APAC drives growth of global shell and tube heat exchangers market
The said market is seen to reach $18b in the next decade.
According to a report by Future Market Insights, the global shell and tube heat exchangers market is expected to reach $13b by 2023 and $18b by 2033, with a CAGR of 4.1% from 2018 to 2023.
The demand for heat exchangers is being driven by the growth of the chemical processing industries in the Asia Pacific region. The region has a strong chemical processing sector, and the increasing demand for chemical products is driving the demand for heat exchangers, which are used to transfer heat in various chemical processing applications.
In addition, the power generation industry—the increasing demand for electricity—is also driving the demand for heat exchangers in Asia-Pacific.
The report also highlights that technological advancements, such as the adoption of Industry 4.0 and IoT, are driving the growth of the shell and tube heat exchanger market. The use of digital technologies, such as predictive maintenance and monitoring systems, is becoming increasingly popular in the heat exchanger industry to improve efficiency and reduce downtime.
Manufacturers are also experimenting with the use of advanced materials, such as titanium and duplex stainless steel, in the construction of heat exchangers to increase durability and efficiency.
However, the COVID-19 pandemic has affected the industry, resulting in subdued capital investments and retardation of production rate and supply to end procurers. This has led to a downturn in growth in the current fiscal year.
The report also notes that the need for successful thermal management in the storage and transport of food products is projected to increase demand for shell and tube heat exchangers.