International.
According to a recent report, the global heat exchanger market is projected to reach US$19.14 billion by 2021, which is an increase compared to the current US$12.94 billion, growing at a COMPOUND annual growth rate of 8.2%.
The growth factor stems from the increase in the number of HVAC system implementations, power generation capacity and increased technological advances in heat exchangers.
Analysts predict that Asia-Pacific, the Middle East and Africa will experience strong growth over the next five years, while demand in all emerging regions such as China, India and Saudi Arabia will see a significant increase in the use of heat exchangers. In addition, other markets such as North America will see an influx of improved and new systems that are more efficient.
The majority of heat exchanger applications come from the chemical industry, which dominated the market with the largest share in 2015. While heat exchangers have been in use for many years, being applied to heating and cooling liquids, the demand for more innovative models will emerge along with the forecast period.
