Global Heat Exchangers Market

Global Heat Exchangers Market Size, Share, Growth Analysis, By Product(Plate & frame heat exchanger, Shell & tube heat exchanger), By End-Use(Chemical, Food & Beverage), By Material(Steel, Non-Steel) - Industry Forecast 2023-2030


Report ID: SQMIG20C2011 | Region: Global | Published Date: April, 2023 | Pages: 158 | Tables: 94 | Figures: 58

Global Heat Exchangers Market Insights

Heat Exchangers Market size was valued at USD 15.94 billion in 2021 and is poised to grow from USD 16.64 billion in 2022 to USD 27.55 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).

Heat exchanger is a device that transfers heat between two or more process fluids. Heat exchangers are widely used in both industrial and home settings. Many different types of heat exchangers have been invented for use in steam power plants, chemical processing facilities, building heating and cooling systems, transportation power systems, and refrigeration units. The trend toward reducing heat waste in industrial processes is increasing demand for heat exchangers in a variety of industries, including chemical, food and beverage, power generation, oil and gas, and so on. One major advantage of heat exchangers in these sectors is that they increase the efficiency of the operational processes. The chemical sector had a substantial revenue share in 2020 and is expected to expand at a rate of 7% by 2027. The majority of the demand is projected owing to the rise of the chemical sector in China. Aside from these industries, the automotive sector will witness an increase in demand for heat exchangers.

Since various chemicals used for different applications are manufactured at differing temperatures, the chemical industry has been a forerunner in the deployment of heat exchangers. In recent years, the HVAC business has picked up speed, with increased installations in the commercial and residential sectors driving market expansion. Similarly, the growth of the food and beverage sector as well as the car industry, with increased food output and vehicle demand, would provide opportunities for this market. Furthermore, the market is seeing the development of new technologically sophisticated items in order to improve the product's competency. These elements will increase market rivalry while simultaneously boosting market growth.

US Heat Exchangers Market is poised to grow at a sustainable CAGR for the next forecast year.

 

Market snapshot

Largest Segment

Chemical

Fastest Growth

Chemical

Global Heat Exchangers Market, 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
Global Heat Exchangers Market Size By End-Use, 2021-2028 ($ Bn)
Global Heat Exchangers Market Size By End-Use, 2021-2028 (%)

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Global Heat Exchangers Market Segmental Analysis

The Global Heat exchangers market is segmented based on Product, End-Use, Material, and Region. Based on Product it is categorized into: Plate & frame heat exchanger, Shell & tube heat exchanger, Air-cooled heat exchanger, Others. Based on End-Use it is categorized into: Chemical, Food & Beverage, HVAC & refrigeration, Oil & Gas, Power Generation, Pulp & Paper, Others. Based on Material it is categorized into: Steel, Non-Steel. It  is attributed to its high beneficial characteristics, such as resistance against corrosion in a wide range of pH levels, lightweight, high thermal conductivity, and no requirement of special fluids, as it is compatible with plain clean water. It is a bit expensive; however, due to its aforementioned characteristics, it is preferred for long-run application. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Heat Exchangers Market Analysis by End-Use

The chemical sector will continue to dominate the heat exchanger market. Heat exchangers are used in a variety of sectors, including chemical, energy, HVACR, food & beverage, power generation, paper & pulp, and others. This is attributed to its high adoption of heat exchangers in the chemical industry owing to their application in a complex series of processes, such as heating, cooling, condensing, evaporation, separation, and others. The rapidly increasing chemical industries in China, India, and the United States are driving the heat exchangers market. Furthermore, the strong growth in this area might be due to rising consumption of petroleum products and higher crude oil and natural gas exports. The energy industry is expected to be the fastest-growing end consumer of heat exchangers between 2021 and 2026, with a CAGR of 5.6 %. Rising natural gas and crude oil extraction operations in North America, the Middle East, and Africa are also driving the heat exchangers market. In addition, heat exchangers also withstand the continuous chemical reactions, allowing critical processes to be completed safely as well as efficiently.

 

 

Global Heat Exchangers Market By End-Use , 2021(%)

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Global Heat Exchangers Market Regional Insights

In terms of regional insights, in 2020, Europe held the dominant market position with a revenue share of 33%. It is expected that the European market will grow at a modest CAGR of 5% between 2020-2027. This growth was attributed to the demand for heat exchangers from various industries in Germany, France, UK. Furthermore, the increasing demand for heat exchangers from HVAC and refrigeration will further expand the market growth. The regions of the Middle East and North America will see positive market growth by 2027.

 

 

Global Heat Exchangers Market By Geography, 2021 - 2028
  • Largest
  • Fastest

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Global Heat Exchangers Market Dynamics

Heat Exchangers Market Driver

  • The market will be driven by rising industrialization in developing economies. Rapid industrialization in APAC emerging nations such as China and India is predicted to drive demand for heat exchangers due to rising investments, raw material costs, and low-cost labour. Manufacturing, commercial, and industrial developments in the area have also contributed to the global heat exchangers market's overall growth. Increased demand for heat exchangers is being driven by the chemical, HVACR, petrochemical, and oil & gas sectors, as well as government initiatives in countries like as Japan and India to produce thermal and solar energy. Furthermore, the growing need for petrochemical products is projected to benefit the heat exchangers industry.
  • The advanced and next generation network-based solutions through growing integration of the current product line will drive the market.Various key players of this industry are also performing research & development activities, including leading technologies, such as the Industrial Internet of Things (IIoT), to this industry. This extension can widely help reduce downtime, energy consumption, wear & tear, and efficient machine optimization and predictive maintenance of the systems.

Heat Exchangers Market Restraint

  • Raw material price fluctuations will have an influence on the profitability of heat exchanger producers. Manufacturers of heat exchangers are vulnerable to variations in the prices of raw materials such as copper, aluminum, steel, and other metals. The volatility of raw material costs is influenced by a variety of variables, including economic circumstances, currency rates, and supply conditions, all of which have a negative impact on manufacturers. Price variations cause the postponement or cancellation of big capital projects, stifling the expansion of the heat exchanger industry. However, in order to control the risk associated with pricing volatility, pricing trends are tracked in order to mitigate the risk connected with pricing.
  • Heat exchangers are not feasible for smaller capacities, especially residential, as economies of scale are difficult to overcome. They are mainly suitable for ample commercial space, industrial, hospitals, educational institutes, and others.This major issue of installation and operation cause the major obstacle in Growth of the market.

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Global Heat Exchangers Market Competitive Landscape

The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:

Heat Exchangers Market Top Players Company Profiles

  • Alfa Laval AB
  • Danfoss A/S
  • Kelvion Holding GmbH
  • Xylem Inc.
  • API Heat Transfer Inc.
  • GEA Group AG
  • Hisaka Works Ltd.
  • HRS Heat Exchangers Ltd.
  • SWEP International AB
  • Tranter Inc.
  • Accessen Group Co. Ltd.
  • Barriquand Technologies Thermiques
  • Chart Industries Inc.
  • Doucette Industries Inc.
  • Fischer Maschinen und Apparatebau GmbH
  • Mueller Industries Inc.
  • Sondex A/S
  • SPX Flow Inc.
  • Vahterus Oy
  • Zhejiang Forwon Plate Heat Exchanger Co. Ltd.

Heat Exchangers Market Recent Developments

  • In March 2022, Alfa Laval at their first online net-zero launch event launches new, cutting-edge thinking in energy-efficiency, clean energy, and circular-economy solutions, including the new Alfa Laval AC65 brazed plate heat exchanger.
  • In February 2022, Bharat Heavy Electricals Limited (BHEL), an Indian government-owned engineering and manufacturing enterprise, has received an order from Hindustan Aeronautics Limited (HAL) to supply Compact Heat Exchanger sets for 83 light combat Tejas MK1A aircraft for an undisclosed sum. This order calls for the production, assembly, testing, and supply of compact heat exchangers for the LCA Tejas aircraft.
  • In February 2022,Wieland acquired Provides, a leading company in the research, development and production of heat exchangers with locations in Italy, USA and China.
  • In June 2021, GE's R&D division tested the new 3D- printed heat exchanger at a temperature of 900 degrees. GE is developing products that can sustain a temperature of more than 200 degrees, which is the capability of already existing heat exchangers.
  • In January 2021, BOYD Corporation opened a new production plant in Juarez, Mexico, to extend its North American activities. In an automated factory fuelled by renewable energy, the business will manufacture thermal systems and diverse engineered materials. The quality management system will be accredited for the 40, 000-square-meter facility. To cater to the North American market, the growth plan will provide extra capacity to create very complicated liquid cooling systems, liquid cold plates, and sophisticated rotary die-cutting capabilities.

Global Heat Exchangers Key Market Trends

  • Market players use 3D printing to manufacture heat exchangers and prototypes of heat exchangers. This helps to customize the product as per the customer's need and saves manufacturing time as multiple heat exchangers can be produced. Key players have already started entering the 3D printed heat exchanger market for more efficient energy conversion.
  • Industrialization is an essential component that drives growing economies. Industry's economic development may improve the lives of people in underdeveloped nations. However, because of the quick speed of industrial expansion in places like China and other parts of Asia, as well as the emphasis on economic development rather than environmental conservation, substantial environmental deterioration can accompany industrial growth in emerging countries. Thermal and solar energy growth in nations such as Japan and India are growing demand for heat exchangers. Furthermore, the growing need for petrochemical products is projected to benefit the heat exchangers industry.

 

Global Heat Exchangers Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

It is anticipated that with growing food output and vehicle demand, the food and beverage sector, as well as the automobile industry, would present chances for this market. In addition, the market is witnessing the creation of new technologically complex products in order to boost the product's competency. These factors would promote market rivalry while also enhancing market growth.

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Report Metric Details
Base year both
Segments covered
  • Product
    • Plate & frame heat exchanger, Shell & tube heat exchanger, Air-cooled heat exchanger, Others
  • End-Use
    • Chemical, Food & Beverage, HVAC & refrigeration, Oil & Gas, Power Generation, Pulp & Paper, Others
  • Material
    • Steel, Non-Steel
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • In March 2022, Alfa Laval at their first online net-zero launch event launches new, cutting-edge thinking in energy-efficiency, clean energy, and circular-economy solutions, including the new Alfa Laval AC65 brazed plate heat exchanger.
  • In February 2022, Bharat Heavy Electricals Limited (BHEL), an Indian government-owned engineering and manufacturing enterprise, has received an order from Hindustan Aeronautics Limited (HAL) to supply Compact Heat Exchanger
Customization scope

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  • Segments by type, application, etc
  • Company profile
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Heat Exchangers Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Heat Exchangers Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Heat Exchangers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Heat Exchangers Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Heat Exchangers Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Heat Exchangers Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Heat exchanger is a device that transfers heat between two or more process fluids. Heat exchangers are widely used in both industrial and home settings. Many different types of heat exchangers have been invented for use in steam power plants, chemical processing facilities, building heating and cooling systems, transportation power systems, and refrigeration units. The trend toward reducing heat waste in industrial processes is increasing demand for heat exchangers in a variety of industries, including chemical, food and beverage, power generation, oil and gas, and so on. One major advantage of heat exchangers in these sectors is that they increase the efficiency of the operational processes. The chemical sector had a substantial revenue share in 2020 and is expected to expand at a rate of 7% by 2027. The majority of the demand is projected owing to the rise of the chemical sector in China. Aside from these industries, the automotive sector will witness an increase in demand for heat exchangers.

The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows: 'In March 2022, Alfa Laval at their first online net-zero launch event launches new, cutting-edge thinking in energy-efficiency, clean energy, and circular-economy solutions, including the new Alfa Laval AC65 brazed plate heat exchanger.', 'In February 2022, Bharat Heavy Electricals Limited (BHEL), an Indian government-owned engineering and manufacturing enterprise, has received an order from Hindustan Aeronautics Limited (HAL) to supply Compact Heat Exchanger '

The market will be driven by rising industrialization in developing economies. Rapid industrialization in APAC emerging nations such as China and India is predicted to drive demand for heat exchangers due to rising investments, raw material costs, and low-cost labour. Manufacturing, commercial, and industrial developments in the area have also contributed to the global heat exchangers market's overall growth. Increased demand for heat exchangers is being driven by the chemical, HVACR, petrochemical, and oil & gas sectors, as well as government initiatives in countries like as Japan and India to produce thermal and solar energy. Furthermore, the growing need for petrochemical products is projected to benefit the heat exchangers industry.

 

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Global Heat Exchangers Market

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