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The global heat exchangers market has been forecast to hit a value of US$20.8 billion by 2018, with the industry set to be primarily driven by rising energy costs and the tightening of regulations related to energy efficiency & emissions.
A heat exchanger is a piece of equipment built for efficient heat transfer from one medium to another. The media may be separated by a solid wall, so that they never mix, or they may be in direct contact.
They are widely used in space heating, refrigeration, air conditioning, power plants, chemical plants, petrochemical plants, petroleum refineries, natural gas processing, and sewage treatment.
The classic example of a heat exchanger is found in an internal combustion engine in which a circulating fluid known as engine coolant flows through radiator coils and air flows past the coils, which cools the coolant and heats the incoming air. A core component of all thermal systems, heat exchangers are vital and indispensable to energy conversion and utilisation.
Energy saving is rapidly emerging into a massive industry worldwide, and this global trend towards significantly reducing heat energy costs, and increasing energy efficiency has and will continue to witness heat exchangers emerge as the greatest beneficiary.
The large installed base of aging heat exchangers will require periodic renewal and upgrading. Natural wear-and-tear of heat exchangers and modernisation initiatives adopted in key end-user industries will additionally magnify the business opportunity offered by replacements.
Europe represents the largest market worldwide, while Asia-Pacific is emerging as the fastest growing regional market. Growth in Asia-Pacific will be especially driven by China, given the robust economic growth and industrialisation in the country. Industrial output in the country is the second largest in the world and accounts for over 49% of the country's GDP, illustrating the country's industrial prowess.
Demand for heat exchangers is expected to experience healthy growth in the upcoming years as is already evident by the resurgence in growth in the year 2010 for most markets across the globe. In the upcoming years, Greenfield projects in the energy industry are especially expected to fuel demand.
Demand for heat exchangers in the nuclear power sector is poised to witness the highest growth given the encouraging new power plants/reactor establishment projects in the pipeline.
For more information on the global heat exchangers market, see the latest research: Global Heat Exchangers Market
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