Heat Exchanger Market Expected To Reach $19.14 Billion by 2021 Inbox x
According to a recent report, the global heat exchanger market is projected to reach $19.14 billion by 2021, which is an increase from the current $12.94 billion, growing at a compound annual growth rate of 8.2 percent. The driving factor of growth stems from the rising numbers of HVAC deployments, power generation capacities and the increase in technological advancements in heat exchangers.
Analysts predict that Asia-Pacific, the Middle East and Africa will experience strong growth within the next five years while demand across emerging regions like China, India and Saudi Arabia will see a significant rise in heat exchanger use. Additionally, other markets like those in North America will see an influx of upgraded and new heat exchanges that are more efficient.
The majority of heat exchanger applications come from the chemical industry, where it dominated the market with the largest share in 2015. While heat exchangers have been in use for many years, being applied to the heating and cooling of fluids, the demand for more innovated models will surge alongside the projected forecast period. With that said, a New Jersey-based fluoropolymer manufacturer, Fluorotherm, has developed a new hybrid frame heat exchanger that offers even better heat transference efficiency to provide the industrial and chemical sectors with a unit that can work with ultrapure and aggressive chemical heating and cooling applications.
“This new hybrid frame heat exchanger will be a game changer in just about every industry that uses them,” said Prabhat N. Skula of Fluorotherm. “The design of the hybrid frame heat exchanger allows for a large between-tube spacing, which calls for free, unrestricted fluid flow. This provides an intimate contact between the fluid and the hot or cold heat exchange surfaces. All of this means that the unit maximizes the heat transfer efficiency better than before.”
Key features of the hybrid frame heat exchanger:
- The hybrid design eliminates flat surfaces, which are common among exotic alloy metal heat exchangers, and that feature reduces foulant or sludge buildup during use. This saves money because the ladder will require expensive repairs.
- Additionally, the new hybrid design has a much lower surface energy rate than other plastics or metals, which means it inhibits particle build up.
Fluorotherm has already seen a rise in orders for the hybrid frame heat exchanger as chemical and industrial businesses replace their aging units.