International. The heat exchanger market is estimated to grow from $13.89 million in 2017 to $20.65 billion in 2022, at a compound annual growth rate of 8.3 percent for the forecast period, according to a report by MarketsandMarkets.
The market is driven by increasing HVACR deployments, increasing power generation capabilities, and technological advancements in heat exchangers. Asia-Pacific and the Middle East and Africa are estimated to see strong growth over the next five years. Demand in these regions is bolstered by emerging markets, namely China, India and Saudi Arabia.
The chemicals segment dominated the heat exchanger market, having had the largest share in 2016. Heat exchangers have been successfully employed for years in the chemical industry for applications such as heating and cooling of commodities, intermediates and finals. With the increasing demand for chemicals in emerging economies, the market for heat exchangers is expected to increase during the forecast period.
Shell and tube heat exchangers are the most common types used globally. They are widely used as power condensers, preheaters, oil coolers and steam generators. They offer a relatively large proportion of heat transfer area to volume, weight and other additional advantages making them the most commonly used heat exchanger in all industries.
Increasing government investments in commercial building and construction projects is driving demand for HVACR equipment, which in turn drives demand for casing and tube heat exchangers globally.
