Sarasota, FL -- (SBWire) -- 12/20/2018 --Zion Market Research has published a new report titled "Heat Exchangers Market by Type (Shell and Tubes, Air Cooled, Plate and Frame, and Others) and by Application (Chemical, HVACR, Petrochemical, Oil and Gas, Power Generation, Food & Beverages, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024". According to the report, global heat exchanger market was valued at approximately USD 13.37 billion in 2017 and is expected to generate around USD 24.48 billion in revenue by the end of 2024, growing at a CAGR of around 8.9% between 2018 and 2024.
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Rising industrialization leads to an increase in the demand for heat exchangers, which will fuel the growth of the heat exchangers market in the upcoming years. Growing use of heat exchangers in water treatment plants, which helps in optimizing water temperature and increasing plant efficiency, is also contributing to the expansion of this market. Additionally, rising demand for heat exchangers in commercial business and commercial complexes is also anticipated to drive market growth during the forecast period. However, fluctuating prices of the raw materials might hamper the market growth in the upcoming years.
On the basis of type, the market for heat exchangers is divided into air-cooled, shell and tubes, plate and frames, and others. The shell and tubes segment is anticipated to be dominant during the forecast timeline, due to their global popularity. They are extensively used as preheaters, power condensers, steam generators, and oil coolers. This growth is due to its increasing penetration in various industries, such as petrochemicals and chemicals. Additionally, it offers various benefits, such as the high potential for heat transfer, easy maintenance and repair, low-pressure drops, erosion prevention, relatively high efficiency, and reduced wear-outs.
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Based on application, this market is classified into HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration), chemical, petrochemicals, power generation, food and beverages, oil and gas, and others. The chemical segment is projected to account for a major market share in terms of revenue. Heat exchangers in the chemical industry are used to heat and cool intermediates, base, and final products. Rising demand for chemicals in developing countries has contributed to the market growth of heat exchangers. Oil and gas industry is also projected to hold a substantial market share in the upcoming years.
On the basis of geography, Europe is projected to dominate the market during the forecast timeframe. This growth is due to the rising demand for heat exchangers in the region. Moreover, the presence of global market players, such as Kelvion Holdings, Danfoss, Gunter, and SWEP International, is positively influencing the market growth. The Asia Pacific region is anticipated to hold a considerable market share during the forecast period. This is due to growing industrialization and increasing demand for heat exchangers from emerging countries, such as China and India. Moreover, China registered a huge development in heat exchangers market due to the increasing demand for heat exchangers from chemical and refrigeration industries.
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Some key players of the global heat exchangers market are Cummins, Alfa Laval, Atlas Copco, Aggreko, SPX Corporation, GEA group, Kirloskar Brothers Ltd., Danfoss, Xylem, Kelvion Holdings, API Heat Transfer, Modine Manufacturing Company, Gunter, HRS Heat Exchangers, Hindustan Dorr-Oliver, and Hisaka Works.
This report segments the global heat exchangers market as follows:
Global Heat Exchangers Market: Type Segment Analysis
Shell and Tubes
Air Cooled
Plate and Frame
Others
Heat Exchangers Market Is Anticipated to Grow $24.48 Billion by 2024
Global Heat Exchangers Market Set For Rapid Growth, To Reach Value Around USD 24.48 Billion By 2024