Abstract
Benefiting from technology innovations and robust growth in the application markets such as fuel processing, power plants, HVAC and others, heat exchanger market is experiencing well above industry average growth. Stricter environmental regulations and ever-growing pressure of energy costs bring both challenges and chances for the heat exchanger market.
The global demand on heat exchangers reached US$42.7 billion in 2012. With a growth of approximately 7.8% annually in the next years, the market is expected to approach US$57.9 billion by 2016 and to increase to US$78.16 billion by 2020.
Tubular heat exchangers including shell and tube heat exchangers are still the largest product group, followed by plate-type heat exchangers. Accounting for more than half of the heat exchanger market, Metals and alloys are the mostly wide used materials for heat exchangers. Technology innovations in engineering materials such as polymers and ceramics contribute new growth to the industry.
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