In its latest study, Market Research Future summed neatly that the global heat exchanger system market 2020 could witness stability from the years 2018–2023. In these years, the market’s potentiality might rise at a rate of 9.5%, with a high market value. It could be the great achievement of the market to see the future amidst COVID 19 pandemic across the world.
In the last decades, heat exchangers have gone through a rapid development phase known for offering quiet, efficient operation. High potential in the consumer market, simultaneous incessant investment in a large number of industries, as well as rising capital expenditure are the factors expected to augment the growth of the heat exchanger market in the coming years, mainly post COVID 19 pandemic.
Most of the foremost company in the world is looking to forward to investing in the Asia Pacific owing to its more substantial consumer base and profitable opportunities. The Asia Pacific is termed to be one of the fastest-increasing regions in the world with the incidence of emerging economies such as China, India, Japan, and more.
Factors such as the swell in industrial operations in the developing countries and the installation of new power plants are liable to motivate the market in the assessment period. In fact, due to benefits such as low prices, the heat exchangers market is being used extensively across various industry verticals. In this, the power generation industry is the principal end-use industries for global heat exchangers market. Power generation, automotive Industries are yet other significant end-users for the heat exchangers market, indicated MRFR.
On the contrary, a considerable surge in renewable energy, which rarely requires a heat exchanger, is likely to have a negative blow on the global heat exchange market for the assessment period.
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Segmentation of Market
The global heat exchanger market is segmented among the segments of type and application.
In terms of type segment, the market has included plate, shell & tube, regenerative, and air-cooled. Shell & tube heat exchanger segment might lead the market, mainly in support of higher operating temperatures and pressure, ease of fault detection, the massive potential of heat transfer, free from erosion, and less pressure drop across the tube cooler.
In terms of the application segment, the market has further classified into oil & gas, chemicals, HVACR, power generation, food & beverages, and others. Heat exchangers are used in chemical process industries such as petrochemicals, polymers and plastics, agrochemicals, and pharmaceutical companies. Hence, the chemical segment grabs the largest market share in the heat exchanger market. The oil & gas industry also holds the second largest market share owing to a boost in refineries and mining machinery coolers.
The Asia Pacific region is the primary heat exchanger market in support of rising investments in chemical industries and escalating power generation capacity in countries such as Japan, China, and India. Hence, the growth of manufacturing, chemical, and construction industries in Asia-Pacific might lead the market growth during the assessment period. As per claims from World Nuclear Performance Report 2018, published by World Nuclear Association, projects that four reactor construction projects were commissioned by 2017 with a capacity of 4298 MW from countries such as India, Bangladesh, and South Korea. This signifies a considerable contribution from Asia-Pacific countries, which motivates the market demand for the heat exchange market. Hence, the global heat exchanger market generates a unique demand across verticals of industries for the application of heat exchanger, which brings the market development during the assessment period.
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