Heat exchangers are an integral component of chemical and petrochemical industries. The chemical industry is the largest end user of heat exchanger technology. Other industries in which they are utilized include petrochemical and oil & gas industry, power generation, refrigeration, pharmaceuticals, HVAC, food & beverage processing, and pulp paper industry. New emerging technologies and regulations in certain regions have helped in the growth of the heat exchanger industry. Innovative heat exchangers such as those that can withstand corrosive chemicals are particularly gaining popularity.
The global market for heat exchangers has grown significantly during the past few years and is expected to grow at a more rapid pace in the next five years, mainly driven by growing demand in the Asia-Pacific region. China is experiencing the highest heat exchanger demand globally, mainly due to increase in its industrial growth. The heat exchanger market in other countries is expected to grow significantly in the future. Various countries such as India and Japan have their own respective focus to develop heat exchanger markets by producing it domestically or by sourcing it from other countries.
This study estimates the global market of heat exchangers by the end of 2018. The report provides detailed qualitative and quantitative analysis of the global heat exchanger market. It provides a comprehensive review of major market drivers, restraints, opportunities, challenges, and key issues in the market. The market is further segmented and forecasted for major geographic regions, North America, Europe, Asia Pacific, and Rest of the World.