Global Heat Exchanger Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-11 10:18:03
The Global Heat Exchanger market is forecast to grow at a CAGR of 8.31 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing industrial activities in developing countries. The Global Heat Exchanger market has also been witnessing the increasing adoption of energy-saving equipment. However, the increasing competition due to entry of new vendors could pose a challenge to the growth of this market.
Key vendors dominating this space include Alfa Laval AB, GEA Group, and Xylem Inc.
Other vendors mentioned in the report are API Heat Transfer Inc., Balcke-DÃ¼rr GmbH, Chicago Bridge & Iron Company N.V., Hisaka Works Ltd., Modine Manufacturing Company and SPX Corporation
Heat exchangers are widely used in industrial oil coolers, boiler coolers, chilled water systems, transmission and engine coolers, condensers, and evaporators in refrigeration systems. These applications incur excessive loss of energy during the transfer of heat. Many industries are adopting high-end energy-saving heat exchangers to mitigate the erosion of their revenue, which is largely due to the rise in the cost of energy. Heat exchanger manufacturing companies such as Alfa Laval AB and GEA Group are investing heavily in R&D to develop energy-efficient heat exchangers. This trend is expected to contribute toward the growth of the Global Heat Exchanger market during the forecast period.
Increasing industrial activities in developing countries is a crucial driver boosting the market. Process and discrete industries in these countries have been expanding their manufacturing operations worldwide, which in turn is boosting the Global Heat Exchanger market.
Further, one of the main challenges in this market is the increasing competition brought in by the entry of new vendors. The new vendors offer their products at a cheaper price, which makes the pricing more competitive and erodes the profit margins of the major players.
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