What is a Heat Exchanger: A heat exchanger is a system used to transfer heat between two or more fluids. Heat exchangers are used in both cooling and heating processes. The fluids may be separated by a solid wall to prevent mixing or they may be in direct contact.
What is the future of Heat Exchanger:
The global Plateand Frame Heat Exchanger market size was estimated at USD 3.35 billion
in 2014 and is projected to reach USD 5.99 billion by 2022.
It is expected to experience a
significant growth over the forecast period. This can be attributed to growing
use in applications such as commercial, industrial and engineering sectors in
addition to rising product utilization, especially in residential &
commercial HVAC, automotive segments.
The
industry is identified by growing emphasis on enhanced efficiency standards
together with technological improvements and new developments. These factors
are expected to reduce total ownership expenses and improve durability &
efficiency levels of heat exchangers over the next eight years. Need for power
generation coupled with infrastructural expansions in the energy sector is
expected to serve the growth over the next seven years.
Plate
and frame heat exchanger industry is identified by a regular procurement of raw
material supplies such as stainless steel, EPDM rubber and chloroprene rubber.
However, chloroprene rubber in addition to stainless steel has fluctuating
prices of raw materials that are expected to hamper market growth.
Technological advancements and innovations in the gasket, frame and plate
designs are anticipated to increase the heat transfer efficacy, reduce
operating costs, maintenance costs and investment. The market is expected to be
driven by new product development through the implementation of various
technical innovations
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In
2014, frame heat exchanger and gasketed plate were the leading product segments
capturing approximately 50.0% of the market revenue. Widespread application in
power plants owing to compact size and lower maintenance has resulted in this
high market penetration. It is widely used for cooling, heating, evaporation,
condensation and heat recovery applications. The market is expected to have a
positive impact on account of growing gasketed heat exchanger demand,
especially in petrochemical and power generation and automotive sector.
Increasing
use in floor heating, economizers, refrigerant evaporators, oil coolers,
condensers and super-coolers is expected to serve the brazed plate heat
exchanger market significantly however, the market can face a few challenges
with respect to competition from new market players thereby impacting the
growth of plate heat exchanger industry from 2016 to 2024. Further, the
conventional technology is being replaced with highly efficient substitutes
which are expected to pose a major threat to market growth. On the other hand,
welded plate heat exchanger is anticipated to experience high growth owing to
its rising use in numerous industries such as petrochemical, automobile, paper
manufacturing and pharmaceuticals on account of improved features in performance.
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In
2014, HVAC contributed to over 20.0% of the overall market and is anticipated
to witness high growth in the next eight years. Asia Pacific is expected to
fuel demand in the sector on account of growing construction projects in Asia
Pacific over the review period. Rising need for efficient thermal management in
commercial and residential establishments coupled with increasing consumer
spending is anticipated to propel HVAC demand from 2016 to 2024. HVAC systems
form a key segment under heat exchangers. Rising awareness concerning energy
management and conservation and cutback in energy bills is expected to propel
demand for the product in HVAC sector.
Chemical
industry constituted for nearly 20% of plate and frame systems market revenue
in 2014. Key products in chemical industry include inorganic chemicals,
petrochemicals and fertilizers. Petrochemical derivatives such as ethylene,
base chemicals and polymers and methanol involve crucial conditions that
involve well-organized and efficient thermal management systems in the
manufacturing units. Production capacity expansions and mergers and
acquisitions of chemical facilities in Asia Pacific and Europe are anticipated
to fuel chemical market from 2016 to 2024.
Europe
emerged as the largest regional segment and is thereby expected to grow at an
estimated CAGR exceeding 6.3% over the forecast period. However, high growth
regions such as Asia Pacific and CSA regions may pose a threat to the European
market and capture a part of the overall market share over the forecast period.
Recent improvements in nuclear and renewable energy segments are projected to
enhance requirements in the power generation segment in Europe. Additionally,
the plate and frame heat exchanger demand is expected to be driven by growing need
for heat recovery applications in HVAC, food and beverage and chemical sectors
over the forecast period.
What are the key manufacturers in Heat
Exchangers:
In
2014, Asia Pacific constituted for nearly 20% of the overall industry. Need for
commercial and industrial establishments coupled with growing construction
projects are likely to propel HVAC market in the region. It is anticipated to
witness the fastest growth over the review period. Supportive government
policies and initiatives in Japan and India as an effort to develop solar and
thermal energy are estimated to drive market demand in power generation sector
for heat exchangers. Key industry players include Alfa Laval AB, Danfoss A/S, Tranter Inc., GEA Group, SPX Corporation,
LLC, AIC S.A., SGL Carbon Technic, API Heat Transfer, Guntner GmbH & Co. KG
and Kelvion Holdings GmbH.
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