International. The global heat exchanger market was valued at $12.61 billion in 2015 and is projected to reach $20.12 billion in 2022, growing at a compound annual growth rate of 6.9 percent from 2016 to 2022, according to Allied Market Research.
Latin America is projected to maintain its leadership throughout 2022 and is projected to grow at a CAGR of 7.2 percent, in terms of value. The shell and tube heat exchanger segment occupied about a quarter of the total market share in 2015.
At present, the global heat exchanger market is witnessing numerous opportunities, owing to the rapidly increasing development of the end-user industry in Asia-Pacific and Latin America. Governments in emerging nations face persistent problems of energy shortages, taking steps to constantly upgrade their power generation capacity to meet the demand of industries and households.
Many of the new power plants powered by steam and gas turbines are put into operation, thus acting as an emerging factor for the growth of the market. The tremendous increase in the renewable energy sector in recent years is elevating the heat exchanger industry due to several ongoing projects to improve power generation capacity.
