Heat Exchanger Market By Product Type (Shell and Tube, Microchannel Heat Exchanger, Plate and Frame (Brazed Plate & Frame Heat Exchanger, Gasketed Plate & Frame Heat Exchanger, Welded Plate & Frame Heat Exchanger), Air-Cooled, Other types), By End-User (Chemical and Petrochemical, HVAC and Refrigeration, Power Generation, Food and Beverage industry, Oil and Gas, Pulp & Paper, Others), Global Report by Size, Industry Analysis & Report, 2021 - 2030.

Industry Report and Statistics (Facts & Figures) - Sales Volume, ASP & Demand Analysis by Technology, Product & Application

The global heat exchanger will witness a robust CAGR of 5.3%, valued at $16.32 billion in 2021, expected to appreciate and reach $25.9 billion by 2030, confirms Strategic Market Research. Asia-Pacific will dominate the world's heat exchanger industry with a market share of over 30% in 2020. A heat exchanger is equipment that converts heat from one working fluid to another. Heat exchangers are widely used for both cooling and heating purposes. A solid wall separates the liquids from one another to prevent the liquid's mixing. They are widely used for various things, including home heating, air conditioning systems, refrigeration, hydropower dams, waste treatment, the production of oil and gas, chemical and petrochemical plants, and many others. The most typical application of a heat exchanger is in internal combustion engines, where an engine coolant flows through radiator coils while air passes by, cooling the coolant and heating the incoming air.

Another example is the heat sink, a type of passive heat exchanger that transfers heat from an electrical or mechanical device into a fluid medium, usually air or a fluid coolant. It is a piece of machinery used to control a system's operational temperature and waste heat. Two fluids or gas and fluid mixtures operating the device are at various temperatures and heat levels. For heat transfer between fluids or air where one flows through the pipes and the other flows above the pipes, tubes or pipes are typically preferred. These are utilized in several processes, including chillers, vaporizers, reboilers, evaporators, and condensation. Air conditioning, refrigeration, chemical processing, power generation, and automotive applications play a crucial role in the system. In 2020, there were 26823.2 Terawatt-hours (TWh) generated in total. In the upcoming years, more growth in the power demand is anticipated. The global health calamity brought by the unforeseen spread of the new coronavirus, also known as COVID-19, has devastatingly influenced every business. Due to the implementation of stringent rules like the national lockdown to stop the virus's spread, industries had to lose substantial operational time. As a result, the illness outbreak has changed the demand because the Heat exchanger industry reduced its production in 2019-2020. Government restrictions led to the reduction of these exchangers' manufacturing plants in several nations. Even after some constraints were lifted, a scarcity of workers still hindered output. But after the epidemic, demand is poised to surge drastically due to a greater need to meet district energy and renewable energy standards and the requirement to meet HVAC demand. For instance, the U.K. Government has said that by 2030, district heating networks will be able to meet 17% of U.K. heating needs.

 

 

Key Industry Drivers

Rapid Growth of the Industrial Sector Across the Globe to Drive the Market, the Ability to Improvise Efficiency by Capturing the Waste Heat to Drive the overall heat exchanger market growth, and the expansion of the chemical and petrochemical industries will drive demand for heat exchangers worldwide.

• Heat exchangers are installed in different types of industries for a variety of applications. For instance, these are employed in the pasteurizing of food and beverage products and heat recovery in the oil, gas, and power industries. Apart from the applications mentioned above, these are mostly employed as cooling equipment in the industrial sector. These heat exchangers are cooled by coolants that regulate the system's working temperature. Due to increased energy demands and power consumption, the application scope is growing alongside the rise of all industries mentioned above. The global demand for this exchanger is expected to increase during the forecast period due to all the above-mentioned factors. The US government offered a 9% tax credit to counteract the increase in demand. According to a researcher's analysis, this decision led to an additional 30% increase in industrial growth.

 

• Every industry globally generates waste heat that can be captured and used to utilize high temperatures and energies. The tools like waste heat boilers and heat recovery steam generators are in great demand across all industrial verticals because they are outfitted with the functionality to perform the same. As a result of improving heat utilization and lowering energy costs per unit, their use ultimately results in profits for the owner. The expansion of application industries, including the food and beverage industry and power plants, encourages investments in such exchangers. According to research, Asia Pacific would invest 25% more in constructing power plants due to the rapidly growing demand in the region.

 

• According to a study, the North American petrochemical industry would grow by 8% in 2022 and grow by 2.5% in 2020 to meet global demand. The growing private end-use sector is a major driver of the expansion of the chemical industry in the United States. Increasing demand for various end-use applications drives further investment in the chemical industry. Heat exchangers are used to cooling, heat, and mix various components to manufacture chemicals. The increasing growth of the chemical sector is the main factor driving the industry for heat exchangers. By the end of the year 2022, China will account for more than 50% of the revenues across Asia for the automotive heat exchanger industry. It saw a substantial increase as compared to ten years’ data. Given the extensive product penetration in a wide range of applications, including preservative moisture in the air, different material mixtures, hydrocarbons heat exchange, electrical heating of water circuits, thermal dissipation of hydrocarbons, convective heat transfer & refrigeration of intermediate products, heating & cooling of reactors, and much more, it is predicted that the dynamically growing energy industry in Asia, particularly in Asian nations such as china, will act as a significant driving factor for the market for heat exchangers. Market Restraints: - (High maintenance costs are preventing market expansion)

 

• One of the key market restraints is the devices' propensity for scaling and corrosion and the daunting task of cleaning the tubes. The interior parts of the heat exchangers are prone to corrosion as they deal with various chemicals and water types, and the difficulty of maintenance and part replacement further increases the losses. These elements may limit the market's ability to expand.

 

Opportunities - Rapid Industrialization, New Nuclear Power Plant Projects

• Rapid urbanization in the developing nations of Asia-Pacific, together with higher investment in commercial, industrial, and manufacturing projects, has contributed to the region's overall growth in the heat exchangers industry. This expansion can be attributed to increasing market penetration in numerous end-use industries, including power generation, petrochemicals, chemicals, HVAC & refrigeration, and food & beverage. As the main consumers of heat exchangers, industrialized nations like Europe and North America are being replaced by a significant number of growing economies in Asia, including China and India. Due to its current acquisition of 14.76 percent of the global heat exchanger market, China is predicted to overtake all other countries as the industry's leader by 2030. Increasing environmental regulations, widespread industrial dispersion, heavy government regulation, and the growing importance of specialty chemicals are all factors that have contributed to China's petrochemical industry's development. Profitable opportunities for the market expansion of heat exchangers are created by rising energy demand.

 

• The rise in nuclear power facilities will be a major driver of the heat exchangers market. The heat exchangers significantly impact a nuclear power station's overall effectiveness and power production. Key growth prospects for the heat exchanger market players include the expansion of heat exchangers used in nuclear reactors and plant upgrades and new nuclear power plant proposals. In 2021, Japan announced 22 coal-fired power plants in 17 locations, and currently, the number is 150. Also, China has built more than half of the coal-fired power plants around Mainland China as other countries produce. These initiatives will use coal to generate electricity. Since heat exchangers are utilized in all coal-fired power plants, their market is projected to experience significant growth. There will be prospects for the market for heat exchangers in the future, with 443 nuclear reactors operating in 32 nations throughout the world as of 2020, and more than 60 reactors are now under development. This represents 29% of the worldwide reactor capacity.

 

 

Market Analysis Of Different Segments Covered in the Report

Based on Product Type

• Shell and Tube

• Microchannel Heat Exchanger

• Plate and Frame

• Brazed Plate & Frame Heat Exchanger

• Gasketed Plate & Frame Heat Exchanger

• Welded Plate & Frame Heat Exchanger

• Air-Cooled

• Other types

 

Based on End-User

• Chemical and Petrochemical

• HVAC and Refrigeration

• Power Generation

• Food and Beverage industry

• Oil and Gas

• Pulp & Paper

• Others

 

Regional Coverage Analysis

North America

• United States

• Canada

• Mexico

 

Europe

• Germany

• France

• Italy

 

Asia Pacific

• China

• Japan

• India

 

Central & South America

• Brazil

 

Middle East & Africa

• Saudi Arabia

• UAE

 

 

Product Type Analysis & Insights

The heat exchanger market is divided into shell and tube, plate and frame, air-cooled, microchannel, and other categories depending on the product type. In 2021, the shell and tube category dominated the market for heat exchangers, and it is anticipated that this pattern will hold true for the duration of the forecast period. It is expected to be valued at USD 6220 million in 2021 and USD 8900 million in 2030, with a CAGR of 4.38 percent. A shell and tube heat exchanger is a kind of heat exchanger that consists of and involves a cylinder that carries one fluid, while the smaller cylinders inside carry another fluid.  Shell & tube heat exchanger, which utilizes downflow of feed gas via the tubes, can be utilized for feed gas cooling.

 

End-User Analysis & Insights

Chemical and petrochemical products dominated the market in 2021, with 22 % of the global revenue demand of the heat exchanger market. Because of its qualities, including flexibility in design and high corrosion resilience, heat exchangers have made a significant contribution to the chemical processing industry (CPI). These qualities allow them to control fluids with different amounts of solid material. The growing need for textiles, polymers, computer equipment, medical equipment, and packaging will certainly lead to the expansion of the petrochemical sector. Electric cars, solar panels, and wind turbine blades will boost the market for the petrochemical industries due to the adoption of current technologies. During the projection period, a CAGR of 4.7% is predicted for the demand for heat exchangers in the oil and gas end-use industry. Demand for heat exchangers is anticipated to rise as shale gas is increasingly used in manufacturing and the energy sectors. Shale gas exploration operations have increased due to technical developments in exploration. Moreover, the expansion of oil and gas projects in different economies probably drives the economic expansion of oil and gas industries.

 

Regional Analysis & Insights

Over the forecasted period, demand for heat exchangers in the Asia Pacific area is expected to increase at a CAGR of 6 %. The fast industrialization has stimulated the need for heat exchangers in the region by the developing countries of the Asia Pacific and increased investments in commercial, industrial, and manufacturing projects, which has benefited the entire Asian region. With a market value of USD 5.67 by 2030, the global market in the Asia Pacific region is destined to rise significantly. The strict environmental protection regulations of the European Commission are to blame for the decline in the market value of the heat exchanger industry in European countries. The European Commission sets significant greenhouse gas reduction targets, including cutting emissions of greenhouse gases by 15% and improving energy efficiency by 25%. To grow North America's share of the global market, several well-known North American companies in the oil and gas, ICT, HVAC, automotive, aviation, and aerospace sectors aim to take advantage of this opportunity.

 

Heat Exchanger Market Report Coverage

Report Attribute	Details
Forecast Period	2021 - 2030
The market size value in 2021	USD 16.32 billion
The revenue forecast in 2030	USD 25.9 billion
Growth rate	CAGR of 5.3 %
The base year for estimation	2021
Historical data	2017 – 2020
Unit	USD Billion, CAGR (2021 - 2030)
Segmentation	By Product Type By End-User By Region
By Product Type	Shell And Tube Plate And Frame Air-Cooled Microchannel Heat Exchanger Others
By End-User	Chemical and Petrochemical HVAC and Refrigeration Power Generation Food and Beverage Oil and Gas Others
By Region	North America the U.S. Canada Mexico Europe Germany France Italy the Asia Pacific China Japan India Central & South America Brazil Middle East & Africa Saudi Arabia UAE

 

Global Heat Exchanger Market Competitive Landscape Analysis

The competitive landscape study provides an insight into some significant market participants. The development of the industry has been aided by product innovation and ongoing R&D activities to manufacture sophisticated technologies. There are numerous prominent players in the Heat Exchanger Market, some of which are listed below:

• General Electric Company

• Alfa Laval AB

• Kelvion Holding GmbH

• Danfoss AS

• Hisaka Works Ltd

• Exchanger Industries Limited 

• Mersen

• API Heat Transfer

• Boyd Corporation

• XYLEM

• Johnson Controls

 

 

Recent Developments

• The BX4T brazed plate heat exchanger (BPHE), the newest addition to the B4-sized range for the refrigeration sector, was introduced by SWEP, a division of Dover Corporation, in January 2021. The BX4T is ideal for variable refrigerant flow (VRF), heat pumps, and condensing units since it has a more compact design than previous economizers.

 

• To create brazed heat exchangers, ALFA LAVAL built a new factory in San Bonifacio, Italy, in 2021. (BHE). The new factory will have more capacity to supply the increased demand for heat exchangers from customers. The facility also has training centers and an advanced research lab for refrigerant studies. The corporation wants to increase manufacturing capacity while fostering close customer relationships.

 

• To increase its commercial activities in North America, BOYD Corporation opened a new production plant in Juarez, Mexico, in 2021. The business will produce diverse designed materials and thermal systems in an automated setting using renewable energy. A quality management system will be accredited for the 40.000 square metre facility. The growth strategy will increase production capacity for intricate liquid cooling systems, liquid cold plates, and cutting-edge rotary dies to serve the North American market.

 

• To create digital solutions that simplify service and maintenance for its selection of plate heat exchangers, Alfa Laval and Microsoft entered into a global collaboration agreement in December 2021. The new gadgets' end-users will be able to ascertain the consumers wants thanks to artificial intelligence (A.I.).

 

• A subscale 3D printed heat exchanger was constructed and tested in June 2021 by an interdisciplinary team from G.E. Research, led by Lana Osusky, ln association with eminent scientists from The Oak Ridge National Laboratory, as well as from the University of Maryland, at temperatures that met the project's target of 900°C and at pressures that came near to the target of 250 bar. This temperature is greater than 200°C, or around 400°F, higher than what modern technology can withstand.

 

Various Devices Manufactured by Key Market Leaders are as Follows:

Name	Feature	Key Player
Large size PHE	Plate Types and Dimensions in a Plate Heat Exchanger (PHE) Structure. The feat of "energy saving" is made possible by HISAKA's Heat Exchanger Division, whose heat transfer plate is around 1.2 times larger than a flat plate.	Hisaka
shell-and-tube heat exchangers	Alfa Laval Olmi's specialized heat exchangers are made for the most demanding uses in the chemical processing, power generation, and oil & gas industries. As a result of their high reliability and low maintenance needs, these units maximize plant sustainability while still having a competitive total cost of ownership and trouble-free operation.	Alfa Laval
Welded PHE	Welded plates increase the potential of plate heat exchangers. Plate heat exchanger with welding through thin metal heat transfer plates that have been press-molded, plate heat exchangers exchanges heat. They replace Shell and Tube in many industrial applications since they are high-performing, light, and compact.	Hisaka