Heat Exchangers Market Growing Trade Among Emerging Economies Opening New Business-Opportunities
Heat Exchangers Market: Introduction
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 & households and
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.
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Factors Supporting Heat Exchangers Market Growth
Rapid growth in the consumption of power in various industries is
expected to help expand the global heat exchangers market during the forecast
period. For any power station, condensers are a vital element as they connect
the heat sink and the water/steam cycle. The performance of condensers directly
impacts the output of power stations and the availability of electric power.
Condensers are meant to meet high-performance requirements. This group of heat
exchanger devices is primarily implemented in most power generation plants.
Thus, demand for all kinds of heat exchangers is expected to grow across the
globe, resulting in the growth of the global heat exchangers market.
Moreover, strategic alliances and mergers & acquisitions will have a
positive impact on the market. The introduction of hybrid heat exchanger
technology will open new doors of opportunities in the market. The after-sale
services segment is also expected to have a huge potential for growth, thus
benefitting the heat exchangers market.
However, the global heat exchangers market is challenged by various
regulations curbing the use of fluorinated greenhouse gases in heat exchangers.
Rising prices of raw materials required for the fabrication of heat exchangers
will also restrict the growth of the market.
Heat Exchangers Market Expansion
The global heat exchangers market is segmented on the basis of product
type, end-user, and region.
In terms of product type, the global heat exchangers market has been
divided into air cooled, plate and frame, shell and tube, and others. The shell
and tube segment of the global heat exchangers market accounted for the highest
market share in 2020. With an increasing number of oil field and infrastructure
development projects being planned across all regions, the shell and tube
segment is expected to grow rapidly during the forecast period.
At present, governments of countries facing constant power shortages are
taking efforts to upgrade power generation activities to meet the rising demand
for power from various industries. The availability of several heat exchangers
with advanced features is expected to boost the global heat exchangers market during
the forecast period.
Asia Pacific accounted for 33.60% of the global heat exchangers market
in 2020 and this market in the region is expected to expand at a 6.34% CAGR
from 2020 to 2031. The Asia Pacific market is expected to rise from US$ 6.12 Bn
in 2020 to US$ 12.03 Bn by 2031.
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Heat Exchangers Market: Key Players
Key players operating in the global heat exchangers market include
SAACKE GmbH, Heatmaster BV, GEA Heat Exchangers, Alfa Laval Corporate AB, and
Southwest Thermal Technology.
Global Heat Exchangers Market: Segmentation
Heat Exchangers Market, by Product Type
·
Air
Cooled
·
Plate and
Frame
·
Shell and
Tube
·
Others
(Condensers, Oil Coolers, and Radiators)
Heat Exchangers Market, by End-user
·
HVAC
·
Chemicals
and Petrochemicals
·
Power
Generation
·
Others
(Food Processing, Aerospace, and Medical)
Heat Exchangers Market, by Region
·
North
America
·
Europe
·
Asia
Pacific
·
Latin
America
·
Middle
East & Africa
Increase in Usage
of Heat Exchangers Market
·
Heavy-duty or customized heat exchangers are generally utilized by large
industrial consumers. On the other hand, portable heat exchangers generally
cater to the residential or small commercial establishments. A rapidly
developing heating, ventilation, and air conditioning (HVAC) industry coupled
with brisk capacity additions in both the power and hydrocarbons sectors is
likely to boost demand for heat exchangers.
·
Significant investment is being made by industries located in developing
countries (Asia Pacific) to develop infrastructure to bring itself at par with
the growth rate of other mature industries
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·
Hybrid heat exchangers are extremely efficient and flexible. Based on a
multi-flexible configuration platform, hybrids are designed to operate under
harsh conditions where other heat exchanger technologies can fail, have a
shorter operating lifetime, or reduce operational efficiency. Their low flooded
weight and footprint is also advantageous in most installations; both onshore
and offshore.
·
Moreover, hybrid exchangers are designed for easy maintenance. The
fouling medium can flow through the tube side, which is accessible for
mechanical cleaning, if necessary
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