Shell and Tube Heat Exchangers Market To Have 4.98 CAGR by 2020
According to a new study published by MarketsandMarkets, by the year 2020, the shell and tube heat exchangers market all over the world is expected to grow from $5.29 billion to $7.05 in the said year, with a compound annual growth rate (CAGR) of 4.98 percent.
One of the main factors of this growth rate is the surging need for energy and high investment in chemicals, oil and gas industries, and petrochemicals. The Asia-Pacific region is anticipated to have the strongest growth in the next five years among all the regions considered in the study. The demand across the region is also reinforced by the strengthened by the emerging markets in India and China.
Presently, the Asia-Pacific region is the largest market for shell and tube heat exchangers while the United States is the largest market in the North American region.
The study concluded that the major market forces that make the market for shell and tube heat exchangers in North America include the growing gas and oil exploration in the region and the growing chemical, petrochemical, and HVAC and refrigeration application in Canada and the United States.
Shell and tube heat exchangers are commonly used in various applications such as chemical, power generation, petrochemicals, food and beverages, pulp and paper, power generation, oil and gas, and HVAC and refrigeration. During the past year, the chemicals sector is approximated to have accounted for the largest market share among all applications in terms of value. It is followed by petrochemicals, oil and gas, food and beverages, HVAC and refrigeration, power generation, and pulp and paper application. The said segment is forecasted to grow at the highest CAGR between 2015 and 2020.
The key target audience for the study includes investment research firms, manufacturers of shell and tube heat exchangers, regional manufacturers’associations and general shell and tube heat exchangers’associations, traders, distributors, and suppliers of shell and tube heat exchangers, and government and regional agencies and research organizations.