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Heat Exchanger Global Market – OverviewHeat Exchanger are the devices whose main function is to transfer or exchange of heat from one medium to another medium. Heat exchanger are not only primarily utilized in heating applications but are also utilized in cooling applications such as air conditioners and refrigerators. As per the study conducted by Market Research Future, the Global Market for Heat Exchanger is likely to grow at the CAGR of around 8.2%.
Upsurge in demand for heat exchangers coupled to power requirement for commercial and non-commercial purposes, surge in population and economic growth in the emerging nations are some of the prominent factors which are propelling the market growth. Additionally, technological advancement in Heat Exchanger and growth in HVAC-R (Heating Ventilation Air Conditioning and Refrigeration) process equipment are driving the market towards incessant growth. Recent trends showcases that the emerging trends have a direct impact on the dynamics of the industry such as expansion of waste heat recovery heat exchangers and launch of exhaust gas re-circulation coolers. However, fluctuating prices of raw material to manufacture the Heat Exchanger is acting as major barrier for the growth of the Heat Exchanger Market.
Geographically, the Global Heat Exchanger Market has been divided into Europe, Asia Pacific and Rest of the World. Among these regions, Europe dominated the market of heat exchanger in 2016, owing to a strong market for plate & frame heat exchangers and leading countries for plate & frame Heat Exchangers with respect to growing demand as well as manufacturing capacity. Asia Pacific is expected to register severe growth in heat exchanger market as compared to other geographical regions, principally due to growing industrialization and growing demand of energy from developing countries such as China, India and Japan. China is expected to witness strong growth in its heat exchanger market owing to growing demand from chemical industry as well as HVAC and refrigeration industries.
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Industry News
In March, 2018 – To strengthen the company’s position in the North American market, Alfa Laval AB (Lund, Sweden) has approved the formation of a new production unit for brazed heat exchangers in Richmond, Virginia. U.S. The North American market for brazed heat exchangers, which shows a strong growth and poses a significant potential for Alfa Laval. With the launch of new factory, the supply structure and market position in of Alfa Laval AB in North America will be strengthened providing shorter lead times to the customers. Local manufacturing will lead to less transport, which reduces CO2 emissions. The new production unit will focus on configuration, assembly, brazing and testing. Production planned to start from Q1 2019.
In August, 2016 – At present, operators cool CSP plants by lavishing water on them. As coordinator of the EU-funded WASCOP project, Bourdon is expected to spend the coming three years examining new technologies to refine intelligent management methods for cooling systems. Dr Falk Mohasseb, director of research and development at Kelvion Holding GmbH, a manufacturer of industrial heat exchangers in Bochum, Germany, proclaimed that the utilization of smart optimisation is the way forward for the market evolution in the renewable sector.
In July, 2016 – Danfoss and Sondex have announced an agreement for Danfoss to acquire full ownership of privately-held Sondex Holding A/S, a global leader in heat transfer technologies. Sondex develops, produces and markets heat exchangers, and the company represents an ideal match to the Danfoss Heating business segment. Thus the acquisition confirms Danfoss’ strategic focus on building leading positions and accelerating profitable growth.
In April, 2017 – Southern Heat Exchanger Co. (SHECO) has been expanding its operations in North America for more than a decade, and the past two years have been no exception. The company has invested in new equipment and processes as well as new facilities, adding a manufacturing facility in Tulsa, Oklahoma, and upgrading to a much larger and newer facility in Houston. All these upgrades and investments are undertaken with one goal in mind: to be the “First Choice” manufacturer of quality heat exchanger products in North America.
Heat Exchanger Global Market – Segmentation
The scope of Global Heat Exchanger Market is segmented into four major segments which are explained below:
By Type
• Shell and Tube Heat Exchanger
• Plate Heat Exchanger
• Regenerative Heat Exchanger
• Air cooled Heat Exchanger
By Application
• Chemicals
• Oil & Gas
• Power Generation
• HVAC-R
• Food & Beverages
• Others
Heat Exchanger Global Market - Competitive Analysis
The Global Market for Heat Exchanger seems to be comparatively competitive. To maintain the market position and to drive the market growth, numerous dynamic and expanded international organizations, local organizations and as well as new competitors form a competitive landscape. Market front-runners are innovating incessantly and increasingly pursuing market expansion through several strategic mergers and acquisitions, product launch, innovation, growing investments in research & development and cost-effective product range. Key players are capitalising on internal R&D and, most of all, in procuring other firms.
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Contact Info:
Name: Abhishek Savant
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Organization: Market Research Future
Address: Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/heat-exchanger-market-2963
Release ID: 333085
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