The increased focus on effective thermal management in various industries, such as oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is likely to drive demand for heat exchangers during the forecast period. The market is also likely to be driven by rising chemical industry demand, technical developments, and a growing focus on improving efficiency requirements in the future years. The majority of operations in petrochemical plants involve high pressure and temperature, demanding heat transfer optimization and energy savings, which is projected to increase demand for energy-efficient heat exchangers.The Global Heat Exchangers market was valued at USD 17.93 billion in 2021 and it is predicted to reach USD 26.78 billion by 2030, rising at a compound annual growth rate (CAGR) of 5.1 % from 2022 to 2030.
A heat exchanger is a device that allows heat to be transferred from one fluid to another. It's utilised to regulate a system's or substance's temperature. It contains hot and cold fluid streams that are used to transfer thermal energy between them. If the fluids are immiscible, they can be separated by a thermally conductive tube or plate or kept in direct contact. These devices aid in the heating and cooling of buildings, as well as the proper operation of motors and machinery.
Years Considered for the study:
Heat Exchangers Market
The global heat exchangers market is segmented based on type, raw materials and application.
By Product Type:
In 2021, the shell and tube segment led the industry, accounting for largest of global revenue demand. A bundle of tubes is inserted in a cylindrical shell with the tube axis parallel to the shell axis to create shell & tube products. Floating-head type, U-tube design, and fixed tube sheet design are the three most prevalent forms of shell & tube goods. During the projected period, the plate and frame product sector is expected to grow at a CAGR of 5.6%.
By Raw Materials:
The heat exchanger market is dominated by the steel segment. Due to its high strength, durability, and corrosion resistance, stainless steel is an excellent choice for heat exchanger construction. Mild steel and stainless steel are the most popular steel grades among manufacturers. Titanium and other non-metals are employed in the chemical industry for hostile media such as nitric acid, hydrochloric acid, phosphoric acid, and chlorine, and have applications in shipbuilding and the marine sector.
The chemical industry has been a pioneer in the use of heat exchangers because different chemicals are being used for different applications which are synthesised at different temperatures. These compounds must also be treated at specific temperatures and humidity levels, which is a crucial element of the chemical manufacturing process. Apart from that, the oil and gas sector, as well as the power sector, have expanded in response to increased energy demand, and hence provide good growth prospects.
The petrochemical sector is expected to develop in response to rising demand for fertilisers, plastics, packaging, digital devices, medical equipment, and textiles.
By Regional Outlook:
On the basis of geography, the global waterproofing membrane market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2021, Europe dominated the market, accounting for largest share of global sales. The demand for these goods in the HVAC & refrigeration industry is expected to increase as public and private infrastructure investments increase. Furthermore, rising demand from a variety of end-use sectors for heat exchangers with improved durability, efficiency, and fouling resistance is likely to fuel industrial expansion over the projection period.
During the forecast period, Asia Pacific heat exchanger demand is expected to grow at a notable CAGR. The overall expansion of the heat exchangers market in Asia Pacific has been aided by rapid industrialization in the region's developing countries, as well as rising investments in manufacturing, commercial, and industrial projects.
By Key Competitors and Market Share Analysis:
The global heat exchangers market is characterized by the presence of international and regional players involved in product creation, manufacture, and distribution. Product makers try to gain a competitive advantage over their competitors by expanding the scope of their products' applications.
New product creation, diversification, mergers and acquisitions, and global expansion are all strategies used by manufacturers. These techniques help businesses grow their market penetration and respond to changing technological demands in a variety of industries.
The following are some of the major market players operating across the globe:
- HRS Heat Exchangers
- Hisaka Works, Ltd.
- Alfa Laval
- Kelvion Holding GmbH
- API Heat Transfer
- Xylem Inc.
- Koch Heat Transfer Company
- Exchanger Industries Limited
- Boyd Corporation
- H. Gntner Limited
- Johnson Controls
Scope of the report
|Actual estimates/Historical data||2017 - 2020|
|Forecast period||2022 - 2030|
|Market representation||Revenue in USD 26.78 billion & 5.1% CAGR from 2022 to 2030|
|Regional scope||North America, Europe, Asia Pacific, Latin America, MEA|
|Country scope||USA, Canada, Mexico, Brazil, Argentina, U.K., Germany, Italy, France, Spain, China, Japan, South Korea, India, Australia, Saudi Arabia, Qatar, UAE, South Africa, etc.|
|The Segment covered by||Product, Raw Materials , Application|
|Companies covered||HRS Heat Exchangers, Hisaka Works, Ltd., Alfa Laval, Kelvion Holding GmbH, Danfoss, API Heat Transfer, Xylem Inc., Koch Heat Transfer Company, Exchanger Industries Limited, Boyd Corporation, H. Gntner Limited , Johnson Controls , XYLEM|
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
|Free customization scope (equivalent to 5 analyst working days)||If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization|
Significant Highlights of the Heat Exchangers Market Research Report:
- The Report Provides the CAGR of the market during the forecast period 2022-2030.
- Detailed analysis and information on factors that will drive Heat Exchangers market growth during the next five years.
- Accurate predictions on the latest and upcoming trends, changes in consumer behavior.
- The growth of the Heat Exchangers market industry across North America can be segmented into the U.S., Canada. Europe is segmented into Germany, the UK, France and the Rest of Europe. The Asia Pacific comprises China, Japan, India, and the Rest of Asia Pacific. The rest of the world has been further segmented into Latin America and the Middle East and Africa.
- A detailed analysis of the markets competitive landscape and in-depth analysis and information on the market.
- Comprehensive details of factors that will challenge the growth of the Heat Exchangers market.
- The report analyses all the recent major developments and helps users of the report with current industry updates.
- We calculate market size such as Historical and forecast the size of the Heat Exchangers market in terms of Revenue (USD Million).
- Market opportunity analysis for specific demography.
- Privately held or very small players profiling in the global marketplace.
- DLF Data Analytics Model is a statistical tool that helps the company to forecast market estimates. A few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
The Key Audiences for Heat Exchangers Market Report:
- Consulting Firms & Research Institutes
- Industry Leaders & Companies aims to enter the Heat Exchangers market
- Universities and Student
- Service Providers, Product Providers, Solution Providers, and other players in the Heat Exchangers market
- Government Bodies and Associated Private Firms
- Individuals interested to learn about the Heat Exchangers market
Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2030. For the purpose of this report, Data Lab Forecast has segmented the global Heat Exchangers Market report on the basis of Product, Raw Materials , Application, and region:
The report segment of the global Heat Exchangers market is as follows:
Global Heat Exchangers Market: By Product Outlook (Revenue, USD Million, 2021 - 2030)
- Plate & Frame (Brazed, Gasketed, Welded)
- Shell & Tube
- Air Cooled
Global Heat Exchangers Market: By Raw Materials Outlook (Revenue, USD Million, 2021 - 2030)
Global Heat Exchangers Market: By Application Outlook (Revenue, USD Million, 2021 - 2030)
- Food & Beverage
- Power Generation
- Pulp & Paper
Global Heat Exchangers Market: By Region Outlook (Revenue, USD Million, 2021 - 2030)
In case you dont find what you are looking for, please get in touch with our custom research team at firstname.lastname@example.org
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle East and Africa
- GCC Countries
- South Africa
- Rest of The Middle East & Africa