The global Heat Exchanger Market is anticipated to reach USD 33.01 billion by 2026 according to a new study published by Polaris Market Research. Heat exchanger is a very dynamic industry concerning raw materials, equipment manufacturing and end-use industries. A heat exchanger primarily works on the principle of convection and conduction for making transfer of thermal energy in the required processes. New technological developments and increased demand for energy-efficiency in almost every industrial and commercial sector around the globe has been a force majeure for the global heat exchangers market.
This industrial equipment is available of different types such as shell & tube, plate & frame, graphite and other heat exchangers types. Each type of heat exchanger includes its own set of pros and cons and is generally compared on the basis of purchase cost, installation cost, operating cost, and maintenance cost. Some of the primary criteria for choosing a particular type of heat exchanger includes operating pressure & temperature, application, available utilities, characteristics of the fluids, plot plan & layout constraints, considerations for future expansions, and mechanical considerations. The global market has significantly evolved around the technological efficiency of the products, their raw materials and government initiatives for energy efficiency across the world. The change in consumer preference towards utilization of energy-efficient products, buildings and construction has also played a significant part in this gain.
Manufacturing practices in chemicals & petrochemical plants and up gradations of plants and facilities has also resulted in reduced carbon emissions contributing to the global climate mandates. Reduction of volatile organic compounds in environment and specific regulations adopted specifically in European, American and Asian countries such as China has greatly affected the sustainability factor.
The heat exchanger market has also evolved in terms of advanced & innovative products for better & sustainable thermal efficiency in many operating utilities such as power generation by making use of renewable sources.
Asia Pacific industry is projected to be the largest market for the equipment sale in terms of revenue and volume both. The shift from western industrialization to the Asia Pacific has been the primary factor for driving this regional industry. The business operators or primarily the manufacturers have become increasingly and exceptionally globalized to make out higher value for cost and, simultaneously, compete to fulfill the rapidly emerging expertise in the Asian market. North America is yet another potential market with an established manufacturing base. The industry is highly fragmented in nature with many significant market players worldwide. Some of the global key manufacturers include Alfa Laval AB, Hughes Anderson, Kelvion Holdings GmbH, Koch Heat Transfer Co., SPX Corporation, HRS Heat Exchangers Ltd., Xylem Inc., AOI Heat Transfer Inc., and Hindustan Dorr-Oliver Ltd.
Source: Polaris Market Research