MarketsandMarkets’ report, “Heat Exchangers Market by Type, Application, and Region - Global Forecast to 2023”, estimates the market for heat exchangers to grow from $14.68 billion in 2018 to $22.59 billion by 2023, at a CAGR of 9%. The researchers say the market is driven by increasing power generation capacities and a rise in technological advances in heat exchangers. The rising energy prices and stringent government regulations on the emission of CO2 are also driving the heat exchangers market.
- Chemical is projected to be the largest application segment of the market for heat exchangers
- The shell & tube type segment is expected to lead the heat exchangers market in 2018
- Europe is estimated to account for the largest share of the heat exchangers market in 2018
- Key market players in the heat exchangers market include Alfa Laval (Sweden), Danfoss (Denmark), Kelvion Holdings (Germany), SPX Corporation (US), Xylem (US), API Heat Transfer (US), Gunter (Germany), Hindustan Dorr-Oliver (India), Hisaka Works (Japan), HRS Heat Exchangers (India), Modine Manufacturing Company (US), Sierra (Italy), and SWEP International (Denmark).
Want to blow off steam, but need more data? Then browse the “Heat Exchangers Market” report.