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Report: Heat Exchanger Market on growth track to 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-25 

Global Market Insights, Inc. has launched a report on Heat Exchanger Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Heat Exchanger Market is anticipated to exceed USD 13 billion by 2025. Growing demand for centralized cooling & heating systems across the residential and commercial sectors will propel the deployment of heat transfer equipment. Increasing utilization of Waste Heat Recovery Systems (WHRS) across industrial facilities along with shift in the regulatory landscape to reduce carbon emissions will further entail the product deployment.

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Stringent government mandates to reduce carbon footprint along with robust industrial sector growth will boost the heat exchanger market growth. Introduction of emission reduction targets across key developing economies with an aim to counter the adverse impact of global warming has resulted in increasing investments toward replacement of process equipment. Moreover, rising focus toward generating capacity addition coupled with positive outlook for chemical sector will complement the business landscape.

Middle East & Africa heat exchanger market is predicted to expand over 7% by 2025. Rising investments from financial institutions, most notably the African Development Bank, in order to thrust the industrialization rate accompanied by resurgent economic growth will stimulate business expansion. Lucrative Oil & Gas sector across the region coupled with positive outlook toward expansion and development of the manufacturing units will further strengthen the product adoption in coming years.

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Shell & tube heat exchanger market is set to witness robust growth owing to the product's ability to offer high efficiency, reduced cost, and lower pressure drop. Moreover, sizeable investments aimed at the expansion and modernization of chemical production units along with rising adoption of WHRS across industrial sector will augment the business growth. Oil & Gas, primary metal manufacturing, electric power plants and food processing are few key application areas where this equipment are deployed.

Rising government focus toward upgradation and development of new industrial centers coupled with expansion of existing manufacturing units will drive the China heat exchanger market. At present, the country accounts for over 40% of the global manufacturing value added and is rapidly emerging as a manufacturing hub. Increasing investment across metallurgy, chemical and Oil & Gas sectors coupled with rising urbanization rate will stimulate the industry growth.

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Heat exchangers find prevalent applications across power generation, food & beverage, centralized heating & cooling, refining, chemical, and petrochemical industries amongst others. Rising focus toward energy optimization across food processing industry along with ongoing technological innovation to offer economically viable heat transfer solutions will stimulate the heat exchanger market growth.

Key industry participants operating across the heat exchanger market comprise Larsen & Toubro, Thermofin, Lanpec, Kelvion, API, Southern Heat Exchanger, KNM, Danfoss, Wessels, Vahterus, Doosan, Koch, FUNKE, Alfa Laval, Shangdong Beichen, THT, HRS, Accessen Group, Hitachi Zonsen, Xylem, SPX-Flow, IHI, Hisaka Works, SWEP and Thermowave amongst others.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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