Heat Exchanger Market is projected to be worth USD 33.57 billion by 2030, registering a CAGR of 8.35% during the forecast period (2022 - 2030). Rising investments in manufacturing, commercial and industrial projects is expected to drive the global market during forecast period.
One of the major driving factors of the heat exchangers industry is its rising demand among the non-commercial and commercial sectors. The increase in population and the growth in the economy of various countries are fuelling the market. Other than that, technological advancements and the demand for “Heating Ventilation Air Conditioning and Refrigeration” are boosting the growth.
The disease of COVID-19 had serious effects on the growth of the heat exchangers market revenue. Due to the outbreak, the supply of raw materials has largely affected the market. This factor leads to the shutdown of many manufacturing companies in the heat exchanger industry. It is anticipated that the market will gain its previous position after the virus can be effectively eradicated across various countries.
There are various key players in the global heat exchanger industry that use various tactics to increase their business. They do collaborations, investments, new product launches, new ventures, mergers, acquisitions, etc. Some of the companies are Alfa Laval that has recently acquired some companies to increase heat exchanger market revenue. Here is the list of some major key players -
One of the major drivers of the heat exchanger market is the massive demand for HVAC among the commercial, non-commercial and industrial sectors. The change in the lifestyle, changes in the climate are also some factors leading towards the growth. Also, it has been observed that many economies are growing at a rapid speed demanding sustainable solutions.
There are several restraints that are expected to hamper the market growth. The instability of the prices of raw materials is among the major factors. The unstable prices can create confusion and may have a negative impact on the heat exchangers industry.
The rising heat exchanger market trends are expected to drive the market with various opportunities in the upcoming years. The heat exchangers are efficient solutions for paper, steel and iron, pulp, and mining industries. The heavy investments by the key players and supporting government policies will help the market to propel.
Technological advancement can also hamper the market growth of the heat exchanger industry to some extent. The evolution of cheap alternatives and cost-effective components will prevent market growth. However, the complex installation of the components and identifying skilled labour will be challenging for the market. The supply and transportation of bulky components can be tedious and challenging.
The rising demand for heat exchangers for efficient transportation into conventional energy will drive the market in the future. The people are now also aware of the usage of sustainable and recycling of energy. The Compound Annual Growth of the heat exchanger industry is around 8.35% during the forecast period 2022-2030.
Value Chain Analysis
The growth in the price of heat exchangers largely depends upon technological advancements. Also, the awareness among the consumers and manufacturers for sustainable and renewable energies and components are important factors. Hence, the value of the heat exchanger industry will rise exponentially in the upcoming years.
heat exchanger market size has been divided into application and type. On the basis of application, the heat exchanger industry is further segmented into HVACR, chemicals, beverages and food, power generation, gas and oil, and several others. In this category, the chemical category will dominate the market with the largest share. The chemicals are extensively used among the companies such as agrochemicals, petrochemicals, plastics, pharmaceuticals, polymers, etc.
On the basis of type, the heat exchanger industry is further classified into plate, air-cooled, tube and shell, and regenerative. It is speculated that the shell and tube segment will rule the market because of high pressure, operating temperatures. They are also easy to detect any fault and put less pressure around the tube cooler.
Heat Exchanger Market Regional Analysis
Regionally, the global heat exchanger market outlook is divided into North America, Asia-Pacific, Europe, and the Middle East, and Africa. North America is expected to have significant growth during the forecast period. One of the major driving factors is the established companies with advanced technologies. Several companies are leading in the oil and gas sector, communication technology, IT sector, aviation, automobile, HVAC, etc.
The Asia-Pacific region is expected to have the largest contribution to the heat exchanger market share. It is because of the rising investments among the key players and the government. Developing countries like India, China, Bangladesh, and others such as Japan are increasing the capacity for power generation. As per reports by World Nuclear Performance, around four projects were commissioned during 2017 in these countries which contributed the market towards growth.
The European region will also hold a significant hold heat exchanger market growth after North America. The strict regulation policies by the European Commission have helped to shift focus upon technological improvement. The companies are adopting various devices that conserve energy efficiently. Along with that, various automobile companies and other industries have improved the growth of the heat exchanger market value.
The global heat exchanger industry in the Middle East and the African region will record substantial growth. The technology called district cooling is extensively used in the countries like Saudi Arabia, Bahrain, UAE, etc. This technology helps in providing air conditioning without putting extra effects upon the environment. In this way, this region will grow exponentially in the upcoming years.
Heat exchangers are used for the transportation of the heat from one medium to another. The heat is transported through the exchanger components which isolate the mediums which are used. Important criteria such as installation guidelines, flow rate, differentials, and temperature are efficient for better performance of heat exchangers.
There are various uses of heat exchangers in various industries. They are largely used for the rehabilitation of the waste heat, power air cooling, power generation, transfer of heat, etc. It is also used in industrial processing, power plants of mobile, mining, power generation, equipment for food processing, swimming pools, etc.
The report overviews of the market are as below-
The score of the report is to provide information about the topic of the global heat exchanger market. The report highlights its strengths and scope of growth in the upcoming years. Furthermore, the report also provides brief information about the key players.
|Market Size||2030: USD 33.57 billion|
|CAGR||8.35% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alfa Laval AB (Sweden), Kelvion Holdings Gmbh (Germany), Southern Heat Exchanger (U.S.), Danfoss A/S (Denmark), SPX Corporation (U.S.), Xylem Inc. (U.S.), API Heat Transfer Inc. (U.S), Gunter AG & Co. KG (Germany), Sierra S.p.A (Italy), and Hamon & Cie International SA (Belgium), Koch Heat Transfer Company (U.S.), Hughes Anderson Heat Exchangers (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||
It is expected that the global heat exchanger market will grow at a rate of 8.35% CAGR during the forecast period.
Some of the major key players in the global heat exchanger industry are- Koch Heat Transfer Company (US), Danfoss AS, Kelvion Holding GmbH, General Electric Company, Hughes Anderson Heat exchangers (US), Hamon and Cie International SA (Belgium), Alfa Laval AB, SWEP (Sweden), Meren (France), Thermax Limited (India), HISAKA WORKS LTD. (Thailand), API Heat Transfer (US), Air Products (US), Tranter Inc. (US), HRS Heat exchangers (UK), Linde Engineering (UK) and others.
It is projected that the Asia-Pacific region will dominate the global heat exchangers market during the forecast period.
It is anticipated that the chemical category of the end-use segment will record substantial growth in the global heat exchanger industry.
It is projected that the tube and shell exchanger segment in the type category will record the highest growth in the global heat exchanger industry.
The major drivers of the global heat exchanger market are the development of the industry sectors, the rising rate of industrialisation, increasing number of investments among others.