According to the latest market study released by Technavio, the global heat exchanger market is expected to grow at a CAGR of more than 6 percent during the forecast period.
This research report titled ‘Global Heat Exchanger Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Anju Ajaykumar, a lead analyst at Techavio for unit operationsresearch, “The demand for heat exchangers is expected to arise from growth in capacity in the chemical industry. The major end-users of heat exchangers are chemical, power, food and beverage, HVAC, and fuel processing industries.”
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The market research analysis categorizes the global heat exchanger market into four major product segments:
- Shell and tube
- Plate and frame
- Air cooler
- Cooling tower
Global shell and tube heat exchangers market
The global shell and tube heat exchangers market is expected to reach USD 4 billion by 2021. Shell and tube heat exchangers are the most common equipment used for heat exchange applications in oil refineries and other large chemical process for high-temperature and high-pressure applications.
Global plate and frame heat exchangers market
The global plate and frame heat exchangers market is expected to grow at a CAGR of more than 7% during the forecast period. Plate and frame heat exchangers transfer heat between two fluids using metal plates to separate the two media. This has the advantage of the fluids being exposed to a large surface area as they spread out on the plates.
Global air cooler heat exchanger market
Air-cooled heat exchangers are used in various industrial applications where reliable sources of water are not available. Even if water is available, these air-cooled exchangers are preferred as their operation and maintenance costs are cheaper.
“These air-cooled heat exchangers are used for high-pressure and high-temperature applications such as gas lift, pipeline, and gas re-injection applications,” says Anju.
Global cooling tower heat exchanger market
A cooling tower is a type of heat rejection device that releases waste heat into the atmosphere. It either uses the water evaporation technique to transfer heat or is solely dependent on ambient air to cool the fluid, especially in the case of closed circuit dry cooling tower heat exchangers. Cooling towers are commonly used in oil and gas refineries, petrochemical and chemical plants, HVAC systems, and thermal power plants. The growth in these industries is expected to propel the demand for the cooling towers market globally.
The top vendors highlighted by Technavio’s heavy industry market research analysts in this report are:
- Alfa Laval
- Doosan Heavy Industries & Construction
- SPX FLOW
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