LONDON--(BUSINESS WIRE)--The global heat exchanger market is expected to register a CAGR of over 6% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the rising demand from the water and wastewater industry. Heat exchangers optimize the temperature of water and increase the efficiency of a water treatment plant. Anaerobic digestion techniques for biological stabilization of municipal sewage sludge is common in most of the wastewater treatment plants.
This market research report on the global heat exchanger market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising investments in renewable energy as one of the key emerging trends in the global heat exchanger market:
Global heat exchanger market: Rising investments in renewable energy
The transition from fossil fuels to renewable energy sources such as wind, solar, and geothermal is the key to achieving economic, social, and environmental development. According to a research, the global energy investments in 2016 were over USD 1.7 trillion, though the investment was lower when compared with 2015, this is mainly because of the lower cost requirement that results from technological advances.
“The installation costs associated with solar photovoltaics have reduced substantially. This is expected to affect the consumption levels of fossil fuels for power generation due to its increased adoption rate. Heat exchanger systems are used in renewable energy systems to enhance the energy efficiency of renewable power generation,” says a senior analyst at Technavio for research on IT hardware.
Global heat exchanger market: Segmentation analysis and forecast
This market research report segments the global heat exchanger market into the following products (shell and tube, plate and frame, cooling tower, and air cooled), end-users (chemical industry, fuel processing industry, and HVAC industry), and key regions (the Americas, APAC, and EMEA).
The shell and tube segment held the largest market share in 2017, accounting for nearly 23% of the market. This product segment is expected to dominate the global market throughout the forecast period.
EMEA held the highest share of the global heat exchanger market in 2017, accounting for a market share of more than 36%. This region is anticipated to lead the global market through 2022.
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