New York
City, 01 February 2019: The global Heat Exchanger Market is anticipated to reach USD 33.01
billion by 2026 according to a new study published by Polaris Market Research.
Heat exchanger is a very dynamic industry concerning raw materials, equipment
manufacturing and end-use industries. A heat exchanger primarily works on the
principle of convection and conduction for making transfer of thermal energy in
the required processes. New technological developments and increased demand for
energy-efficiency in almost every industrial and commercial sector around the
globe has been a force majeure for the global heat exchangers market.
This industrial equipment is available
of different types such as shell & tube, plate & frame, graphite and
other heat exchangers types. Each type of heat exchanger includes its own set
of pros and cons and is generally compared on the basis of purchase cost,
installation cost, operating cost, and maintenance cost. Some of the primary
criteria for choosing a particular type of heat exchanger includes operating
pressure & temperature, application, available utilities, characteristics
of the fluids, plot plan & layout constraints, considerations for future
expansions, and mechanical considerations.
The global market has significantly
evolved around the technological efficiency of the products, their raw
materials and government initiatives for energy efficiency across the world.
The change in consumer preference towards utilization of energy-efficient
products, buildings and construction has also played a significant part in this
gain.
Manufacturing practices in chemicals
& petrochemical plants and up gradations of plants and facilities has also
resulted in reduced carbon emissions contributing to the global climate
mandates. Reduction of volatile organic compounds in environment and specific
regulations adopted specifically in European, American and Asian countries such
as China has greatly affected the sustainability factor.
The heat exchanger market has also
evolved in terms of advanced & innovative products for better &
sustainable thermal efficiency in many operating utilities such as power
generation by making use of renewable sources.
Competitive
Landscape and Key Vendors:
Asia Pacific industry is projected to
be the largest market for the equipment sale in terms of revenue and volume
both. The shift from western industrialization to the Asia Pacific has been the
primary factor for driving this regional industry. The business operators or
primarily the manufacturers have become increasingly and exceptionally
globalized to make out higher value for cost and, simultaneously, compete to
fulfill the rapidly emerging expertise in the Asian market. North America is
yet another potential market with an established manufacturing base.
The industry is highly fragmented in
nature with many significant market players worldwide. Some of the global key
manufacturers include Alfa Laval AB, Hughes Anderson, Kelvion Holdings GmbH,
Koch Heat Transfer Co., SPX Corporation, HRS Heat Exchangers Ltd., Xylem Inc.,
AOI Heat Transfer Inc., and Hindustan Dorr-Oliver Ltd.
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