Lucintel anticipates that Asia Pacific and Europe will be the fastest growing regions in the heat exchanger market
According to a new market report published by Lucintel, the future of the global heat exchanger market looks promising with opportunities in the chemical, petrochemical and oil and gas applications. The global heat exchanger market is expected to reach an estimated $21.3 billion by 2022 and it is forecast to grow at a CAGR of 6.1% from 2017 to 2022.
The major drivers of growth for this market are rapid industrialization, a rise in HVACR deployments, and stringent environmental regulations.
In this market, chemical, petrochemical and oil and gas, paper and pulp, food and beverage, HVACR, and power generation are the market segments by application.
On the basis of product type, the market is segmented into shell and tube, plate and frame, air-cooled, and others. On the basis of its comprehensive research, Lucintel forecasts that the HVACR application is expected to show above average growth during the forecast period.
Within the global heat exchanger market, the shell and tube segment is expected to remain the largest market. Increase in number of oil field projects, and infrastructure development projects across all the regions are the major factors that will spur growth for this segment over the forecast period.
Europe is expected to remain the largest region and Asia Pacific and Europe are expected to witness significant growth over the forecast period due to stringent environmental regulations and increasing awareness regarding installation of energy efficiency systems.
For business expansion, Lucintel’s report suggests innovation and new product development to ensure smooth transmission of heat to save energy costs. The report further suggests the development of partnerships with customers to create win-win situations and the development of low-cost solutions for customers.
Emerging trends which have a direct impact on the dynamics of the industry include development of waste heat recovery heat exchangers and introduction of exhaust gas re-circulation coolers. Alfa Laval Corporate AB, Kelvion Holding GmbH, Xylem Inc., Danfoss A/S, and SPX Corporation are the major heat exchanger suppliers in the global exchanger market.
Of these, several are seeking mergers and acquisitions as strategic initiatives to drive growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global heat exchanger market by application, product type, and region, and has compiled a comprehensive research report entitled “Growth Opportunities in the Globa…rtunity Analysis.” The Lucintel report serves as a springboard for growth strategy because it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities in the global heat exchanger market by application, product type and region, as follows:
By Application [$ Billion from 2011 to 2022]:
- Petrochemical and Oil and Gas
- Food and Beverage
- Power Generation
- Paper and Pulp
By Product Type [$ Billion from 2011 to 2022]:
- Shell and Tube
- Plate and Frame
By region [$ Billion from 2011 to 2022]:
- North America
- Asia Pacific
- Rest of the World
This 181-page research report will enable you to make confident business decisions in this globally competitive marketplace.
For more information:Make an Inquiry about this report HERE!