Global heat exchanger market to cross a valuation of USD 13 billion by 2025
Shell & tube heat exchanger market is set to witness robust growth owing to reduced cost, lower pressure drop and sizeable investments aimed at the expansion and modernization of chemical production units.
Selbyville, United States – April 18, 2019 /MarketersMedia/ —
The global heat exchanger market has witnessed a steady growth in recent times, mainly due to the pervasive application of these products in HVAC systems, automobiles, and district heating and cooling systems. An instance depicting the prominence of these products in core industries would be that of SWEP International, the Sweden based manufacturer of brazed plated heat exchangers that recently displayed various new products at the ACREX India exhibition, which is South Asia’s largest exhibition for air conditioning, heating, ventilation and intelligent buildings.
Apparently, the displays included heat exchangers for use in high-efficiency condensers and evaporators for water cooled heat pumps and chillers, brazed plate heat exchangers for CO2 refrigerants which have witnessed increased demand of late and also heat exchangers for district heating and cooling networks, HVAC, and industrial projects. The introduction of such varied heat exchangers in a single exhibition indicates the intense competitive scenario the global heat exchangers market is presently characterized by. Not to mention, the advancement in heat exchanger technology will also encourage optimized space savings, heat recovery and installation time.
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The rising demand for HVAC systems in both residential and commercial sectors has substantially contributed to the expansion of heat exchangers market. Each year millions of HVAC systems are sold all over the world, and the increasing economic stability of developed countries coupled with increasing purchasing power in the emerging economies has added a considerable boost to HVAC unit sales which has in turn resulted in the growth of heat exchangers industry.
According to the Air-Conditioning, Heating, and Refrigeration Institute, 2005 was a record year for combined air conditioning and heat pump shipments when 8.3 million HVAC units were shipped. The weather has made its contributions to the increasing sales of HVAC units and according to the National Oceanic and Atmospheric Administration, which has been tracking weather and ranking the results since 1895, weather records of summer 2018 ranked as the fourth hottest for the contiguous U.S.
According to various noted HVAC manufacturers, the growth trend recorded in the HVAC industry will continue to be steady with global warming not only raising summer temperatures but also causing colder winters. Such a trend consequently indicates growth prospects for heat exchanger market as well.
Heat exchangers also find major application in the automotive industry as they are a compulsory feature in petrol and diesel fueled automobiles. According reliable statistical sources, in 2017, an estimated 78.6 million passenger vehicles were sold with China and the U.S. accounting for the largest automobile markets in the world. Previously in 2016, 6.9 million passenger cars were sold in the U.S.
Though the trend for electric vehicles is on the rise with projected electric car sales to hit millions by 2021, petrol and diesel cars are not outmoded versions of mobility as of yet as electric cars remain expensive and charging facilities are not at par with demand. Considering that fossil fuel driven vehicles will continue to account for a significant portion of the auto space, the heat exchanger market will continue to garner a considerable profit through the growing automotive industry.
With sustainability of technologies becoming a major concern, the concepts of district heating and cooling have found significant backing and such facilities are being expanded all over the globe. Renewable energy sources are increasingly being adopted for the purpose of district heating. Advanced mechanisms of radiation heating such as underfloor heating where heat exchangers are located below the floor or more conventional radiator heating are adding impetus to the heat exchanger industry.
Ongoing technological advancements in the heat exchanger market have added efficiency to the mechanism of heat exchanging devices. With government regulations becoming more stringent for the deployment of ecofriendly means of heating and cooling, heat exchanger market will continue to grow and record a substantial CAGR over 2019-2025.
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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Release ID: 504401