Plate-and-frame exchangers, with a growth rate of 3.25 percent between 2000 and 2010, represent the fastest growing segment of the heat exchanger market, according to a study by Global Industry Analysts.
Photo courtesy of ITT Standard

The world heat exchanger market is poised for modest growth of 1.66 percent between 2000 and 2010, reaching about $10.49 billion by 2010, according to San Jose, Calif.-based Global Industry Analysts. Europe, the largest market for heat exchangers with a share estimated at 36.6 percent in 2006, also is slated to see the fastest growth rate (2.32 percent).

In terms of product segment, shell-and-tube heat exchangers, with an estimated 2006 share of 29.5 percent, comprise the largest segment, while plate-and-frame exchangers, with a growth rate of 3.25 percent between 2000 and 2010, form the fastest growing segment.

The chemical industry, with an estimated share of approximately 22 percent in 2006, represents the largest demand sector for heat exchangers. But, the refrigeration and HVAC industries are forecast to be the fastest growing end-use sectors for heat exchangers, with a growth rate of 2.23 percent over the 2000 to 2010 period.

Rising energy prices are expected to be among the major drivers of heat exchanger market growth in the near future. The rising cost of energy has necessitated better use of energy, especially in process and HVAC applications. Increasingly efficient heat exchangers can result in energy cost savings, according to the report, “Heat Exchangers: A Global Strategic Report.”