Demand for different heat exchangers such as shell & tube and air-cooled are expected to be driven, owing to their high-efficiency, heat transfer ability, abrasive wear protection, and excellent drainage properties. This acts as a lucrative opportunity for the key players in the global heat exchangers market.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Global heat exchangers market was valued at $12,611 million in 2015, and is expected to reach $20,118 million by 2022, registering a CAGR of 6.9% from 2016 to 2022. A heat exchanger is a device employed to transfer thermal energy (enthalpy) between a solid object and a fluid, from liquid to liquids and between solid particulates and a fluid, at different temperatures and in thermal contact.
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In 2015, Asia-Pacific and Europe collectively accounted for more than half of the total heat exchangers market, and are expected to continue this trend, due to increase in demand for heat exchangers in petrochemical and oil & gas industries, specifically in China, India, Japan, Brazil, and other developing countries.
Currently, the global heat exchangers market witnesses numerous opportunities, owing to rapid increase in development of end-user industry in Asia-Pacific and LAMEA. Governments of emerging nations are facing persistent power shortages issues, thereby taking measures to constantly upgrade their power generation capacity in order to meet the demand from industries and households. Many new power plants powered by steam & gas turbines are commissioned, thereby acting as an emerging factor for the growth of the market. Tremendous rise in the renewable energy sector over the past few years is at surge for heat exchanger industry owing to various ongoing projects for improving power generation capacity.
Key findings of the Heat Exchangers Market
* In terms of value, the shell & tube type is anticipated to show the highest growth rate of 7.3% during the analysis period.
* LAMEA is projected to maintain its lead throughout 2022, and is projected to grow at a CAGR of 7.2%, in terms of value.
* Chemical industry segment occupied approximately one-fourth of the total market in 2015.
* France occupied around one-eigth of the total Europe heat exchangers market in 2015.
* In terms of value, Japan is expected to grow at a CAGR of 7.7% from 2016 to 2022.
The major companies profiled in the report include API Heat Transfer Inc., Alfa Laval AB, Brask Inc., Hrs Heat Exchangers Ltd., Hughes Anderson Heat Exchangers Inc., Kelvion Holdings GmbH, Koch Heat Transfer Co., Manning and Lewis, SPX Corporation, Southern Heat Exchanger Corporation., (SHECO) and Xylem Inc.
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