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Heat Exchanger Market - OverviewAccruing Heat Exchanger Market is progressing with the fast pace; mainly due to its applications across the industries. From Agro-industry (heat exchangers for sugar factories and distilleries) to swimming pools to maintain the water temperatures. Other remarkable applications of Heat Exchangers are Chemical Factories, HVAC and etc.
According to a recent study report published by the Market Research Future, the Global Heat Exchanger Market has been increasing steadily and expected to gain further prominence during the forecasted period. The Market is forecasted to demonstrate a spectacular accretions, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023). The Heat Exchanger Market is anticipated to grow further with a staggering CAGR of 8.2% during the forecasted period. With such a phenomenal growth records, MRFR experts are also expecting the market to perceive the accruals of USD 19.45 Billion by 2023.
The quadrupling market of Heat Exchangers is predominantly driven by the augmented demand for heat exchangers owing to power requirement for commercial and non-commercial purposes. Additionally, increase in population and economic growth in the developing nations are some of the factors propelling the market growth. Moreover, technological development in heat exchanger and growth in HVACR (Heating Ventilation Air Conditioning and Refrigeration) process equipment are fostering the market growth. Recent trends shows these trends have a direct impact on the dynamics of the industry such as development of waste heat recovery heat exchangers and introduction of exhaust gas re-circulation coolers. Also, heightened consumption of power across industries is expected to contribute to expand the global heat exchangers market during the forecast period.
The global market for Heat Exchanger is majorly driven by factors such as growing demand for technological development, growth in HVACR process and among others.
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Key Players
The major player operating in the market of global heat exchanger are Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Southern Heat Exchanger (U.S.) Danfoss A/S (Denmark), SPX Corporation (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Gunter AG & Co. KG (Germany), Sierra S.p.A (Italy), and Hamon & Cie International SA (Belgium).
On the other hand, fluctuating prices of raw material acting as major barrier for the growth of the heat exchanger market. Adversely, increasing number of power plants across the globe is indicating to the augmented demand of condensers, eventually, leading to provide impetus to the market growth of Heat Exchangers during the forecasted period (2017- 2023). A safe, reliable and low cost electrical energy supply is critical to ensuring power continuity in the future. Heat Exchangers can be used to optimise the effectiveness of plants in a variety of important niche applications such as; Energy recovery, Energy Storage and Solar Thermal Energy. Heat exchangers offer safe, reliable and robust design combined with high effectiveness, compact size and a close temperature approach. This ensures heat exchangers provide its users with a cost effective solution throughout the entirety of their implementation. Thus, the global demand for all kinds of heat exchangers is expected to upsurge; leading to spur the market growth of the global heat exchangers market.
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Market Research Future Analysis:
Europe is leading the market of Heat Exchanger. Strong market for plate & frame heat exchangers. The region has the presence of most of the global leaders in heat exchanger manufacturing. New emerging technologies and regulations in certain regions have also helped in the growth of heat exchanger industry. Innovative heat exchangers are that can withstand corrosive chemicals are gaining popularity.
Heat Exchanger Market - Segmentation
The Heat Exchanger Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Types : Comprises Shell and Tube Heat Exchanger, Plate Heat Exchanger, Regenerative Heat Exchanger, Air cooled, and others.
Segmentation By Application : Comprises Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages and others.
Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Key questions answered in this report
• What will the market size be in 2023 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?
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