Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Half Cooked Research report on “Global Heat Exchanger Market Research Report - Forecast to 2023 ”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Global Heat Exchanger Market - Overview
Heat exchanger are devices whose primary responsibility is the transfer or exchange of heat from one medium to another. Heat exchanger are not only used in heating applications but are also used in cooling applications such as refrigerators and air conditioners. It is largely used in power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries. The Global Heat Exchanger Market is growing with the rapid pace; mainly due to growing demand from chemical as well as natural gas processing industry
According to a recent study report published by the Market Research Future, The global market of heat exchanger is booming and expected to gain prominence over the forecast period. The Global Heat Exchanger market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 8.2% during the estimated period (2017 – 2023).
Increasing stringent environmental regulations across the globe is the major factor driving the demand of market. Additionally, technological advancements in heat exchanger also have the positive influence on the growth of the market. However, fluctuating prices of raw material and high cost of synthetic may restrict the growth of the market.
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Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Southern Heat Exchanger (U.S.) Danfoss A/S (Denmark), SPX Corporation (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Gunter AG & Co. KG (Germany), Sierra S.p.A (Italy), and Hamon & Cie International SA (Belgium) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Heat Exchanger Market.
Global Heat Exchanger Market - Competitive Analysis
Global Heat Exchanger Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Heat Exchanger manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Heat Exchanger for every application.
In November 2017, US-based LNG equipment provider Chart Industries completed the acquisition of the heat transfer solutions company, Hudson Products, for USD 410 million.
In April 2017, Wabtec Corporation has acquired Thermal Transfer Corp., a supplier of industrial heat exchangers. The company has annual sales of about USD 25 million.
Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, announced the completion of its previously disclosed agreement to purchase Luvata Heat Transfer Solutions (HTS). The agreement to acquire the company was announced on September, 2016. The purchase price was approximately USD 418 million.
Heat Exchanger Market - Segmentation
Global Heat Exchanger Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of type, market is segmented into Shell and Tube Heat Exchanger, Plate Heat Exchanger, Regenerative Heat Exchanger, Air cooled. Shell and Tube heat exchanger dominates the type segment of the market. It is most common types of heat exchangers used globally. This exchanger is used for high-temperature and high-pressure applications in oil refineries and other large chemical processes. The Plate Heat segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the growing applications is food & beverage, petroleum & chemical processing and hydrocarbon processing.
On the basis of application, market is segmented into Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages and Other. Chemicals dominates the application segment of the market followed by followed by petrochemical. HVACR segment is expected to grow at the highest CAGR during the forecast period.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Global Heat Exchanger Market - Regional Analysis
European region dominates the global Heat Exchanger Market. It is one of the leading region for plate & frame heat exchangers with respect to demand as well as production capacity. In Europe, Germany, U.K., and France are major contributors for the growth of the market. Additionally, it is the home of major heat exchanger manufacturers such as Kelvion Holdings Gmbh, Gunter AG & Co. KG and others.
Asia Pacific region is expected to witness the highest growth during the forecast period. China, India, Japan, Australia and Indonesia are among the major markets for Heat Exchanger in the Asia Pacific region. Rapid industrialization and urbanization driving the growth of the market in the region. Middle East is also the major market for the heat exchanger mainly due to growth in use in the refineries in Middle East