HOME Research Insight New Product Launches, Expansions, and Agreements & Contracts were key Strategies Adopted by the Industry Players to Achieve Growth in the Heat Exchangers Market



New Product Launches, Expansions, and Agreements & Contracts were key Strategies Adopted by the Industry Players to Achieve Growth in the Heat Exchangers Market


The global heat exchangers market is projected to reach USD 22.59 billion by 2023, at a CAGR of 9.0%, between 2018 and 2023. The increasing energy prices; rapid industrialization in APAC; and stringent government regulations on the energy efficiency and CO2 emissions are some of the factors driving the demand for the heat exchangers.

Increasing government regulations, technological advances, and the demand for efficient use of energy have led various end-use industries to focus on energy saving, thus leading to an increase in the demand for heat exchangers. Some of the major players operating in the heat exchangers market are Alfa Laval (Sweden), Kelvion Holdings (Germany), Danfoss (Denmark), Xylem (US), and SPX Corporation (US).

New product launches, expansions, and agreements & contracts were key strategies adopted by the industry players to achieve growth in the heat exchangers market between 2015 and 2018. Companies adopted these strategies to expand their market share, revenue, and distribution network.

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Alfa Laval (Sweden) develops and manufactures finned coil heat exchangers, finned tube air heat exchangers, plate heat exchangers, tubular heat exchangers, and others. It manufactures and supplies heat exchangers through its equipment business segment. The company focuses on adopting strategies such as contracts and new product development to increase its global market share. The company focuses on launching numerous products to increase its product portfolio and provide improved services to its end users. It is focusing immensely on research & development to launch new products and services. The company maintains a strong brand image in the heat exchangers market, as it provides high-quality products. In 2015, the company launched new products such as plates, heat exchangers, and tubes, which helped them maintain the leading position in the heat exchangers market.

Kelvion Holdings (Germany) has a strong foothold in the European market, especially, in Germany. Every year, the company launches about 5-6 new types of the heat exchangers. For instance, in 2017, it launched 5 new products for the heat exchanger market which includes upgraded heat exchangers and its spare parts. In 2015, the company established a new R&D laboratory at Hampshire (UK), which facilitates shortened development time and production of new & innovative solutions.

Related Reports:

Heat Exchangers Market by Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation, Pulp & Paper), and Region - Global Forecast to 2023

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