SAN FRANCISCO, Oct. 16, 2019 /PRNewswire/ -- The global shell & tube heat exchangers market size is anticipated to reach USD8.1 billion by 2025, exhibiting a CAGR of 6.1% over the forecast period, according to a new report published by Grand View Research, Inc. The market is anticipated to be driven by the ascending demand for shell and tube heat exchangers in chemical, power generation, and petrochemical industries, specifically in the emerging economies in Asia Pacific and CSA.
Key suggestions from the report:
- Asia Pacific is expected to emerge as the largest and fastest-growing regional shell & tube heat exchangers market over the forecast period
- Rising construction projects of industrial and commercial establishments coupled with favorable government initiatives in India, China, and Japan to develop thermal & solar energy are expected to drive the demand for shell and tube heat exchangers in the APAC region
- North America market for shell and tube heat exchangers is anticipated to reach USD 1.5 billion by 2025
- CSA and MEA are expected to exhibit a growth rate of 7.8% and 5.9%, respectively, over the forecast period. Rising requirement for heat recovery application in petrochemical and food & beverages sectors is projected to propel the product demand over the forecast period.
Read 139 page research report with ToC on "Shell And Tube Heat Exchangers Market Size, Share & Trends Analysis Report By End Use (Chemical, Food & Beverages, HVAC & Refrigeration, Petrochemicals), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/shell-tube-heat-exchangers-market
Shell and tube heat exchangers play a significant role in enhancing the heat transfer efficiency of industrial machinery. Rising demand for efficient thermal management systems is expected to boost the consumption of these exchangers over the forecast period. Growing industrial sectors including food & beverages, chemical, pulp & paper, power generation, metal & mining, textiles, and petrochemicals are expected to result in an increase in the requirement for highly efficient and compact heat exchangers. This, in turn, is projected to drive the market for shell and tube heat exchangers over the forecast period.
Based on end use, chemical is expected to emerge as the largest segment in the global shell and tube exchangers market over the forecast period. The segment is expected to be valued at USD 1.8 billion by 2025. Petrochemicals end-use segment is expected to progress at the fastest CAGR of 7.2% from 2019 to 2025. Furthermore, growing environmental concerns regarding waste discharge from the mills are expected to propel the demand for shell and tube heat exchangers in pulp & paper industry.
Increasing consumer spending coupled with ascending demand for thermal management in residential and commercial establishments is expected to drive HVAC segment over the forecast period. Moreover, growing awareness regarding energy conservation and reduction in energy bills is anticipated to propel the product demand in this segment.
Europe regional market accounted for a share of 28.4% in the total market in 2018 and is expected to move ahead at a CAGR of 3.8% from 2019 to 2025. Recent developments in renewable and nuclear energy sectors are expected to drive power generation segment in Europe. Asia Pacific emerged as the largest regional market in 2018 and is anticipated to witness significant growth over the forecast period. The region is projected to ascend at a CAGR of 8.1% over the forecast period.
Grand View Research has segmented the global shell & tube heat exchangers market based on end use and regional:
- Shell & Tube Heat Exchangers End-Use Outlook (Revenue, USD Million, 2014 - 2025)
- Chemical
- Food & Beverages
- HVAC & Refrigeration
- Petrochemicals
- Power Generation
- Pulp & Paper
- Others
- Shell & Tube Heat Exchangers Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East & Africa
- UAE
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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