Impact of Covid-19 On Printed Circuit Heat Exchangers Market 2019 | Competitive Landscape, Latest Technological Advancement, Business Trends And Regional Overview By 2026 | Alfa Laval, Heatric (Meggitt PLC), HEXCES
The global printed circuit heat exchangers market is valued at USD 739 million as of 2019 and is expected to expand at a CAGR of 4.7% during the forecast period, 2019–2026.
Printed Circuit Heat Exchangers (PCHEs) are manufactured using a solid-state joining process called
diffusion-bonding. They are highly compact and robust as compared to other popular heat exchangers, i.e. shell and tube. Heat exchangers are systems used in upstream hydrocarbon processing, petrochemical, refining industries, and in Floating Production Storage and Offloading (FPSO) floating vessels as well as for Floating Liquefied Natural Gas (FLNG) operations. Increasing energy prices and rise in offshore oil production and refineries are the key factors driving the demand for printed circuit heat exchangers globally. According to a study conducted by the International Energy Agency in 2014, oil and gas contribute an approx. 56.6% share in global power consumption. Thus, industries engaged in the oil and gas sector are focusing on measures that would help minimize power consumption and associated costs through efficient heat recovery systems.
PCHEs are generally made up of 300 series stainless-steel. Stainless steel, with its innate properties, offers a wide range of benefits that make it ideal for PCHEs, such as the ability to operate effectively in both extreme hot and cold temperatures without being damaged. The fact that stainless steel enables the manufacturing of PCHEs capable of working with heavy industrial machinery that produces a substantial amount of heat drives the growth of the stainless-steel segment in the market.
The petrochemical segment is projected to register the highest CAGR in the printed circuit heat exchangers market. Petrochemical plants produce volatile hydrocarbon samples with temperatures exceeding 500°F (260°C), which necessitates cooling, whereas other fuels such as diesel may need to be heated before being sent to a diesel generator. According to the International Energy Agency (IEA), the petrochemical sector is set to account for more than a third of the growth in world oil demand by 2030 and nearly half the growth by 2050, adding nearly 7 million oil barrels a day. Thus, with increasing demand for petrochemicals, several international and national oil and gas companies are making substantial investments to set up new production facilities. This scenario is slated to create ample opportunities for printed circuit heat exchangers in the petrochemical sector.
North America is projected to witness dynamic growth in the printed circuit heat exchangers market on account of the rising demand from key application industries such as chemical, petrochemical, and oil and gas. Besides, the region is home to notable oil and gas industries and the Gulf of Mexico, an oceanic basin in North America. Favorable government initiatives and undertakings are also expected foster market growth. For instance, in March 2019, the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) announced awards worth USD 36 million for 18 projects as part of the High Intensity Thermal Exchange through the Materials and Manufacturing Processes (HITEMMP) program. The initiation of such projects propels the printed circuit heat exchangers market growth in the region.
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The Major Prominent Players Covered in this Report:
Alfa Laval, Heatric (Meggitt PLC), HEXCES, TANKTECH CO LTD, Asvotec Termoindustrial, DongHwa Entec, and Vacuum Process Engineering (VPE). & More.
Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Printed Circuit Heat Exchangers in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Printed Circuit Heat Exchangers market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Printed Circuit Heat Exchangers and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Printed Circuit Heat Exchangers. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.
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Key Questions Answered in The Report:
What will the Printed Circuit Heat Exchangers market growth rate?
What are the key factors driving the global Printed Circuit Heat Exchangers market?
Who are the key manufacturers in the Printed Circuit Heat Exchangers market space?
What are the market opportunities, market risk, and market overview of the Printed Circuit Heat Exchangers market?
What are sales, revenue, and price analysis of top manufacturers of the Printed Circuit Heat Exchangers market?
Who are the distributors, traders, and dealers of the Printed Circuit Heat Exchangers market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Printed Circuit Heat Exchangers Industry?
What are sales, revenue, and price analysis by regions of Printed Circuit Heat Exchangers industry?
What are the driving factors contributing to market growth during the short, medium, and long term?
Key Printed Circuit Heat Exchangers Market Trends:
- The report identifies, determines, and forecasts the Global Printed Circuit Heat Exchangers Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Printed Circuit Heat Exchangers Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Printed Circuit Heat Exchangers Market.
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