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Heat Exchangers Market Technological Trends and Opportunities 2019 To 2026
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Technological advancements in heat exchangers and surge in demand from various end-user industries fuel the growth of the global heat exchangers market. On the other hand, corrosion and fouling issues in regards to heat exchangers restrain the growth to some extent. However, rapid industrialization in Asia-Pacific is expected to create multiple opportunities for the key players in the industry.
The heat exchangers market is driven by numerous factors such as high demand from emerging economies, increase in energy prices, technological advancements in heat exchangers, and others. There is a significant rise in demand from developing economies such as India, China, and Indonesia, owing to the rapid industrialization. However, scaling is one of the reasons that increases the maintenance cost of heat exchangers. On the contrary, rise in demand for heat exchangers from the nuclear power plant for power generation is anticipated to offer lucrative growth opportunity to the market.
The global heat exchangers market is segmented based on type, end-user industry, material of construction, and region. On the basis of type, the market is categorized into shell & tube, plate & frame, air-cooled, microchannel, and others. On the basis of end-user industry, it is classified into chemical, petrochemical, oil & gas, HVACR, food & beverage, power generation, and others.
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Europe is expected to garner the highest market share. This is owing to factors such as huge presence of end-user industries such as chemical industries, food & beverage industries, petrochemical, and others.
The market analysis covers in-depth information of major industry participants. The key players operating and profiled in the market include API Heat Transfer, Brask, Inc., Danfoss A/S, Güntner GmbH & Co. KG, Kelvion Holding GmbH, Koch Industries, Inc., Lytron Inc., Thermofin, and Xylem Inc.
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