Global Heat Exchanger Market size is projected to be valued $25 Billion by 2024; with a CAGR of 8% from 2017 to 2025. A heat exchanger is a device employed to transfer thermal energy between a solid object and a fluid that may be parted by a wall to prevent mixing. Major applications or usage of heat exchangers include cooling or heating of a fluid stream and condensation and evaporation of multicomponent or even single stream. Other applications include, sterilize, pasteurize, fractionate, distill, concentrate, crystallize, sterilize, pasteurize, and fractionate.
One of the major factor that is driving the market’s growth is the growing use of heat exchangers in many plants such as water treatment, to increase the efficiency of plant and also to optimize the temperature of water. It has also been observed that the increased manufacturing activities, growth in the oil and gas production and growing population will further propel the growth of global heat exchanger market. On the other hand, changing prices of raw material are expected to hamper the growth of the market. Industrial growth would provide various opportunities to the market in the coming years.
The global heat exchanger market has been segmented into type, application, material, and geography. On the basis of type, market has been divided into shell and tube, plate & frame, air cooled, printed circuit, and other types. On the basis of application, the market has been segmented as chemical, petrochemicals and O&G, HVAC & Refrigeration, food and beverages, power generation, and other applications. Further, material segment includes steel and non-steel.
Based on geography, global heat exchanger market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia- Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
The key players operating in the market are Doosan Heavy Industries & Construction, Alfa Laval, Kelvion, FUNKE Wärmeaustauscher Apparatebau, Larsen & Toubro, SPX FLOW, The Japan Steel Works, Thermowave, Dover, and Xylem, among others.
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Scope of the Global Heat Exchanger Market