Heat Exchangers Market – Opportunities and Challenges

October 14 18:16 2019
Heat Exchangers Market - Opportunities and Challenges

Browse 70 market data Tables and 42 Figures spread through 137 Pages and in-depth TOC on “Heat Exchangers Market”
Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region

Heat Exchangers Market is projected to reach USD 22.59 billion by 2023, from USD 13.5 billion in 2017 at a CAGR of 9.0% during the forecast period.

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Browse 70 market data Tables and 42 Figures spread through 137 Pages and in-depth TOC on “Heat Exchangers Market”

Growing demand for nuclear power generation

A heat exchanger is an essential component of a nuclear reactor. The performance of a heat exchanger has a significant impact on the overall efficiency and power output of a nuclear power plant.

About 11% of the world’s electricity is derived from nuclear power, and its capacity is increasing gradually. A significant capacity is being further created by the upgrading of plants. There were about 450 nuclear power reactors in operation and over 60 reactors under construction equivalent to 16% of existing capacity, globally, in 2017. The increasing use of heat exchangers in nuclear reactors, upgrading of existing nuclear plants, and proposed nuclear power plant projects are expected to create new growth opportunities for the heat exchangers market during the forecast period. According to the World Nuclear Association, in 2016, nuclear plants supplied 2477 TWh of electricity, which increased from 2441 TWh in 2015. Thus, the electricity supplied by global nuclear generation has risen. The growing nuclear power generation market will provide ample growth opportunity for the heat exchangers manufacturers, as the requirement for energy supply, especially for non-conventional electricity, is expected to increase in the next 20 years.

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Fluorinated greenhouse gas regulations

The regulations set on the use of fluorinated gases (F-gases) act as a challenge to the growth of the heat exchangers market. These regulations restrict the use of heat exchangers as evaporators and condensers in chillers. In 2015, the European Union (EU) suggested important changes in the regulations to control emissions from F-gases, including hydrofluorocarbons (HFCs). According to these changes, the EU has adopted two legislative acts, namely, the MAC Directive on air conditioning systems used in small motor vehicles and the F-gas Regulation that cover all other key applications in which F-gases are used.

According to EU regulations, while HFCs are banned in some applications, HFC refrigerants will be allowed only if the system concerned satisfy the Eco-Design criteria. Similar changes are being debated in the US (SNAP – Significant New Alternative Policy) and China.

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Plate & Frame Heat Exchangers Market by Type (Brazed, Gasketed, Welded), by Application (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverage, Pulp & Paper, Power Generation), and Region – Trends & Forecast to 2020

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