Heat Exchangers Market revenue is expected to reach USD 18.04 Billion | 2020
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.
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.
Maximizing
thermal efficiency is the prime reason behind an increased demand for
heat exchangers. A heat exchanger is a piece of equipment designed
and built for efficient heat transfer from one medium to another. The
media may be separated by a solid wall to prevent mixing or they may
be in direct contact with the materials being processed, which could
harm the end product. The common example of a heat exchanger is found
in an internal combustion engine, in which a circulating fluid known
as engine coolant flows through radiator coils and air flows past the
coils, thereby cooling the coolant and releasing the heat generated
by the engine.
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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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