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Market Scenario:A heat exchanger aids transfer of heat between two or more mediums and are widely employed in a host of applications ranging from refrigeration, power stations, petrochemical industries, sewage treatment, automobiles, electronics etc. The global heat exchanger market is anticipated to grow at a CAGR of 8.2% during the forecast period of 2016 to 2023.
Drivers:
Growth in demand due to industrialization, economic growth coupled with the versatile and ubiquitous nature of heat exchange, which is one of the primary procedure is the prime driver of the market. The growth of electronic devices and the technological advancements have demanded high end products. The high end devices is exemplified by waste heat recovery heat exchangers and exhaust gas re-circulation coolers, used to utilize heat from waste. Thus increasing efficiency by utilizing waste heat is increasingly becoming one of the prime applications of heat exchangers. Heat exchangers have historically been at the heart of industrial manufacturing, but technological advancements have made heat exchangers more crucial to the manufacturing processes. Resent developments include ability to processing fine-particle powders and spiral heat exchangers.
Restraints
High pressure on prices owing to large market fragmentation is the prime restraint on the market. The fluctuating prices of raw material especially copper coupled with the slowing recovery of the world economy is presenting new challenges for the market.
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Dominant Players:
The key player operating in the global heat exchanger market are Alfa Laval AB (Sweden), Danfoss A/S (Denmark), Sierra S.p.A (Italy), Gunter AG & Co. KG (Germany), Kelvion Holdings Gmbh (Germany), API Heat Transfer Inc. (U.S), Southern Heat Exchanger (U.S.) SPX Corporation (U.S.), Xylem Inc. (U.S.), and Hamon & Cie International SA (Belgium) and others.
Industry News:
Dec 2016 - Pooja Heatex entered in a $50 million agreement with Funke Warmeaustauscher Apparatebau GmbH to manufacture a plate, shell and tube-type heat exchangers.
Feb 2017 - Industrial distribution acquisition of Werner-Todd pump company.
Segment:
To generate an accurate assessment of the global heat exchanger market the report has been segmented by type, application, end users and regions.
On the basis of type, the market has been segmented by shell and tube heat exchanger, plate heat exchanger, regenerative heat exchanger, air cooled and others. The shell and tube types accounted for the largest share of the market followed by the plate heat exchanger.
On the basis of application, the market has been segmented by chemicals, oil & gas, power generation, HVACR, food & beverages and other. The chemical industries account for the largest share of the market followed by oil & gas, power generation, and food & beverages.
On the basis of regions, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.
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Regional Analysis:
Europe accounts for the largest share of the market for heat exchanger led by Germany, France and the U.K. The large automotive industry of Germany provides ample opportunity to manufactures. The North America market is led by the U.S. And followed by Canada.
However both these markets are stagnant, with Asia Pacific region expected to register sharp growth owing to increasing demand from China and India. The demand for Asia Pacific market is expected
Asia-Pacific is likely to in heat exchanger market as compared to other geographical regions, mainly due to growing industrialization. China and India are projected to witness strong growth owing to strong demand from chemical, HVAC and refrigeration industries.
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