Ship Heat Exchanger Market Outlook – 2030
The maritime industry has played an important role in business growth by transporting goods on a global scale. While it is important to reduce the travel time by improvising ship technology but safety, reliability and durability are equally important to a ship’s operations.
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A heat exchanger is a cooling device that minimizes the temperature of the ship-based system by transferring the temperature of the system to another system to help keep the system running efficiently, recover waste heat, reduce emissions, and supply clean water. Due to the growing demand for efficient ship operations in this market, manufacturers are constantly developing products that can withstand the harsh conditions at sea.
The increasing adoption of renewable energy resources, such as wind and solar, is one of the leading factors driving the demand, which will finally benefit the global ship heat exchanger market growth. Increased energy demand in accordance with the need to reduce greenhouse gas (GHG) emissions, is expected to drive the installation of the device. These heat exchangers are an important component in wind turbines and are used to transfer solar energy absorbed in solar collectors to the liquid or air used to heat water or space. Furthermore, government targets for renewable energy are an additional boost to the market as this exchanger is an important part of the renewable energy systems. For instance, in 2019, Germany announced its target of producing 20GW energy by using offshore wind power by 2030.
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Companies covered: Alfa Laval Mid Europe, Blokland Non-ferro, DongHwa Entec, E. J. Bowman, ETB Energietechnik Bremen GmbH, Vineta, Pomar Water, Teknotherm, Tranter, Inc., and Mersen.
COVID-19 Impact analysis
The manufacturers in ship heat exchanger industry across the globe is being affected severely due to the restrictions on production as well as the declared lockdowns which in turn is affecting the ship heat exchanger manufacturers worldwide. The pandemic has had a negative impact on the ship heat exchanger market size for the year 2020, a major deviation is noticed in the growth of ship heat exchanger due to coronavirus. As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many manufacturers disrupted. Moreover, cargo ships are less expensive for shipping goods as compared to road and air transits, more cargo can be carried from one place to another within a short span of time this help ship heat exchanger manufacturer to survive during pandemic.
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Top Impacting Factor
Ability to improve efficiency by capturing waste heat, rapid growth of industrial sector across globe, and government regulation for carbon emission are driving the growth of the market.
Scaling & corrosion of these devices, and difficulties in cleaning of tubes is expected to hamper the growth of the market.
Increasing usage of renewable energy resources, and increasing FDI can be seen as an opportunity for the market investments.
The ship heat exchangers market trends are as follows:
Ability to improve efficiency by capturing waste heat
All of the industries working around the world produce waste heat which can be trapped and used again to use the high temperature and high energies. This equipment is equipped with the functionality to carry out the same and hence are in high demand across every industry vertical. Ultimately it yields profit to the owner as it improves the heat usage and reduces energy cost per unit. February 2021 – Saulsbury announced about the contract it received from North America’s leading provider of low carbon energy solutions for customers in the energy, utility, and industrial sectors. According to the conhect, the company will deliver 10 MMCF/D Compressed Natural Gas (CNG) loading station in West Texas. Moreover, the application industries such as power plants, food and beverages industry are growing at a healthy rate, boosting investment for such exchangers.
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Rapid growth of industrial sector across globe
Heat exchangers are installed across various industries for different applications. For example, in food and beverages industry, these are used for decontamination and in oil and gas and power sectors, these are used for heat recovery. Apart from above usages, these are mostly used as cooling equipment across industrial sector. Coolants run through these exchangers to manage the functional temperature of the whole system. The application scope is expanding along with development of all above mentioned industries owing to hiked power demand and energy requirements. February 2021 – Alfa Laval partnered Carrier Global Corporation, a leading global provider of sustainable building and cold chain solutions, for the supply of engineered heat exchanger across carrier’s commercial HVAC and refrigeration portfolios globally. Owing to all the above mentioned factors, the demand for global ship heat exchangers will rise during the forecast period.
Key benefits of the report:
This study presents the analytical depiction of the ship heat exchanger industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the ship heat exchanger market.
The current market is quantitatively analyzed from 2020 to 2028 to highlight the ship heat exchanger market growth scenario.
The report provides a detailed ship heat exchanger market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the ship heat exchanger market research report:
Which are the leading market players active in the ship heat exchanger market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the ship heat exchanger market?
What are the projections for the future that would help in taking further strategic steps?
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