The heating, ventilation, air conditioning and refrigeration sector is growing at a rapid pace, creating demand for professionals with skills managing and maintaining heat exchangers.
A recent study from Markets and Markets found that that the value of the global heat exchanger market will expand at a compound annual growth rate of approximately 8.2 percent for the period of 2016 through 2021. In 2016, the market is valued at approximately $12.9 billion, and will rise to $19.4 billion by 2021. The growth of the heat exchanger sector is largely driven by increased demand for HVACR systems. Furthermore, more advanced heat exchanger technologies emerging on the market are contributing to growth.
Key attributes of the heat exchanger sector
According to the news source, shell and tube exchangers are currently the most prominent solution type in the industry, and the market for such technologies is expected to increase moving forward. This momentum comes as shell and tube solutions are extremely versatile in nature. Their core attributes allow them to be deployed in a wide range of operational settings and offer a relatively high heat transfer ratio relative to their weight and volume.
While the study found that shell and tube heat exchangers are popular in all verticals that were analyzed, their near-future rise is coming on the heels of investments across commercial settings. Commercial construction is rising around the world, and robust HVACR investments are going hand-in-hand with those projects. This is fueling shell and tube heat exchanger investments around the world.
Implications of heat exchanger market’s rise
All signs within the Markets and Markets study point to the HVACR industry contributing greatly to the upcoming expansion of the heat exchanger sector. On its own, this highlights the potential opportunity for HVACR organizations that have the expertise to maintain a wide range of systems. The demand for skilled professionals in the HVACR sector is clearly backed by data from the U.S. Bureau of Labor Statistics.
The BLS estimates that the number of jobs for HVACR installation and maintenance professionals will expand at a CAGR of 14 percent for the period of 2014 through 2024. This job growth is considered must faster than average.
Beyond mentioning growing demand for HVACR professionals, the BLS mentioned that more HVAC companies are expecting some post-secondary school education from job applicants. On top of this, on-the-job training is critical as well, especially as employers are finding it difficult to find candidates capable of handling the demands associated with more modern HVACR systems.
All told, changes across the HVACR sector are driving demand for professionals capable of maintaining and managing heat exchanger systems. Industrial training can prove vital as HVACR companies, commercial organizations and industrial companies with robust systems work to build crews capable of dealing with increasingly complex technologies.
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