Research Nester released a report titled “Global Heat Exchangers Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global heat exchangers market in terms of market segmentation by type, material, end user industry, petrochemical and oil and gas industry applications and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Heat exchangers are devices that allow the heat to pass from either a liquid or gas to another liquid or gas. By this method, both the fluids do not come into contact directly with each other. The heat is transferred in a particular way by which the fluid that carries the heat does not get transferred. These devices are mainly utilized either to heat or cool buildings, besides being used to help machines and engines work efficiently. Air conditioners and refrigerators are the machines in which heat exchangers are commonly utilized. The global heat exchangers market is projected to grow at a notable CAGR over the forecast period, i.e., 2020-2027, owing to factors such as the rising demand for heat exchangers in the power generation industry in many parts of the world and the growth of energy recovery systems installation, particularly in HVAC mechanical systems and industrial processes. Heat exchangers, being an important component of HVAC systems is anticipated to observe a significant increase in demand in the next few years, particularly with growing demand for reducing energy bills in both residential and commercial buildings taking place globally over the past few years.
The market is segmented by type, material, end user industry, petrochemical and oil and gas industry applications and by region. The shell and tube heat exchangers forming part of type segment is projected to grow significantly to attain the largest market share over the forecast period. Additionally, the capability of these heat exchangers to manage fluids at bigger temperatures as well as pressures is predicted to boost the demand for the use of this equipment in several applications being food and beverage, power generation, petrochemicals and a few others.
Growing Necessity to Fulfil Environment Norms and Standards Globally
The significance of reducing carbon emissions has been taking shape over the years from across various regions of the world. It has become important for nations to take steps to conserve environment by bringing in norms and standards to stop environment from being affected adversely. There is a considerable expenditure required to be met by industries that are trying to achieve the norms and standards laid down for protecting environment and the changes made by industries towards energy sources that are sustainable are all raising the demand for heat exchangers in the global market. The steps taken by nations to curb pollution globally is anticipated to provide the opportunity for growth in demand of heat exchangers in the market, especially with their ability to help reduce energy consumption. Additionally, the nations have been laying down stringent norms and standards for environment to be met with by industries that has helped in the production of advanced thermal management systems. Moreover, OEMs have been working to enhance the fuel efficiency in vehicles, in addition to introducing alternate fuel vehicles. All these factors are predicted to drive the growth of the market over the forecast period.
Heat exchangers suffer from some challenges such as the heavy costs such as capital, maintenance and operating costs that are involved in their usage. Moreover, the awareness levels have been low primarily in the construction sector that involves energy efficiency improvements. This is anticipated to reduce the demand for centralized heating, ventilation and air conditioning in many regions particularly in the developing and underdeveloped regions. Additionally, heat exchanger equipment can suffer from any form of hardware failure, either in the form of tube leaks or tube vibrations, thereby leading to decline in thermal performance in addition to energy being consumed massively. All these factors are estimated to operate as major restraints to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global heat exchangers market which includes company profiling of Danfoss A/S, Radiant Heat Exchangers, Alfa Laval, Tranter, Chart Industries, Inc., P.T. Global Metal Engineering, Dynac SDN Bhd, Universal Solution Pte Limited, United Engineering Services, LLC and Safario Group of Companies. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global heat exchangers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.