Mega events fuelling market growth of heat exchangers in the GCC region

Dubai, UAE: Heat exchangers are not a new concept, and have existed in the GCC region for a considerable period of time. Though the crude oil prices have taken a hit, there has been an increase in industrial growth and, in addition, the UAE government has announced a slew of infrastructure projects as part of the preparations for the mega events in the GCC region, which, experts says, will drive the growth of the heat exchanger market.

Faraz Gazanfar, Executive Manager at Universal Coils and Heat Exchangers Industry, attributes the growth in sales of heat exchangers to climate change and the need for process cooling by chemical and gas industries. He adds that the Asia-Pacific and the GCC region have a sharper growth than the United States and Europe.

This is because, Gazanfar explains, heat exchangers play a vital role in HVAC systems and other industrial operations and the increase in electro-chemical industries in the GCC region, mainly in Saudi Arabia, is driving the growth in the region. Furthermore, he says, mega events like EXPO 2020 in Dubai and FIFA World Cup 2022 in Qatar will increase the construction of hotels, which contributes to the market growth.

Cost and performance, says Jeff Williams, Product Manager at Vallourec, also drive the demand. “New technological development and greater efficiencies,” he says, “have fuelled competition between the US [companies] and worldwide companies.”