Heat exchangers are used in wide range of uses in heating as well as cooling processes in a range of industrial applications. Advances in heat exchanger thermodynamics have propelled technological strides in the heat exchangers market. Some of the key end-use industries are chemical, recycling, power generation, chemical, beer making, and wastewater treatment, petroleum refining. Over the years the growing OPEX and CAPEX in power generation has spurred the growth opportunities for equipment manufacturers and vendors. Rise in demand for more electricity in industries and residential sectors have been on the back of the sheer pace of industrialization and urbanization in several parts of the world. This has spurred the power generation activities in developed as well as developing regions of the world.
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Growing investments in recycling facilities has fueled the demand for heat exchangers. Further, Utilization of heat exchangers in various HVAC systems has emerged as a high value-grab opportunity for key players. Rise in application of HVAC in commercial applications has also spurred the sales of heat exchanger systems.
Manufacturers Aim at Improving Efficiency and Functionality
Manufacturers in the heat exchangers market are keen on meeting the demand for heat exchangers that can transfer heat among different liquids and fluids. Especially for industrial applications, this dictates the choice of materials that will be used in heat exchangers. Another area of technological development is the circuitry uses, including the sensing units. The electronic circuitry is key to higher thermal performance and overall efficiency. For heat exchangers to endow cost savings and energy savings, it is imperative that they themselves remain energy-efficient. The ease of installation is also one of the key criteria that shapes the dynamic in the business-to-business deals.
Some of the key regions in the heat exchangers market are the U.S., Canada, Asia Pacific, and Europe. Asia Pacific particularly China and India have become hotbed of opportunities in recent years.
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