ALBANY, N.Y., April 29, 2022 (GLOBE NEWSWIRE) -- The heat exchangers market is projected to expand at a CAGR of 6% during the forecast period from 2021 to 2031. Exponential rise in demand for power for industrial, commercial, and domestic use is leading to the establishment of newer power plants, and subsequent demand for heat exchangers in power plants to minimize energy loss.
In power generation plants, condensers form a group of heat exchanger devices that are a vital element connecting the heat sink and the steam cycle. The correlation of performance of condensers with the output of power stations and availability of electric power substantiates growing demand for the equipment.
The rapid development of heating, ventilation, and air conditioning (HVAC) industry, along with swift expansion of energy generation capacity in power and hydrocarbons sectors is anticipated to stir the demand for heat exchangers.
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Asia Pacific is expected to account for the leading share of the heat exchangers market during the forecast period. Massive investments for infrastructural development and industrialization in developing countries of the region necessitating increasing energy production is leading to the increasing demand for different types of heat exchangers, in particular shell and tube types.
Heat Exchangers Market – Key Findings of Report
- Rapid industrial development and urbanization in developing countries leading to swelling demand for energy boosts demand for heat exchangers to minimize energy loss
- Upgrade of power generation capacity and diversification of renewable energy sources to complement conventional energy sources to address persistent power shortage are gaining momentum in the energy sector. This fuels demand for heat exchangers for transfer of energy.
- Advantages of overall efficiency and optimum power output of the increasing number of nuclear reactors in developing countries stimulates demand for heat exchangers. Furthermore, upgrade of existing nuclear plants and plans for new nuclear power plant projects to create opportunities in heat exchangers market.
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- Hybrid heat exchangers are increasingly gaining popularity due to virtues of design and underlying platform. Multi-flexible configuration platform, extreme efficiency, and design flexibility of hybrid heat exchangers allow them to operate in harsh conditions where other heat exchanger technologies have probability to fail due to shorter operating lifetime, and exhibit reduced operational efficiency. Besides this, low flooded weight and easy maintenance that allow fouling medium to flow through the tube side, which is accessible for mechanical cleaning, if required, are additional design characteristics of heat exchangers.
- Large industrial units and power plants display demand for heavy-duty or customized heat exchangers. Portable heat exchangers, on the other hand, find application in residential or small commercial establishments.
- The shell and tube product segment held the leading share of the heat exchangers market in 2020. Mega projects for the development of oil fields in the pipeline in several parts of the world fuel demand for shell and tube product segment.
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Heat Exchangers Market – Growth Drivers
- Increasing establishment of new power production plants and vast initiatives to tap into renewable energy sources to serve exploding energy needs fuel the growth of heat exchangers market
- Growth of the heating, ventilation, and air conditioning (HVAC) segment for the need to maintain optimum ambient temperatures of industrial units propels the demand for heat exchangers
Heat Exchangers Market – Key Players
Some of the key players operating in the heat exchangers market are;
- SAACKE GnbH
- Gea Heat Exchangers
- Southwest Thermal Technology
- Heatmaster BV
- Alfa Laval Corporate AB
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The heat exchangers market is segmented as follows;
Heat Exchangers Market, by Product Type
- Air Cooled
- Plate and Frame
- Shell and Tube
- Others (Condensers, Oil Coolers, and Radiators)
Heat Exchangers Market, by End-user
- HVAC
- Chemicals and Petrochemicals
- Power Generation
- Others (Food Processing, Aerospace, and Medical)
Heat Exchangers Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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