The global heat exchanger market size is expected to reach USD 26.78 billion by 2030, according to a new report by Grand View Research, Inc. Rising demand from various industries, including chemical & petrochemical, and power generation, along with an increasing focus on improving efficiency standards in expected to drive the market at a CAGR of 5.1%.
Heat Exchanger Market Report Highlights
- The demand for plate & frame heat exchangers is anticipated to witness growth at a CAGR of 5.6% from 2022 to 2030 on account of its simple & compact structure coupled with their ability to increase capacity easily by adding new plates to the system
- The product demand in the power generation industry accounted for a revenue share of 13.7% in 2021, owing to the increasing energy demand coupled with rising concerns about energy loss and growing focus on efficient thermal management in power plants
- The market in the Asia Pacific is likely to witness a CAGR of 6.2% during the forecast period owing to rapid industrialization coupled with the increasing investments in manufacturing projects and the expanding chemical & power generation industry in the region
- The demand for heat exchangers in Saudi Arabia is expected to witness a CAGR of 4.5% owing to the presence of a robust oil & gas industry coupled with the growth in the manufacturing sector attributed to the government’s diversification efforts
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Heat exchangers are devices used to transfer heat between a source and a working fluid (Liquids, vapors, or gases) or heating a cooler fluid using heat from a hotter fluid by transferring its heat. they remove waste heat from cabinets and panels without letting contaminants and are used in many applications as refrigeration, heating, and air-conditioning systems, power plants, chemical processing systems, food processing systems, automobile radiators, and waste heat recovery units. Industry growth is primarily driven by a rise in HVACR deployment, and other industrial activities, surging energy prices, and rapid industrial expansion in developing economies. Some common types of exchangers are finned tube heat exchangers or air-cooled heat exchangers, shell and tube heat exchanger, Double pipe heat exchangers, Condensers, evaporators, boilers, and plate heat exchanger or gasket plate heat exchanger.
The presence of favorable government regulations in the emerging economies of China, India, Brazil, and Mexico about setting up new manufacturing facilities is expected to spur the demand for heat exchangers in various industries. In addition, upcoming nuclear power projects, particularly in the Asia Pacific, are anticipated to drive market growth during the forecast period.
Technological advancements coupled with constant efforts and investments by major market participants in product innovation and research & development are expected to increase the market competitiveness over the coming years. The adoption of novel techniques of additive manufacturing in the production of heat exchangers is likely to complement industrial growth.
The COVID-19 pandemic has severely impacted several economies worldwide. Containment measures, including lockdown imposed by various countries to curb the spread of COVID-19, have resulted in limiting the operations of the manufacturing facilities, thereby negatively impacting the demand for heat exchangers in 2020.
Heat Exchanger Market Insights By Demographics
Europe led the market and accounted for largest revenue share. Rising public and private infrastructure investments are anticipated to drive the demand for these products in HVAC & refrigeration industry. Rising oil & gas exploration activities in the U.S. and Canada are expected to drive the demand for these products in the North America region. The Asia Pacific heat exchangers demand is likely to witness a healthy CAGR during the forecast period. Rapid industrialization in the developing economies of Asia Pacific coupled with rising investments in manufacturing, commercial, and industrial projects has contributed to the overall growth of the heat exchangers market in the region.
Competitive Analysis By Major Companies
The global heat exchangers market is characterized by the presence of multinational as well as regional players that are engaged in designing, manufacturing, and distributing these products. Product manufacturers strive to obtain a competitive edge over their competitors by increasing the application scope of their products. Strategies adopted by manufacturers include new product development, diversification, mergers & acquisitions, and geographical expansion. Some prominent players in the global heat exchanger market include:
- Alfa Laval
- Kelvion Holding GmbH
- Danfoss
- API Heat Transfer
- Xylem Inc.
- HRS Heat Exchangers
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Heat Exchanger Market Segmentation
Grand View Research has segmented the global heat exchanger market on the basis of product, end use, and region:
- Product Outlook (Revenue, USD Million; 2017 – 2030)
- End-use Outlook (Revenue, USD Million; 2017 – 2030)
- Regional Outlook (Revenue, USD Million; 2017 – 2030)
- List of Key Players of Heat Exchanger Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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