Heat Exchanger Market to Reach $19 Billion by 2021

The value of the global market for heat exchanger equipment is estimated to total $19.14 billion by 2021, a recent report said.

Currently valued at $12.94 billion in 2015, the market is expected to grow over the next five years at a compound annual growth rate (CAGR) of 8.2%, the study by Markets and Markets said. Analysts speculate that the growth will be attributable to an increase in the use of HVAC systems, power generation capacities, and developments in the technology of heat exchangers.

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The report predicts that the North American market will experience growth as companies upgrade existing heat exchanger systems to more advanced, efficient equipment. The Asia-Pacific and Middle East regions, and Africa, will “experience strong growth,” and countries like China, Saudi Arabia, and India “will see a significant rise” in the use of heat exchangers.

Data in the study showed that most heat exchanger use in 2015 was in the chemical industry.