Friday, April, 19, 2019 05:22:07

The global heat exchanger market has depicted commendable expansion over the past few years with profound applications in residential and industrial heating and cooling systems. The device can effectively transfer heat between two or more fluids and is widely used in diverse applications like in refrigerators, solar water heaters, space heating systems, in petroleum & chemical plants and more.Thanks to rapid technological advancements in heat exchanger systems, the product’s size has scaled down considerably in recent years, allowing its use in critical medical equipment like artificial heart-lung machine and other design specific tools.

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270 pages

268 market data tables

45 figures & charts

Rising solar water heating system adoption to boost the market growth

The expanding focus on reducing global CO2 emissions whilst cutting cost on electricity bills has led the residential and commercial sectors to adopt solar water heating systems. This zero-emission solution utilizes heat exchangers, usually made of copper due to its great thermal conductivity and higher resistance to corrosion, to transfer absorbed heat in solar collectors to the liquid or air to heat water or a space.

A pivotal device that transfers heat from one medium to another, heat exchangers have found long-term applications across several industry sectors like automotive, chemical, oil & gas, HVAC and more. The product’s widespread application spectrum, especially in the EV sector will certainly push the market growth in the future. Reports from Global Market Insights, Inc., claim that the heat exchangers market size will exceed $13 billion by 2025.

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Speaking of EVs it is pivotal to mention that China is bound to emerge as one of the most lucrative heat exchangers markets worldwide. This can primarily be attributed to the increasing adoption of renewable energy sources and the expansive electric vehicle market in the region. The country is rapidly advancing in terms of EV production, with sales speculated to cross over 2 million in 2019, from 1.1 million in 2018.

With rising technological developments incorporated in EVs and myriad government incentives, it is anticipated that EVs will take up a substantial proportion of the market share in China by 2025. With rising urbanization and increasing investments in solar water heater systems, China heat exchanger market is likely to experience a positive growth graph in the coming years.

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