Heat Exchangers Market Research Report by Material (Steel, Non-Steel), Product (Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger), End-User (Oil & Gas, Chemical & Petrochemical, HVAC & Refrigeration, Power Generation, Food & Beverage, Pulp & Paper) - Global Industry Size and Growth Forecast to 2030

Market Overview

The global heat exchangers market was valued at $16.5 billion in 2021, and it is expected to reach $25.8 billion by 2030, growing at a CAGR of 5.1% between 2021 and 2030.

The growth of the market depends on the presence and progress of the end-use industries in each of the regions. Various types of heat exchangers, such as shell-and-tube and plate-and-frame, are easily available and used in the chemical, petrochemical and oil & gas, food & beverage, HVAC-R, power, and paper & pulp industries.

Thus, apart from the significant increase in HVAC-R deployment, some other factors driving the growth of the market are the steep rise in energy prices and the rapid industrial expansion in the emerging economies of Asia-Pacific.

Furthermore, the rising chemical demand, escalating pace of technical development, and a growing emphasis on raising the energy efficiency of built structures and machines are expected to fuel the sale of these products. The majority of the petrochemical processes involve high pressures and temperatures, making heat transfer optimization and energy savings necessary, thus driving the sale of energy-efficient exchangers.

Most Heat Exchangers Are Made from Steel

The steel category accounted for a significant revenue share in the market, owing to the high-volume usage of this material in the manufacturing of exchangers due to its great strength, long life, and corrosion resistance in a wide pH range. Mild steel and stainless steel are the two steel grades that are used by the manufacturers in this industry. Moreover, steel exhibits excellent compatibility with plain, clean water, low weight, strong thermal conductivity, and no requirement for special fluids.

Shell-and-Tube Variants Generate Highest Revenue

The shell-and-tube category dominates the market with a market share of more than 35% in 2021, and it is projected to sustain its dominance over the next few years. Shell-and-tube variants are utilized in applications requiring a wide range of pressure and temperature and transfer from one liquid to another, liquids and gases, or two gases. These appliances are suitable for the transfer of heat to water from steam due to their simple structure. Floating-head type, U-tube, and fixed-tube sheet are the three most-common types of shell-and-tube product designs.

The plate-and-frame category is predicted to grow at a CAGR of roughly 5.7% over the forecast period. These systems are made up of plates with either a corrugated or smooth surface and are primarily used for low-to-medium-pressure liquid–liquid exchange. Depending on the desired leak tightness, these goods are classified as welded, brazed, and gasketed.

Air-cooled products hold a significant revenue share in the market due to their growing usage in petrochemical plants, compressor stations, refineries, power plants, gas treatment plants, and other industrial facilities. These products consist of an axial-flow fan or a blower for pumping air; a tube bundle, and a supportive structure. Air-cooled equipment can be mounted horizontally, vertically, or at a slanted inclination.

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Heat Exchangers Are Widely Used in Chemical & Petrochemical Industry

The chemical & petrochemical category accounted for the largest market share, of around 22.8%, in 2021, owing to the increasing demand for plastics, packaging, fertilizers, solvents, and paints & coatings. Heat exchangers are necessary for nearly every process that involves heating, cooling, or condensation in the manufacturing of chemicals and petroleum. Heat exchangers are crucial to the efficiency and dependability of the system, the quality of petrochemical products, and the efficient use of heat. These appliances are now becoming huge, efficient, and highly alloyed and offering a low temperature differential and low pressure loss.

Furthermore, the use of petrochemicals in solar panels, wind turbine blades, and electric vehicle components is expected to fuel the demand for these appliances in the chemical & petrochemical industry, which will, in turn, drive the growth of the market in the next few years.

The oil & gas industry is expected to grow at a CAGR of around 4.6% over the forecast period. The growing consumption of shale gas in the industrial and energy sectors, backed by the increasing shale gas E&P operations due to the technical advancements in this field, is likely to drive the market. Furthermore, the increasing count of E&P projects across emerging economies will likely fuel the growth of the heat exchanger market in the coming years.

Europe Is Major Revenue Contributor

Europe dominated the market with more than 32% share in 2021. This can be ascribed to the increasing private and public investments in infrastructure, which is expected to fuel the product demand in HVAC-R applications. Furthermore, the rising demand for equipment with improved durability, efficiency, and fouling resistance across industries is likely to boost the growth of the market over the coming years.

North America is the second-largest market due to the rising oil & gas exploration in the continent. Furthermore, the burgeoning electricity consumption in the commercial sector and a range of other industries is expected to drive the power and energy sector, thereby propelling the market growth in the future.

Asia-Pacific is expected to grow at a CAGR of around 6.4% over the forecast period. The large scale of industrialization in developing countries, such as China and India, along with the increasing investments in industrial and commercial projects, is contributing to the region's overall growth in the market.

China leads the region due to the increasing funding in the HVAC, chemical, and petrochemical industries. Moreover, the growing population and increasing government attempts to improve their infrastructure are predicted to support the expansion of the energy & power and HVAC-R industries, which is expected to boost the product demand in the coming years.

Growing Need to Use Energy-Efficient Devices To Boost Product Demand

The rising need for HVAC appliances in the industrial, commercial, and residential sectors is driving the market growth. The increasing disposable income, changing living standards, and severe climate conditions across the globe are likely to increase the usage of these systems. Furthermore, the growing environmental concerns driving the use of energy-efficient and eco-friendly technologies are propelling the market growth. Government agencies have imposed strict regulations to minimize carbon emissions across industries, thereby fueling the product demand.

Increasing Number of Power Plants Fuels Industry Growth

Heat exchangers have a substantial influence on a nuclear power plant's overall power production efficiency. The rising usage of nuclear reactors, upgradation of the existing nuclear plants, and proposals for nuclear power plant projects are the primary factors of encouragement for the market participants. According to Statista, as of May 2022, there are 443 nuclear reactors in service across 32 countries worldwide, with over 60 more under development, representing 29% of the global capacity. Out of these 439, the U.S. had 92 operable nuclear reactors.

Top Players in Heat Exchangers Market Are:

• Alfa Laval
• Danfoss A/S
• Kelvion Holding GmbH
• Guntner Group GmbH
• Xylem Inc.
• API Heat Transfer
• Mersen Corporate Services SAS
• Hisaka Works Ltd.
• Chart Industries Inc.
• Johnson Controls International

Global Heat Exchangers Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Material

• Steel
• Non-Steel

Based on Product

• Plate & Frame Heat Exchanger
  • Brazed Plate & Frame Heat Exchanger
  • Gasketed Plate & Frame Heat Exchanger
  • Welded Plate & Frame Heat Exchanger
• Shell & Tube Heat Exchanger
• Air-Cooled Heat Exchanger

Based on End-User

• Oil & Gas
• Chemical & Petrochemical
• HVAC & Refrigeration
• Power Generation
• Food & Beverage
• Pulp & Paper

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Spain
  • Italy
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa