GIA recently released a global heat exchanger market report. The report predicts that the global heat exchanger market will reach $20.8 billion by 2018, combined with rising energy costs and strict energy efficiency and emission-restriction regulations. The upgrading of existing nuclear power plants and the construction of new nuclear power reactors have all driven the demand for heat exchangers in the nuclear power industry.
Heat exchangers, which are the basic equipment for heat transfer and exchange, have been widely used in modern industrial and mechanical equipment, including heating and air conditioning in HVAC systems in automotive, aerospace and commercial buildings, and heat recovery in industrial facilities. As a major component of all thermal energy systems, the contribution of heat exchangers to energy savings is important and irreplaceable. With the continuous development and innovation of technology, the market will continue to develop. Increased energy efficiency will be a major factor in manufacturers' competitiveness. Innovation will help heat exchanger customers reduce costs, increase cycle times and energy efficiency. With the development of technology, in the future, microchannel heat exchangers will be applied to the chemical and cryogenic industries. In addition, rapid industrialization in developing countries and increased investment in power facilities will also drive demand for technological innovation.
In the next few years, in response to rising energy prices and environmental pollution, global energy efficiency concerns will be the driving force behind the development of heat exchanger energy efficiency. Rising coal and natural gas prices, shortages of domestic fuel resources, carbon cost increases due to climate change, and the implementation of carbon trading, as well as EU regulations, have prompted the establishment of a carbon price market. Consumers have been guaranteed to pay all costs including energy generation and consumption (in the form of carbon costs). The goal of most carbon policies is to encourage power plants and end users to share responsibilities, which is also beneficial to the development of the heat exchanger market. The end-user industry is attempting to take more effective measures and solutions to improve the energy efficiency of heat exchangers in an attempt to reduce energy bills. At present, the focus on efficient heat exchangers is escalating, including monitoring, maintenance and timely replacement. More and more governments are following the EU's footsteps in charging for CO2 emissions, and industries, especially manufacturing, will face the challenge of energy and energy conservation.
In response to growing energy-saving pressures, compact heat exchangers (CHEs) are becoming more popular, especially in the gas processing, chemical and petroleum refining industries. The compact heat exchanger achieves a degree of heat recovery, which allows the heat to be reused better. In crude oil and gas-fired power plants, the generation of heat is enormous, and compact heat exchangers can help them reduce fuel consumption and operating costs while saving costs.
For air-cooled heat exchangers, they have been limited in the past due to their high installation and operating costs, but there are also signs that they will grow rapidly. For water, especially for industrial use, cooling water has become a scarce and expensive resource. With the concern for the environment and the implementation of strict regulations on cooling towers, air-cooled heat exchangers are currently considered to be an alternative to cooling towers and low cost products. In Europe, the demand for air-cooled heat exchangers has grown and has become a solution to water/tax increases and water pollution.
In other countries around the world, the heat exchanger market is gradually recovering from the global recession of 2007-2009, but the European market has entered the new challenges posed by the loan crisis. The development prospects in Europe remain unclear.
In the heat exchanger market research report, Europe is still a global market, and the Asia-Pacific region is a fast-growing regional market. The power of the Asia-Pacific market is mainly from China. China's economy and industrialization are in a period of rapid development, with industrial output ranking second in the world, accounting for 49% of national GDP. As a global export-oriented economy, China's industrial expansion will continue to develop in the short to medium term, which is also conducive to the development of the heat exchanger market. The BRIC countries are also driving the market to develop in the short to medium term. Other products, such as plate and frame heat exchangers, are also experiencing rapid growth, with a CAGR of around 5.3%.