Market Trends of Heat Exchanger Industry
Power Generation Expected to Dominate the Market
- The power generation segment is expected to dominate the market due to the increasing demand for electricity from households and industrial operations, which may dominate the heat exchanger market during the forecast period.
- Heat exchangers are widely used in power generation through fossil and thermal energy. Power generation plants employ heat exchangers to collect heat from hot waste gases to generate power. The growing demand in the energy sector may boost the heat exchanger market during the forecast period.
- According to Energy Information Administration, The total electricity generation in the United States accounted for 4243 Terawatt-hours (TWh) in 2022. With an annual growth rate of 3.3% compared to the previous year and increasing urbanization, The electricity demand is expected to grow further in the coming years.
- In November 2022, the Council of Ministers formally authorised the decision to build Poland's first nuclear power station with three Westinghouse AP1000 reactors. Westinghouse had been chosen for the first of the Polish government's 6 to 9 GW nuclear projects.
- Hence, such projects will positively impact the heat exchanger market during the forecast period.
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Asia-Pacific Expected to Dominate the Market
- Asia-Pacific dominated the heat exchanger market in the past. It will likely dominate the market during the forecast period due to several power projects under construction.
- As of July 2022, China has 1118 operational coal power plants, and the government plans to include more large-scale coal-fired power plants. This factor is expected to drive the demand for heat exchangers in the country.
- Additionally, NTPC Ltd. intends to begin the construction of additional coal plants, this year. The country continues to rely on fuel to meet its expanding energy needs. The New Delhi-based NTPC is expected to award building contracts for approximately 4.5 gigatonnes of coal-fired capacity.
- Hence, such projects are expected to drive the Asia-Pacific heat exchanger market during the forecast period.
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