What are the current trends in Heat Exchangers Market will influence the industry in the next few years?
The heat exchangers market is driven by numerous factors such as high demand from emerging economies, increase in energy prices, technological advancements in heat exchangers, and others. There is a significant rise in demand from developing economies such as India, China, and Indonesia, owing to the rapid industrialization.
However, scaling is one of the reasons that increases the maintenance cost of heat exchangers. On the contrary, rise in demand for heat exchangers from the nuclear power plant for power generation is anticipated to offer lucrative growth opportunity to the market.
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Global heat exchangers market accounted for revenue of $16,624.0 million in 2018 and is anticipated to generate $29,316.0 million by 2026. The market is projected to grow at a CAGR of 7.2% from 2019 to 2026. Heat exchangers are devices that transfer heat from one fluid (liquid or gas) to another fluid (liquid or gas) without being in direct contact with each other.
Moreover, heat exchangers, also known as regenerators, are used in end-user industries such as chemical, petrochemical, oil & gas, to minimize the loss of heat. As the incoming and outgoing fluids move in opposite directions, they are also known as counter-flow heat exchangers. Heat exchangers are designed as per end-user industry’s requirements. For instance, they are manufactured for a wide range of light hydrocarbons in the oil & gas industry.
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In addition, they are utilized for onshore, offshore, and floating applications such as in gas dew point control, NGL recovery, LNG liquefaction, and in sour gas compression cooling. In addition, heat exchangers are widely used in industrial oil coolers, boilers, chilled water systems, transmission & engine coolers, condensers, and evaporators in refrigeration systems to prevent excessive loss of energy during the transfer of heat. Various industries have adopted high-end energy-saving heat exchangers to mitigate the issue of their loss owing to the rise in the cost of energy.