Heat Exchangers Market 2014 – 2020
Heat exchangers, as may be all but obvious from the name, are various devices used for the purpose of transferring heat between two media, usually fluids. Heat exchangers have come to prominence in recent years as a tool to reduce wastage of thermal energy. They thus work to make the pertinent process more efficient. Modern heat exchangers can also directly be linked to energy generation mechanisms, thus making good use of ‘waste’ energy.
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The recent growth of the global heat exchangers market is highly sustainable, due to the growing recognition of the importance of energy conservation. Thus, the global market is expected to grow at a steady 6% CAGR from 2014 to 2020, according to recent research figures released by leading market research and analysis firm Transparency Market Research. TMR estimates the global heat exchangers market to be worth more than US$18 billion by 2020, growing from a 2013 value of US$11.86 billion.
Oil and Gas Exploration to Constitute Major Demand for Heat Exchangers
Heat exchangers are used first and foremost for the purpose of reducing the inefficiency in machinery caused by buildup of heat. Though this is a crucial aspect in virtually the whole industrial sector, two industries in particular stand out as major utilizers of heat exchangers: oil and gas exploration and energy generation.
Increasing paucity of petroleum reserves in the world has led to novel but usually inefficient mechanisms of extracting petroleum from unconventional sources. Heat exchangers are crucial to these new processes for ensuring thermal inefficiency doesn’t hamper the already low extraction efficiency. The growing number of offshore oil and gas exploration projects, particularly off the coast of western Africa and in the North Sea, is expected to aid the global heat exchangers market massively in the forecast period.
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Energy generation, particularly generation from renewable resources such as solar, wind, and tidal, makes liberal use of heat exchangers to ensure that only inevitably minimal wastage of energy occurs. Other major end users of heat exchangers include the chemicals industry, the HVAC industry, and the automotive industry.
Innovation of Hybrid Heat Exchangers to Shape Global Market
Due to being a relatively new arrival on the industrial landscape, heat exchangers are prone to major restraints, such as the high prices of raw materials required in the manufacture of heat exchangers and a limited range of conditions in which they offer premium performance.
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Both these problems, though, could be solved in one stroke by the innovation of hybrid heat exchangers. Made to operate in a wider variety of environmental conditions than conventional heat exchangers and from cheaper materials, hybrid heat exchangers have the potential to rejuvenate the global heat exchangers market.
Consolidation and Collaboration the Way Forward for Heat Exchanger Manufacturers
The global heat exchangers market is marked by the presence of several competitive market participants, such as Alfa Laval Corporate AB, Cummins, Inc., Kirloskar Brothers Ltd., and Mitsubishi Heavy Industries, Ltd., all operating through independent distribution channels. The limitations this puts on the development of the global market for heat exchangers could see these major players going in for mergers and acquisitions to expand their global presence. If not M&As, other forms of collaboration such as in R&D or in distribution are expected to become the order of the day in the global heat exchangers market in the coming years.
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