. If not considered, they will significantly raise the maintenance requirements of heat exchangers. Each and every maintenance step cost more money and often causes a complete or partial failure of the heat exchangers.
As per the manufacturing requirements from the continuous operation manufacturing plants, the maintenance interval must be low, and a robust material must be used in order to avoid these circumstances.
There are a wide number of materials available for the construction of heat exchangers. Among all of them, steel has proven to be a very durable, and reliable. Heat exchangers manufactured from steel are very resistant to corrosion and also deposits operating fluids.
Several manufacturers follow MIG and/or WIG procedure, and the heat exchangers manufactured by them are certified by many standards. For instance, DIN EN ISO 3834-3:2005 is one of the standards used to ensure the quality of heat exchangers.
Chemical Is The Largest End-Use Industry, Followed By Oil & Gas For Heat Exchangers Market
The chemical industry is one of the fastest-growing and innovative end-use industries, with more than 70 percent of output being attributed by other industries across the globe, according to Insights and Reports.
The operating companies in the chemical industry require continuous requirement of heat exchangers, as most of the products are derived from raw materials. There will be a continuous need of heat transfer for all kinds of unit operations in the entire process of manufacturing.
The production of chemical products involves a complex sequence of unit operations and/or processes, such as from condensing, cooling, and heating for separation or evaporation requirements.
Globally, declining natural resources, geographical demographics, globalization, and tightening regulations are the key factors responsible to maintain the current demand. It is further anticipated, that developments in other areas such as fuel cells, environmental technology, biotechnology, and advanced materials will further augment the future product demand globally.
Increasing consumer purchasing capabilities, particularly in the Asia Pacific region, is significantly driving the demand for chemicals, along with the products which are derived from them. Additionally, diminishing petroleum reserves are further fueling the need for the development for new materials, like biomass.
According to Kelvion Holding GmbH, by end of 2030, more than half of top ten chemical companies will rise from Asia Pacific or the Middle East regions, with companies in Asia Pacific holding two thirds of the entire market. So, the demand for the manufacturing of chemical products is further projected to fuel, which in turn will amplify the demand for heat exchangers over the entire projected timeline.
Europe Is The Largest Regional, Followed By Asia Pacific For Heat Exchangers Market
The European Union (EU) already has some of the most industrialized countries, along with a well-established manufacturing end-use industry. The Europe heat exchanger market is projected to grow at a notable CAGR, as most of the nations in the Eastern Europe region are witnessing industrialization activities, creating a boost in their respective economies.
Several governing bodies in the European Union are taking several initiatives to increase the manufacturing sector in this region. Especially, countries present in Central and Eastern Europe may witness industrial activity growth in the coming years.
Germany, UK, France, and Poland are some of the economies in Europe, with a significant potential for heat exchangers market. The growth of industrialization in this region will certainly have a positive impact on the Europe heat exchangers market. Growing product consumption for operations such as air conditioning systems (HVAC), ventilation, and heating applications will attribute to the market growth in this region.
Moreover, increasing cooling equipment in the residential sector, will witness an increasing need for heat exchangers in many parts of Western Europe region. Additionally, rising petroleum explorations in this region will proportionally increase the need for refining activities, thereby improve the product demand in further.
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Key players in the global heat exchangers market include Hindustan Dorr-Oliver Ltd., Alfa Laval AB, Danfoss A/S, Xylem Inc., Hisaka Works, Ltd., Hamon & Cie International, SPX Corporation, and API Heat Transfer Inc., among several others.
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