BURNABY, British Columbia, June 24, 2014 /PRNewswire/ --
Increasing demand from emerging economies and rising industrial growth to drive sales of heat exchanger equipment during next five years
The basic function of a heat exchanger unit is to transfer heat between hot and a cold fluid, which are separated through a physical barrier. Heat exchangers are essential in heat transfer applications, and are widely deployed in a number of industries including chemical and petrochemical, HVAC and refrigeration, food and beverage, etc.
According to a recently published report by TechSci Research, "Global Heat Exchanger Market Forecast and Opportunities, 2019", the global heat exchanger market revenues are forecast to grow at a CAGR of 9% during 2014-19. The market is likely to be driven by growing industrialization across the globe and increasing demand from developing economies over the next five years. Moreover, the demand for HVAC equipment is also increasing in emerging economies, largely driven by growing urbanization in these countries. The heat exchanger market is also expected to benefit from growing demand for replacement applications during the next five years.
The report also highlights that Shell and tube heat exchangers are among the most widely used exchanger units in a range of industries. Plate heat exchangers are also gaining widespread popularity due to their compact size coupled with ease of cleaning, assembling and disassembling.
"Heat exchanger demand from Asia-Pacific is forecast to grow at a faster rate as compared to mature markets such as Europe and the Americas, with China and India expected to dominate. Additionally, potential technology advancements are expected to significantly drive the adoption of heat exchangers during the forecast period." said Mr. Karan Chechi, Research Director with TechSci Research a research based global management consulting firm.
The market is currently highly competitive due to the presence of a large number of small and medium scale manufacturers across the globe. However, the consolidation has already started and would start reflecting with major trends in next 3-4 years. Some of the leading players operating in the global heat exchangers market include Alfa Laval AB, GEA Group and Xylem Inc.
"Global Heat Exchanger Market Forecast & Opportunities, 2019" report has analyzed the potential of the heat exchanger market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing intending clients with cutting-edge market intelligence and help them in taking sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the heat exchanger industry across the globe.
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SOURCE TechSci Research