Shell & Tube Heat Exchanger Market: Overview
Heat exchanger is a mechanical device which is used for exchanging or extracting heat from hot fluid to cold fluid. These are used to transfer heat between two or more fluids. Fluids used can be single or two phase. Depending on the exchanger type, these fluids can be separated or in direct contact with the shell. Transfer of heat from one fluid to another is an operation, which is used in several chemical industries. These are commonly made of shell, which act as outer jacket for the transfer of energy and tubing’s are embedded or fabricated into the shell while manufacturing a heat exchanger. The material of construction for tubes and shell are mostly same and tubes are embedded in shell with the help of baffles.
Shell & Tube Heat Exchanger Market: Trends & Demands
The chemical industry is growing at a significant pace due to the rise in investments in research & development of emerging chemicals such as specialty chemicals, and fine chemicals. These chemicals require equipment for heat exchange application, which is fueling the demand for shell & tube heat exchangers. This, in turn, is anticipated to drive the shell & tube heat exchanger market in the near future. Rise in demand for petrochemicals, fibers, industrial gases, fertilizers, chlor-alkali, and other organic and inorganic chemicals, which in turn has led to the increase in demand for manufacturing equipment’s such as boilers, chillers, heat exchangers etc across the globe. All these factors are likely to fuel the shell and tube heat exchanger market.
Manufacturers operating in the global shell & tube heat exchanger market strive to explore new and better ways to manufacture shell & tube heat exchangers. However, volatility in prices of metals and high cost of production are likely to inhibit the shell & tube heat exchanger market during the forecast period.
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Shell & Tube Heat Exchanger Market: Key Segmentations
Based on the flow type, the global shell & tube heat exchanger market can be segmented into counter current, co-current, cross flow, and hybrid. The counter current segment is likely to expand at a rapid pace during the forecast period, as counter current flow allows the exchange of wide range of temperature for fluids and is highly efficient than other three flow types.
In terms of application, the global shell & tube heat exchanger market can be divided into chemicals, petrochemicals, oil & gas, food & beverages, pulp & paper, and others. The chemicals segment is projected to expand at a significant pace during the forecast period due to the consistent usage of shell & tube heat exchangers for manufacturing various chemicals such as fertilizers and specialty chemicals across the globe.
Shell & Tube Heat Exchanger Market: Regional Outlook
Based on region, the global shell & tube heat exchanger market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. The shell & tube heat exchanger market in Asia Pacific is estimated to expand at a rapid pace due to the rise in per capita income of people across the region. Increase in per capita income is boosting the spending power of consumers in the region. This, in turn, is estimated to propel the demand for chemical products during manufacturing of food & beverages and oil & gas in Asia Pacific.
Shell & Tube Heat Exchanger Market: Key Players
Prominent players operating in the global shell & tube heat exchanger market include Kelvion Holdings GmbH, Alfa Laval AB, HRS Heat Exchangers, Brask Inc., Koch Heat Transfer Company, Thermax Limited, SPX Corporation, API Heat Transfer Inc., and Southern Heat Exchanger Corporation. These players engage in research & development activities, strategic alliances, and mergers & acquisitions to gain larger share of the shell & tube heat exchanger market.
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