"One of the primary growth drivers for this market is the demand from the water and wastewater industry,” says a senior analyst for the industrials industry at Technavio. Regions such as North Africa, the Middle East, and Southeast Asia are expected to face a severe shortage of freshwater in the next decade. This is mainly due to the improper recycling of water and poor wastewater management. Besides, factors such as population growth, rapid urbanization, and rising per capita consumption of water are increasing the scarcity of available water. Water is essential for manufacturing industries such as pharmaceutical, food and beverage, and paper and pulp. The growing production activities in these industries will increase the demand for freshwater in the coming years. Also, the need for adhering to stringent environmental and water conservation norms is compelling industries to adopt wastewater treatment plants. Heat exchangers are commonly used in water treatment plants to optimize the temperature of water and increase efficiency. As the markets recover Technavio expects the heat exchanger market size to grow by USD 2.81 billion during the period 2020-2024.
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Heat Exchanger Segment Highlights for 2020
- The heat exchanger market is expected to post a year-over-year growth rate of 1.33%.
- Shell and tube heat exchanger segment led the growth of the heat exchanger market in 2019.
- The shell and tube heat exchanger segment comprises three different types of shell and tube heat exchangers, namely u-tubes, straight tube heat exchangers, and straight tube heat exchangers. These heat exchangers are increasingly used for high-temperature and high-pressure applications in oil refineries and other large chemical processes.
- The heat exchanger market share growth by the shell and tube segment will be significant during the forecast period.
- 46% of the growth will originate from the APAC region.
- Factors such as the increasing demand for sustainable energy, fresh water, and agricultural and processed food products will significantly drive heat exchanger market growth in this region over the forecast period.
- China is a key market for heat exchangers in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The heat exchanger market size is expected to accelerate at a CAGR of about 3% during the forecast period.
- The heat exchanger market is segmented by product (shell and tube, plate and frame, cooling tower, air cooled, and others), end-user (chemical, fuel processing, HVAC, and others), and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Alfa Laval AB, Chart Industries Inc., Danfoss AS, Doosan Heavy Industries & Construction Co. Ltd., Guntner GmbH and Co. KG., Johnson Controls International Plc, Kelvion Holding GmbH, SPX FLOW Inc., Thermax Ltd., and Xylem Inc.
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