According to a report published by Transparency Market Research (TMR), the worldwide heat exchangers market generated US$11.8 bn in 2013. Analysts project this market to expand at a healthy CAGR of 6.02% between 2014 and 2020 and reach an estimated value of US$18.04 bn by the end of 2023.
Massive Potential for Businesses in Aftersales Services to Drive Growth in Future
The massive potential for businesses in the aftersales services segment and the optimistic prospects for mergers, acquisitions, and strategic partnerships for participants in this market is expected to drive the growth of this market in the nearing future. The emergence of hybrid heat exchanger technology is also projected to present an opportunity-rich market for heat exchanger manufacturers over the next few years.
Currently, various governments of several countries, which are facing continuous shortage of energy, are focusing on increasing power generation activities in their economies to cater to the rising demand for power in various industries. This factor is also expected to boost the heat exchangers market in the global arena.
Air cooled exchangers, shell and tube, and plate and frame are the major products available in the global heat exchangers market. In 2014, the highest demand in the worldwide heat exchangers market was for shell and tubes. The rising number of oil fields and the upcoming projects for infrastructural development across the world have fueled the demand for shell and tubes significantly in the global arena.
Alfa Laval Introduces Optigo CCB
The global heat exchangers market is led by Mitsubishi Heavy Industries, Kelvion, SAACKE GmbH, Heatmaster BV, Alfa Laval Corporate AB, Atlas Copco, and Southwest Thermal Technology.
Alfa Laval, the Sweden-based manufacturers of heavy equipment, has recently announced the expansion of its Optigo range of air heat exchangers with the launch of Optigo CCB. With this addition, the company is now capable to meet all the demands from consumers for commercial refrigeration as well as deliver efficient cooling capacity for commercial cold-room storages in grocery shops, supermarkets, and restaurants with a much lowered power consumption.
Earlier this year, the company had introduced a novel data center cooling technology. According to the company, this new range has made it easier to provide optimum solutions for specific data center requirements.
Doosan Heavy Industries and Construction Co. Ltd., Hisaka Works Ltd., GEA Luftkühler Gmbh, SPX Corp., Kirloskar Brothers Ltd., Cummins Inc. and Aggreko Plc. are some other prominent players functioning in this market.