International. A study by Global Industry Analysts Inc (GIA) estimates that the global heat exchanger market is projected to grow by about $20.8 billion by 2018.
The analysis indicates that the heat exchanger market continues to be driven by technological innovation and development. Improvements in energy efficiency will emerge as a key differentiating factor for manufacturers to compete in the market.
It is also ready to drive future profits to innovations that help reduce total costs of ownership, increase the durability and efficiency of heat exchangers, and reduce vibration induced by premature failures, especially in shell and tube heat exchangers.
With continuous technological progress, GIA said the future envisions witnessing microchannel heat exchanger applications that extend to the chemical and cryogenic industry. In addition to technological innovation, demand will also be driven by the rapid industrialization of developing countries and increased investment in plant infrastructure.
