Heat Exchanger Industry

The global heat exchangers market size was estimated at USD 18.19 billion in 2023 and is expected to expand at a compounded annual growth rate (CAGR) of 5.4% from 2024 to 2030.

Rising focus on efficient thermal management in various industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is expected to drive the demand for heat exchangers over the forecast period. Rising demand from chemical industry coupled with increasing technological advancements and a growing focus on improving efficiency standards is expected to drive heat exchangers market growth. Most processes in petrochemical facilities involve high pressure and temperature, thus, necessitating the optimization of heat transfer and enhancement of energy savings, which, in turn, is likely to boost the demand for energy-efficient heat exchangers.

U.S. dominated the North America heat exchanger market in 2023, owing to high electricity demand, industrialization, and investments in renewable power generation. Rising investments by oil & gas companies in exploration & production activities in the U.S. are expected to boost the demand for these products in oil & gas industry.

Gather more insights about the market drivers, restrains and growth of the Global Heat Exchanger market

Heat Exchanger Market Segments:

Market Concentration & Characteristics

Market growth stage is medium, and pace of the market growth is accelerating. Heat exchangers market is characterized by a high degree of innovation owing to the rapid technological advancements. Moreover, the companies are further adopting various organic and inorganic growth strategies, such as product launches, geographical expansions, mergers & acquisitions, and collaborations, to strengthen their position in the global market.

Market Dynamics

Rapid industrialization in the developing nations of Asia Pacific coupled with increasing investments in manufacturing, industrial, and commercial projects has contributed to the overall growth of the exchangers market in the region. Another factor driving the market is the increased product penetration in various end-use industries including power generation, chemical, HVAC & refrigeration, petrochemical, and food & beverage.

Product Insights

Shell & tube segment led the industry and accounted for 35.6% of the global revenue demand in 2023. Shell & tube products are built from a bundle of tubes placed in a cylindrical shell with the tube axis parallel to that of shell. Three most common types of shell & tube products are floating-head type, U-tube design, and fixed tube sheet design.

Shell & tube products are used in applications that require a wide temperature and pressure range as well as transfer between two liquids, between liquids & gases, or between two gases. These exchangers have a simple structure and are ideal for heat transfer from steam to water. However, they require large spaces, which is anticipated to hinder the segment’s growth over the forecast period.

Material Insights

Metals material segment showed lucrative growth from 2024-2030. Metal materials are crucial in heat exchangers due to their inherent properties. High thermal conductivity, exemplified by copper and aluminum, ensures efficient heat transfer. Corrosion-resistant metals like stainless steel enhance durability, guarding against deterioration. Mechanical strength becomes paramount to withstand varying conditions. The judicious selection of these materials strikes a balance between thermal efficiency, resilience, and cost-effectiveness, underscoring their pivotal role in optimizing heat exchange systems.

End-use Insights

Chemical & petrochemical led the market and accounted for 22.6% of the global revenue demand in 2023. Heat exchangers are used in chemical processing industry (CPI) on account of their properties, such as design flexibility and high corrosion resistance. Their properties provide them with ability to handle fluids having varying levels of solids.

Regional Insights

Europe led the market and accounted for 31.7% of the global revenue share in 2023. Rising public and private infrastructure investments are anticipated to drive the demand for these products in HVAC & refrigeration industry. Moreover, increasing demand from several end-use industries for heat exchangers that offer greater durability, enhanced efficiency, and less fouling is expected to drive growth over the forecast period.

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Key Companies & Market Share Insights

Global heat exchangers industry is characterized by 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 application scope of their products.

Strategies adopted by manufacturers include new product development, diversification, mergers & acquisitions, and geographical expansion. These strategies aid the companies in expanding their market penetration and catering to changing technological demand across various end-use industries.

Key Heat Exchangers Companies:

• Alfa Laval
• Danfoss
• Kelvion Holding GmbH
• Güntner Group GmbH
• Xylem Inc
• API Heat Transfer
• Mersen
• Hisaka Works, Ltd.
• Chart Industries, Inc
• Johnson Controls International
• HRS Heat Exchangers
• SPX FLOW, Inc.
• Funke Wärmeaustauscher Apparantebau GmbH
• Koch Heat Transfer Company
• Southern Heat Exchanger Corporation

Segments Covered in the Report

• Product Outlook (Revenue, USD Billion, 2018 - 2030)
  • Plate & Frame Heat Exchanger
  • Shell & Tube Heat Exchanger
  • Air-Cooled Heat Exchanger
  • Others
• End-use Outlook (Revenue, USD Billion, 2018 - 2030)
  • Chemical & Petrochemical
  • Oil & Gas
  • HVAC & Refrigeration
  • Power GenerationFood & Beverage
  • Pulp & Paper
  • Others
• Material Outlook (Revenue, USD Billion, 2018 - 2030)
  • Metals
  • Alloys
  • Others
• Regional Outlook (Revenue, USD Billion, 2018 - 2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • UK
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

Recent Developments:

• For instance, in April 2023, Kelvion launched dedicated air cooler series for natural refrigerants. The CDF & CDH ranges are dual discharge air coolers highlighting a similar proficient tube system.
• In May 2023, Alfa Laval is enhancing its brazed plate heat exchanger capacity to bolster the global energy transition. The establishment of new facilities in Italy, China, Sweden, and the U.S. signifies significant progress in their initiative to advance manufacturing intelligence and efficiency throughout the entire supply chain.
• In January 2021, Alfa Laval, opened a new facility for the production of brazed heat exchangers in San Bonifacio, Italy. The new facility will have more capacity to fulfill the increasing customer demand.

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