PUNE, India, July 5, 2017 /PRNewswire/ --
The market size of heat exchangers is estimated to reach USD 20.65 billion by 2022, at a CAGR of 8.3% from 2017 to 2022 With HVACR is one of the fastest-growing applications and rising demand from Asia Pacific is a major driver of the heat exchanger market.
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The market size of heat exchangers is estimated to reach USD 20.65 billion by 2022, at a CAGR of 8.3% from 2017 to 2022. Heat exchangers offer various advantages, such as high operating efficiency and reduced energy consumption. The heat exchanger market is spread across a wide range of end-use industries, including nuclear & thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR.
The HVACR application segment is projected to grow at the highest CAGR from 2017 to2022. The high growth is attributed to the growing building & construction industry and increased government investments in infrastructure projects resulting in installation of HVACR systems.
Asia Pacific is expected to be the fastest-growing market for heat exchangers in terms of value during the forecast period. China and India are the two major markets for heat exchangers in Asia Pacific. The high growth in the commercial building & construction industry, high-end real estate, and energy-saving policies are likely to drive the demand for heat exchangers in both China and India.
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In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below By Company Type: Tier 1 - 33%, Tier 2 - 60%, and Others - 7%, By Designation: C level - 56%, Director level - 33%, and Others -- 11%, By Region: North America - 17%, Europe - 33%, Asia-Pacific - 25%, Middle East & Africa - 17%, and South America - 8%
The key companies profiled in this market research report are Alfa Laval AB(Sweden), Kelvion Holdings Gmbh (Germany), Danfoss A/S (Denmark), SPX Corporation (US), Xylem Inc.(US), API Heat Transfer Inc. (US), Gunter AG & Co. KG (Germany), Hamon & Cie International SA (Belgium), Hindustan Dorr-Oliver Limited (India), Hisaka Works Limited (Japan), HRS Heat Exchangers (India), Modine Manufacturing Company (US), Sierra S.p.A (Italy), Sondex Holdings A/S (Denmark), and SWEP International AB (Denmark).
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