The global heat exchangers market was valued at US$14108.8 million in 2014, and it is expected to grow with a CAGR of 6.5% during the 2015 - 2020 period, according to P&S Market Research’s latest ‘Global Heat Exchangers Market Size, Share, Development, Growth and Demand Forecast to 2020’ report.
The factors driving the growth of the global market include advancement in technology and the growing HVAC, petrochemical, food processing, and chemical industries.
The chemical industry is the fastest growing end user industry for heat exchangers, due to huge investment from the Asia Pacific region. During the forecast period, a large number of plants will come into operation, which is anticipated to create the advantage of cheap natural gas for the production of ethane, a prevalent feedstock for the petrochemical industry. Moreover, the demand for heat exchangers from the growing HVAC industry is increasing across the global market, due to improved infrastructure and standards of living. The oil and gas industry is also driving the growth of the global heat exchangers market, due to the increasing number of gas processing facilities, LNG facilities, tankers, and other related infrastructure.
In 2014, the Asia Pacific was the fastest growing sector of the global heat exchangers market. Asia Pacific is considered as a developing economy, due to increasing industrialisation in the region. With the clustering of several industries in the region, the demand for heat exchangers is increasing. Moreover, developing infrastructure in the region has increased the demand for heat exchangers from the HVAC industry. These factors are expected to boost the growth of the heat exchangers market in the Asia Pacific.
Among the various end users, the chemical industry segment is expected to witness the fastest growth in the global heat exchangers market, at a CAGR of 9.2% during the 2015 - 2020 period.
Some of the key companies operating in the global heat exchangers market include Alfa Laval AB, Kelvion Holding GmbH, Danfoss A/S, SPX Corporation, Xylem Inc., API Heat Transfer Inc., Guntner GmbH & Co. KG, Hisaka Works Ltd., HRS Hevac Ltd., Modine Manufacturing Company, Sierra S.p.a., Sondex Holdings A/S and SWEP International AB.
Adapted from press release by Rosalie Starling
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