MarketsandMarkets recently released a report about the future of the heat exchanger market. One of the predictions in the report suggests that the heat exchanger market will be worth over £13 million by 2019.
The report divides the market into easily identifiable sectors in order to examine the market better and make more accurate predictions. The report segments the market into the following categories; by type (plate and frame, shell and tube, printed circuit, air cooled), application (oil and gas, chemical, Petrochemical, Food and beverage, pulp and paper, HVACR, power generation), classification ( temperature range and fluid type, MoC), and geography.
The report analysed the trends recently witnessed in the market and makes a number of predictions on what will happen in the heat exchanger market by 2019. In this article we’ve picked out some of the key points mentioned in the report.
Asia Pacific has been declared the fastest growing heat exchanger market globally and is estimated to grow at a compound annual growth rate of 10.7% for the next five consecutive years. Currently Asia Pacific is experiencing a high industrial growth rate which according to MarketsandMarkets will have a huge impact on the heat exchanger market. With high industrial growth there will be an increasing demand for heat exchangers in a diverse range of applications.
China in particular dominates the heat exchangers market as it is a major consumer and is the fastest growing country in terms of heat exchanger demand.
It has also been stated that an increasing number of heat exchanger manufacturers from Asia are increasing its efforts to develop a stronger share of the heat exchanger market. It has been suggested that the region has a target to reduce the number of heat exchanger imports.
Europe is also expected to experience growth in the heat exchanger market.
MarketsandMarkets predict a compound annual growth rate of 4.81% from 2014 to 2019. The European region has always had a strong heat exchanger market share and has been a global leader with it comes to demand and production capacity. This is enhanced by the fact that Europe has the presence of nearly every leading manufacturer of heat exchangers from across the globe in its continent.
The demand in Europe is predicted to increase due to the increased replacement demand for heat exchangers.
But, Europe will experience a much slower growth rate than Asia because the area already has a dominant market size and is currently experiencing slow economic activity when compared to other areas. At the moment, Europe holds more than 30% of the entire heat exchanger market globally.
The final factor that will impact and drive the heat exchanger market is the number of emerging Eastern European manufacturers. It is expected that manufacturers from this region will reduce import dependence of various countries.
The full report was produced by MarketsandMarkets to provide apt business insight into the heat exchanger market.