Heat Exchanger is an industrial equipment or device used to transfer heat from one medium to another. Medium could be either solid, liquid, or gas depending on the application the heat exchanger is used for. The market for heat exchangers is primarily driven by rapid industrial expansions in the developing as well as emerging economies across the globe. Increasing number of projects across various industries such as chemical, oil & gas, power generation, food & beverages, and petrochemicals have instigated a steep rise in market demand. Rapid expansion within the chemical industry, which contributes a considerably large share within the application segment, is expected to be a key factor for market growth. Adoption of stringent government regulations & norms, amidst mounting concerns for industrial emissions & energy efficiency, shall also have a positive effect on the demand for heat exchangers. The global heat exchanger market is estimated to grow at 8% CAGR between 2016 and 2021.
Heat exchanger market is characterized by the presence of global players as well as competitive regional players. Key players operating in the market include – Alfa Laval AB, Hamon & CIE (International) SA, HRS Heat Exchangers Ltd, Koch Heat Transfer Company LP, Danfoss A/S, and Xylem Inc. Other competitors that have been profiled in this report include – API Heat Transfer Inc., Funke Warmeaustauscher Apparatebau GmbH, GEA Group Aktiengesellschaft, Guntner AG & Co. KG, Sondex holding A/s, Hindustan Dorr-Oliver Ltd, Hisaka Works Ltd, Modine Manufacturing Company, Sierra S.p.A., Smartheat Inc., SPX Corporation, Sterling Thermal Technology Limited, SWEP International AB, and Tranter Inc.
Study Objectives of Global Heat Exchanger Market
Regional Analysis of Global Heat Exchanger Market
Europe held a major share within the global heat exchanger market in 2015. Europe and North America markets together accounted for more than 50% of the market for heat exchangers. However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period. Growth in manufacturing and processing sector, rapid industrial expansion, and increase in the number of capital driven projects, are major driving factors for the Asia-Pacific market. China and India are expected to be the key growth markets in this region.
The report covers brief analysis of country level market information –
o Rest of North America
o Rest of Europe
o Rest of Asia-Pacific
o Saudi Arabia
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