IRVING, Texas — The global heat exchanger market is expected to reach an estimated $21.3 billion by 2022, and it is forecast to grow at a compound annual growth rate (CAGR) of 6.1 percent from 2017 to 2022, according to a report published by Lucintel. The major drivers of growth for this market are a rise in HVACR deployments, rapid industrialization, and stringent environmental regulations.
The study includes a forecast of the growth opportunities in the global heat exchanger market by application, product type, and region. By application, the report covers HVACR, chemical, food and beverage, paper and pulp, petrochemical and oil and gas, power generation, and others. By product type, it covers air-cooled, plate and frame, shell and tube, and others. By region, the report covers, North America, Asia-Pacific, Europe, and rest of the world.
Due to stringent environmental regulations and increasing awareness regarding installation of energy efficiency systems Asia-Pacific and Europe are expected to witness significant growth over the forecast period. Europe is expected to remain the largest region.
Emerging trends which have a direct impact on the dynamics of the industry include development of waste heat recovery heat exchangers and introduction of exhaust gas recirculation coolers. Alfa Laval Corporate AB, Danfoss A/S, Kelvion Holding GmbH, SPX Corporation, and Xylem Inc., are the major heat exchanger suppliers in the market, according to the report. Of these, several are seeking mergers and acquisitions (M&As) as strategic initiatives to drive growth.
