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Heat Exchanger Market Size, Share, Growth Rate, Current Trends, Development Strategy | Industry Other Analytical Data and Forecast to 2023
Heat exchanger are devices whose primary responsibility is the transfer or exchange of heat from one medium to another. Heat exchanger are not only used in heating applications but are also used in cooling applications such as refrigerators and air conditioners. It is largely used in power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries. The Global Heat Exchanger Market is growing with the rapid pace; mainly due to growing demand from chemical as well as natural gas processing industry.
Major Key Players:-
The major player operating in the market of global heat exchanger are Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Southern Heat Exchanger (U.S.), Danfoss A/S (Denmark), SPX Corporation (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Gunter AG & Co. KG (Germany), Sierra S.p.A (Italy), and Hamon & Cie International SA (Belgium), Koch Heat Transfer Company (U.S.), and Hughes Anderson Heat Exchangers (U.S.).
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Global Heat Exchanger Market - Competitive Analysis
Global Heat Exchanger Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
The heat exchangers market is segmented on the basis of type, application, and region. Based on the type, the market is further segmented into shell & tube, plate, regenerative, and air cooled. Amongst these, shell & tube heat exchanger is dominating the market share due to its competitive advantages such as relatively high efficiency, huge potential for heat transfer, low-pressure drops, easy maintenance and repair, reduced wear-outs, and erosion prevention. Besides the shell & tube heat exchangers are economically feasible over regenerative and air cooled heat exchangers and possess better drainage properties. On the basis of application, the heat exchangers market is further classified into chemicals, oil & gas, power generation, HVACR, food & beverages, and others. Chemicals segment hold the largest market share in the heat exchangers market due to their high importance in reaction systems, which involve reactors, purification systems, and distillation columns. Oil & gas industry also holds strong market share, owing to refineries drawing out advantage from different boiling points of different end products of crude oil.
Global Heat Exchanger Market Analysis:-
Europe region is capturing the largest market share of heat exchanger market owing to robust presence in plate & frame heat exchangers with respect to demand as well as production capacity. Moreover, heating demand from the region due to the cold weather condition drives the market for heat exchangers.
Asia-Pacific is anticipated to witness sharp expansion and developments in heat exchanger market as compared to other geographical regions, mainly by virtue of growing industrialization and increasing demand from developing nations like China and India. China is likely to register huge developments in its heat exchanger market due to growing demand from chemical as well as refrigeration industries.
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Heat exchanger industry is expected to have a huge number of advancements over the forecast period owing to continuous developments in end-use industry coupled with rising demand from industries in the end use sector. The market is also expected to have high expansion activities by multinationals and well-established companies.