Pune, May 29, 2020 (GLOBE NEWSWIRE) -- The global heat exchanger market size is predicted to reach USD 29.14 billion by 2026, exhibiting a CAGR of 8.55% during the forecast period. The rising government initiatives to curb carbon emission as well efforts to combat global warming will promote the growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Heat Exchanger Market Size, Share & Industry Analysis, By Type (Shell & Tube, Plate & Frame, Air Coolers, Cooling Towers, and Others), By Application (Chemicals, Oil & Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Food & Beverage, Others), and Regional Forecast, 2019-2026” the market size stood at USD 15.21 billion in 2018.
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Market Driver:
Rising Demand for Sustainable Energy to Facilitate Growth
The concerns regarding carbon emission have led to the implementation of stringent regulations, which, in turn, will enable the growth of the market. The growing focus of companies towards the adoption of sustainable energy to control global warming and emission will consequently fuel the demand of the market. This factor will subsequently boost the market. The rapid development and advancement in heat exchangers have enhanced operational efficiency, which, in turn, will augur well for the market. The rising investment by the large industries along with heavy capital expenditure will stimulate the growth of the market. Moreover, the implementation of industrial 4.0 will further facilitate the growth of the market. The acceptance of energy development programs by numerous industries to enhance process optimization and reduce energy costs will aid the colossal development of the market. In addition, the rising agreements and deal among major industry players will foster the growth of the market. For instance, in March 2018, Rolls Royce, a British multinational company secured a contract from EDF Energy to provide a heat exchanger for the nuclear island system at Hinkley Point C nuclear power station. The latest development project will help the company to expand its presence in the global nuclear supply chain.
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Regional Analysis:
Rising Energy Consumption to Propel Market in North America
North America is predicted to grow rapidly during the forecast period owing to the expanding oil and gas, information and communication technology, HVAC, automobile, aviation, and aerospace industry. The increasing technological advancement along with the emphasis on reducing carbon emission will bode well for the market in North America. Europe is expected to rise tremendously during the forecast period owing to the adoption of energy-efficient devices to mitigate the global warming threat. Moreover, the presence of several automotive companies and processing industries will foster the growth of the market. Asia Pacific is predicted to account for the largest share in the global market. The growth is attributed to the rapid urbanization, high demand for consumer goods. The rising capital expenditure along with the ever-increasing population will have a tremendous impact on the market. The growing investment in various sectors in emerging nations such as China, India, and Japan will be a crucial factor augmenting the growth of the market in Asia Pacific.
Key Development:
June 2019: Trane Inc. announced that it has collaborated with KCC manufacturing in order to gain access to KCC’s products such as a small plate heat exchanger for the dehumidification process.
December 2018, LU-VE S.p.A. announced that it has acquired Alfa Laval’s commercial and industrial air heat exchanger business.
List of the Key Companies Operating in the Heat Exchanger Market are:
- Alfa Laval
- Kelvion
- GEA Group
- Danfoss
- SWEP
- Thermax Limited
- Tema India Ltd.
- API Heat Transfer
- Tranter, Inc.
- Mersen
- Linde Engineering
- Air Products
- HIDAKA WORKS, LTD.
- HRS Heat Exchangers
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Heat Exchanger Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Shell & Tube
- Plate & Frame
- Air Coolers
- Cooling Towers
- Others
- Market Analysis, Insights and Forecast – By Application
- Chemicals
- Oil & Gas
- Power Generation
- HVAC
- Automobile
- Pharmaceuticals
- Food & Beverage
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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