heat exchangers market estimated to expand at a robust cagr by 2024

Heat Exchangers Market

- Global Industry Analysis, Size, Share, Growth Trends  2014 - 2020

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The global heat exchanger market was valued at USD 11.86 billion in 2013 and is expected to reach USD 18.04 billion by 2020 at a CAGR of 6.0% from 2014 to 2020.

Asia Pacific alone accounted for 33.6% of the overall market share in 2013, valued at USD 3.94 billion.

The region is expected to reach market capitalization to the tune of USD 6.12 billion, growing at a respectable CAGR of 6.34% from 2014 to 2020. 

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Heat Exchangers Market Trends

Maximizing thermal efficiency is the prime reason behind an increased demand for heat exchangers.

A heat exchanger is a piece of equipment designed and built for efficient heat transfer from one medium to another.

The media may be separated by a solid wall to prevent mixing or they may be in direct contact with the materials being processed, which could harm the end product. 

Asia Pacific to Remain Frontrunner Owing to Rapid Infrastructure Development 

Heavy-duty or customized heat exchangers are generally utilized by large industrial consumers.

On the other hand, portable heat exchangers generally cater to the residential or small commercial establishments.

A rapidly developing heating, ventilation, and air conditioning (HVAC) industry coupled with brisk capacity additions in both the power and hydrocarbons sectors are likely to boost demand for heat exchangers.

Currently, significant investment is being made by industries located in developing countries (Asia Pacific) to develop infrastructure to bring itself at par with the growth rate of other mature industries.

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Some of the prominent players in the global heat exchangers market

G, ABB Ltd.

Crompton Greaves Ltd.

Schneider Electric Industries S.A.S.

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