Heat Exchanger Market Research Report – Forecast to 2027

Heat Exchanger Market Research Report, By Type (Shell & Tube, Plate, Regenerative, Air cooled), Application (Chemicals, Oil & Gas, Power Generation, HVACR, Food & Beverages, Other), and Region (North America, Europe, Asia-Pacific, RoW) - Forecast till 2027

ID: MRFR/E&P/2177-HCR | February, 2021 | Region : Global

Heat Exchanger Market Overview


Heat Exchanger Market is projected to reach  USD 317.4 Billion  by 2027 from an estimated USD 17.1 billion in 2019, at a CAGR of 6.19%.


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.


COVID-19 Analysis


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.


Competitive Landscape


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 -



  • Koch Heat Transfer Company (US)

  • Danfoss AS (Denmark)

  • Kelvion Holding GmbH (Germany)

  • General Electric Company (US)

  • 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)


Market Dynamics


Market Drivers


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.


Restraints


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.


Opportunity


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.


Challenges


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.


Cumulative Analysis


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 7.4% during the forecast period 2020-2027.


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. 


Segment Overview


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.


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.


Recent Developments



  • In the year 2021, Alfa Laval announced its partnership with Carrier Global Corporation which is one top company that provides sustainable living building. It also provides cold chain solutions for an efficient supply of heat exchanging. This partnership is expected to boost the business portfolio of Carrier Corporation's business across the world.

  • 2020, in February, Saulsbury announced its collaboration with one of the leading companies of North America which provides solutions for low carbon energy usages for the industrial, utility, and energy sectors.


Report Overview


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-



  • Market Overview

  • COVID-19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments by the key Players


Report Score



  • Study Period- 2020-2027

  • Base Year- 2019

  • Forecast Period- 2021-2027

  • Historical Period- 2018


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.


Segmentation


By Application


  • Oil and Gas

  • HVACR

  • Chemicals

  • Beverages and Food

  • Power Generation


By Type


  • Plate

  • Air-cooled

  • Shell and Tube

  • Regenerative 


By region


  • North America

  • Asia-Pacific

  • Europe

  • The Middle East and Africa

Table of content

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market size Estimation

2.5 Forecast Model

3 Market Landscape

3.1 Porter’s Five Forces Analysis

3.1.1 Threat of New Entrants

3.1.2 Bargaining power of buyers

3.1.3 Bargaining power of suppliers

3.1.4 Threat of substitutes

3.1.5 Segment rivalry

3.2 Supply Chain Analysis

4 Market Dynamics

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

4.6 List of Assumptions

5 Global Heat Exchanger Market, By Type

5.1 Introduction

5.2 Shell & Tube

5.2.1 Market Estimates & Forecast, 2020-2027

5.2.2 Market Estimates & Forecast by Region, 2020-2027

5.3 Plate

5.3.1 Market Estimates & Forecast, 2020-2027

5.3.2 Market Estimates & Forecast by Region, 2020-2027

5.4 Regenerative

5.4.1 Market Estimates & Forecast, 2020-2027

5.4.2 Market Estimates & Forecast by Region, 2020-2027

5.5 Air cooled

5.5.1 Market Estimates & Forecast, 2020-2027

5.5.2 Market Estimates & Forecast by Region, 2020-2027

6 Global Heat Exchanger Market, By Application

6.1 Introduction

6.2 Chemicals

6.2.1 Market Estimates & Forecast, 2020-2027

6.2.2 Market Estimates & Forecast by Region, 2020-2027

6.3 Oil & Gas

6.3.1 Market Estimates & Forecast, 2020-2027

6.3.2 Market Estimates & Forecast by Region, 2020-2027

6.4 Power Generation

6.4.1 Market Estimates & Forecast, 2020-2027

6.4.2 Market Estimates & Forecast by Region, 2020-2027

6.5 HVACR

6.5.1 Market Estimates & Forecast, 2020-2027

6.5.2 Market Estimates & Forecast by Region, 2020-2027

6.6 Food & Beverage

6.6.1 Market Estimates & Forecast, 2020-2027

6.6.2 Market Estimates & Forecast by Region, 2020-2027

6.7 Other

6.7.1 Market Estimates & Forecast, 2020-2027

6.7.2 Market Estimates & Forecast by Region, 2020-2027

7 Global Heat Exchanger Market, By Region

7.1 Introduction

7.2 North America

7.2.1 Market Estimates & Forecast, 2020-2027

7.2.2 Market Estimates & Forecast By Type, 2020-2027

7.2.3 Market Estimates & Forecast By Application, 2020-2027

7.2.4 U.S.

7.2.4.1 Market Estimates & Forecast, 2020-2027

7.2.4.2 Market Estimates & Forecast By Type, 2020-2027

7.2.4.3 Market Estimates & Forecast By Application, 2020-2027

7.2.5 Canada

7.2.5.1 Market Estimates & Forecast, 2020-2027

7.2.5.2 Market Estimates & Forecast By Type, 2020-2027

7.2.5.3 Market Estimates & Forecast By Application, 2020-2027

7.3 Europe

7.3.1 Market Estimates & Forecast, 2020-2027

7.3.2 Market Estimates & Forecast By Type, 2020-2027

7.3.3 Market Estimates & Forecast By Application, 2020-2027

7.3.4 U.K.

7.3.4.1 Market Estimates & Forecast, 2020-2027

7.3.4.2 Market Estimates & Forecast By Type, 2020-2027

7.3.4.3 Market Estimates & Forecast By Application, 2020-2027

7.3.5 Germany

7.3.5.1 Market Estimates & Forecast, 2020-2027

7.3.5.2 Market Estimates & Forecast By Type, 2020-2027

7.3.5.3 Market Estimates & Forecast By Application, 2020-2027

7.3.6 France

7.3.6.1 Market Estimates & Forecast, 2020-2027

7.3.6.2 Market Estimates & Forecast By Type, 2020-2027

7.3.6.3 Market Estimates & Forecast By Application, 2020-2027

7.3.7 Italy

7.3.7.1 Market Estimates & Forecast, 2020-2027

7.3.7.2 Market Estimates & Forecast By Type, 2020-2027

7.3.7.3 Market Estimates & Forecast By Application, 2020-2027

7.3.8 Rest of Europe

7.3.8.1 Market Estimates & Forecast, 2020-2027

7.3.8.2 Market Estimates & Forecast By Type, 2020-2027

7.3.8.3 Market Estimates & Forecast By Application, 2020-2027

7.4 Asia-Pacific

7.4.1 Market Estimates & Forecast, 2020-2027

7.4.2 Market Estimates & Forecast By Type, 2020-2027

7.4.3 Market Estimates & Forecast By Application, 2020-2027

7.4.4 China

7.4.4.1 Market Estimates & Forecast, 2020-2027

7.4.4.2 Market Estimates & Forecast By Type, 2020-2027

7.4.4.3 Market Estimates & Forecast By Application, 2020-2027

7.4.5 Japan

7.4.5.1 Market Estimates & Forecast, 2020-2027

7.4.5.2 Market Estimates & Forecast By Type, 2020-2027

7.4.5.3 Market Estimates & Forecast By Application, 2020-2027

7.4.6 India

7.4.6.1 Market Estimates & Forecast, 2020-2027

7.4.6.2 Market Estimates & Forecast By Type, 2020-2027

7.4.6.3 Market Estimates & Forecast By Application, 2020-2027

7.4.7 Rest of Asia-Pacific

7.4.7.1 Market Estimates & Forecast, 2020-2027

7.4.7.2 Market Estimates & Forecast By Type, 2020-2027

7.4.7.3 Market Estimates & Forecast By Application, 2020-2027

7.4.7.4 Market Estimates & Forecast By Application, 2020-2027

7.5 Rest of the World

7.5.1 Market Estimates & Forecast, 2020-2027

7.5.2 Market Estimates & Forecast By Type, 2020-2027

7.5.3 Market Estimates & Forecast By Application, 2020-2027

8 Competitive Landscape

9 Company Profile

9.1 Schneider Electric SE (France)

9.1.1 Company Overview

9.1.2 Product/Services Offering

9.1.3 Financial Overview

9.1.4 Key Developments

9.1.5 Strategy

9.1.6 SWOT Analysis

9.2 ABB Ltd. (Switzerland)

9.2.1 Company Overview

9.2.2 Product /Services Offering

9.2.3 Financial Overview

9.2.4 Key Developments

9.2.5 Strategy

9.2.6 SWOT Analysis

9.3 Rockwell Automation Inc. (U.S.)

9.3.1 Company Overview

9.3.2 Product /Services Offering

9.3.3 Financial Overview

9.3.4 Key Developments

9.3.5 Strategy

9.3.6 SWOT Analysis

9.4 Alstom SA (France)

9.4.1 Company Overview

9.4.2 Product /Services Offering

9.4.3 Financial Overview

9.4.4 Key Developments

9.4.5 Strategy

9.4.6 SWOT Analysis

9.5 Siemens AG (Germany)

9.5.1 Company Overview

9.5.2 Product /Services Offering

9.5.3 Financial Overview

9.5.4 Key Developments

9.5.5 Strategy

9.5.6 SWOT Analysis

9.6 Toshiba (Japan)

9.6.1 Company Overview

9.6.2 Product /Services Offering

9.6.3 Financial Overview

9.6.4 Key Developments

9.6.5 Strategy

9.6.6 SWOT Analysis

9.7 Metso (Finland)

9.7.1 Company Overview

9.7.2 Product /Services Offering

9.7.3 Financial Overview

9.7.4 Key Developments

9.7.5 Strategy

9.7.6 SWOT Analysis

9.8 Hitachi (Japan)

9.8.1 Company Overview

9.8.2 Product /Services Offering

9.8.3 Financial Overview

9.8.4 Key Developments

9.8.5 Strategy

9.8.6 SWOT Analysis

9.9 Azbil Corp. (Japan)

9.9.1 Company Overview

9.9.2 Product /Services Offering

9.9.3 Financial Overview

9.9.4 Key Developments

9.9.5 Strategy

9.9.6 SWOT Analysis

9.10 Emerson Electric (U.S.)

9.10.1 Company Overview

9.10.2 Product /Services Offering

9.10.3 Financial Overview

9.10.4 Key Developments

9.10.5 Strategy

9.10.6 SWOT Analysis

9.11 Crompton Greaves Ltd. (India)

9.11.1 Company Overview

9.11.2 Product /Services Offering

9.11.3 Financial Overview

9.11.4 Key Developments

9.11.5 Strategy

9.11.6 SWOT Analysis

9.12 Mitsubishi Electric Corporation (Japan)

9.12.1 Company Overview

9.12.2 Product /Services Offering

9.12.3 Financial Overview

9.12.4 Key Developments

9.12.5 Strategy

9.12.6 SWOT Analysis

9.13 Honeywell International Inc. (U.S.)

9.13.1 Company Overview

9.13.2 Product /Services Offering

9.13.3 Financial Overview

9.13.4 Key Developments

9.13.5 Strategy

9.13.6 SWOT Analysis


List of Tables


Table 1 Global Heat Exchanger Market: By Region, 2020-2027

Table 2 North America Heat Exchanger Market: By Country, 2020-2027

Table 3 Europe Heat Exchanger Market: By Country, 2020-2027

Table 4 Asia-Pacific Heat Exchanger Market: By Country, 2020-2027

Table 5 Rest of the World Heat Exchanger Market: By Country, 2020-2027

Table 6 Global Heat Exchanger Market By Type: By Regions, 2020-2027

Table 7 North America Heat Exchanger Market By Type: By Country, 2020-2027

Table 8 Europe Heat Exchanger Market By Type: By Country, 2020-2027

Table 9 Asia-Pacific Heat Exchanger Market By Type: By Country, 2020-2027

Table 10 Rest of the World Heat Exchanger Market By Type: By Country, 2020-2027

Table 11 Global Heat Exchanger Market, By Applications, By Regions, 2020-2027

Table 12 North America Heat Exchanger Market, By Applications, By Country, 2020-2027

Table 13 Europe Heat Exchanger Market, By Applications, By Country, 2020-2027

Table 14 Asia-Pacific Heat Exchanger Market, By Applications, By Country, 2020-2027

Table 15 Rest of the World Heat Exchanger Market, By Applications, By Country, 2020-2027

Table 16 Global Heat Exchanger Market: By Region, 2020-2027

Table 17 North America Heat Exchanger Market, By Country

Table 18 North America Heat Exchanger Market, By Type

Table 19 North America Heat Exchanger Market, By Application

Table 20 Europe: Heat Exchanger Market, By Country

Table 21 Europe: Heat Exchanger Market, By Type

Table 22 Europe: Heat Exchanger Market, By Application

Table 23 Asia-Pacific: Heat Exchanger Market, By Country

Table 24 Asia-Pacific: Heat Exchanger Market, By Type

Table 25 Asia-Pacific: Heat Exchanger Market, By Application

Table 26 Rest of the World: Heat Exchanger Market, By Region

Table 27 Rest of the World Heat Exchanger Market, By Type

Table 28 Rest of the World Heat Exchanger Market, By Application 

List of Figures

FIGURE 1 RESEARCH PROCESS OF MRFR

FIGURE 2 TOP DOWN & BOTTOM UP APPROACH

FIGURE 3 MARKET DYNAMICS

FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS

FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS

FIGURE 6 PORTER’S FIVE FORCES ANALYSIS

FIGURE 7 SUPPLY CHAIN ANALYSIS

FIGURE 8 GLOBAL HEAT EXCHANGER MARKET SHARE, BY TYPE, 2020 (%)

FIGURE 9 GLOBAL HEAT EXCHANGER MARKET, INDUSTRY TYPE, 2020-2027 (USD MILLION)

FIGURE 10 GLOBAL HEAT EXCHANGER MARKETSHARE, BY APPLICATION, 2020 (%)

FIGURE 11 GLOBAL HEAT EXCHANGER MARKET, BY APPLICATION, 2020-2027 (USD MILLION)

FIGURE 12 GLOBAL HEAT EXCHANGER MARKET SHARE (%), BY REGION, 2020

FIGURE 13 GLOBAL HEAT EXCHANGER MARKET, BY REGION, 2020-2027 (USD MILLION)

FIGURE 14 NORTH AMERICA HEAT EXCHANGER MARKETSHARE (%), 2020

FIGURE 15 NORTH AMERICA HEAT EXCHANGER MARKET BY COUNTRY, 2020-2027 (USD MILLION)

FIGURE 16 EUROPE HEAT EXCHANGER MARKETSHARE (%), 2020

FIGURE 17 EUROPE HEAT EXCHANGER MARKET BY COUNTRY, 2020-2027 (USD MILLION)

FIGURE 18 ASIA-PACIFIC HEAT EXCHANGER MARKETSHARE (%), 2020

FIGURE 19 ASIA-PACIFIC HEAT EXCHANGER MARKET BY COUNTRY, 2020-2027 (USD MILLION)

FIGURE 20 REST OF THE WORLD HEAT EXCHANGER MARKETSHARE (%), 2020

FIGURE 21 REST OF THE WORLD HEAT EXCHANGER MARKET BY COUNTRY, 2020-2027 (USD MILLION)

Heat Exchanger Market