Heat exchangers are essential pieces of equipment that transfer heat from one medium to another. They have become a key part in the chemical & petrochemical industries, power generation, pharmaceuticals, refrigeration, HVAC, pulp paper industry, food 7 beverage processing and oil & gas industries. However their biggest use is in the chemical industry.
The industry has grown a lot in the last few years alone, and it’s expected to grow at even faster pace within the next several years. One key reason for the growth has been advancements in technology of the heat exchangers. Areas like, China are currently experiencing the high heat exchanger demand. The global growth is largely thanks to an increase in industrial growth for these growing economies. The heat exchanger markets in other countries such as India and Japan are expected to grow exponentially as well as they produce heat exchangers domestically or source them from other countries. Other major countries in the heat exchanger market include the U.S., Italy, Germany, Sweden and Saudi Arabia.
The market has been classified on the basis of construction, temperature range and fluid type. Additionally, it’s been identified by the various types of heat exchangers. The major ones include shell & tube, plate & frame, air-cooled and more. By 2018, the market is expected to be even larger than it is now, as it’s predicted that it will mainly be driven by growing demand for heat exchangers in the Asia-Pacific region.