Albany, NY -- (SBWIRE) -- 09/19/2017 -- Transparency Market Research has published a new report on the global heat exchangers market. According to the report, the global heat exchangers market stood at US$11.86 bn in 2013 and is predicted to reach US$18.04 bn by 2020. The report, titled 'Heat Exchangers Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 - 2020', states that the global heat exchangers market is predicted to rise at a 6.02% CAGR till 2020.
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Rapid growth in 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 the condensers directly impacts the output of power stations and availability of electric power. Condensers are meant to fulfill high-performance requirements. This group of heat exchanger devices is primarily implemented in most power generation plants. Thus, the demand for all kinds of heat exchangers is expected to grow across the globe, resulting in the growth of the global heat exchangers market. The global heat exchangers market is segmented on the basis of product type, end user, and geography.
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By geography, the global heat exchangers market is divided into Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific was the leading regional segment of the global heat exchangers market in 2013. The Asia Pacific segment accounted for 33.60% of the global market in 2013 and was valued at US$3.94 bn. Thanks to the constant demand for heat exchangers across the region, the Asia Pacific market is expected to expand at a 6.34% CAGR to reach US$6.12 bn by 2020.
By product type, the global heat exchangers market is 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 2014. 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.
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Some of the prominent players in the global heat exchangers market are GEA Heat Exchangers, Heatmaster BV, SAACKE GmbH, Southwest Thermal Technology, and Alfa Laval Corporate AB. Most of the leading companies in the global heat exchangers market introduce portable heat exchangers to cater to the needs of small commercial and residential establishments. The rapidly growing heating, ventilation, and air conditioning (HVAC) industry is expected to boost the demand for heat exchangers in coming few years. Capacity additions in hydrocarbons and power sector are also expected to drive the global heat exchangers market during the forecast period. Emerging players from across the globe have expressed significant interest in adopting renewable energy technology to diversify their energy portfolio..
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