Shell and Tube Heat Exchanger Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Material (Stainless Steel, Nickel & Nickel Alloys, Titanium, Tantalum); By Application (Chemicals & Petrochemicals, HVAC & Refrigeration, Food & Beverages, Power Generation, Pulp & Paper); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Global Shell & Tube Heat Exchanger Market Size Set to Grow Steadily to Touch USD 13.3 Billion by 2029
Global shell & tube heat exchanger market is flourishing because of increasing adoption of shell and tube heat exchanger and rapid industrialization in emerging regions.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global shell & tube heat exchanger market size at USD 9.21 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global shell & tube heat exchanger market size to grow at a CAGR of 5.52% reaching a value of USD 13.28 billion by 2029. Major growth factors of global shell & tube heat exchanger market include increasing demand for advanced equipment that is highly efficient and resistant to corrosion in various industries such as petrochemicals, pharmaceuticals, and power generation. Shell and tube heat exchangers are gaining significant growth in oil refineries and petrochemical plants due to their ease of maintenance, strong geometric construction, and potential for upgrades. Additionally, these heat exchangers are expected to become more popular in the future due to their enhanced ability to endure high-temperature applications and prevent fouling. In the United States, the chemical manufacturing industry is the largest, serving both domestic and international markets, and shell and tube heat exchangers play a vital role in its industrial production. The swift expansion of the chemical industry in the country is expected to be a major driving force for the growth of the market.
Global Shell & Tube Heat Exchanger Market – Overview
The global shell and tube heat exchanger market refers to the worldwide market for a type of heat exchanger that consists of a shell (a large cylindrical vessel) with a bundle of tubes inside. These heat exchangers are commonly used in various industries such as chemical, petrochemical, oil and gas, power generation, and food and beverage, for transferring heat between two fluids that are at different temperatures. The market includes the production and sale of shell and tube heat exchangers by manufacturers, as well as their distribution and use by end-users. The size of the global shell and tube heat exchanger market is determined by factors such as demand from various industries, technological advancements, and economic conditions.
Impact of COVID-19 on Global Shell & Tube Heat Exchanger Market
COVID-19 pandemic had a dual impact on the global shell and tube heat exchanger market. The temporary shutdown of industrial activities around the world due to the pandemic negatively impacted the demand for shell and tube heat exchangers in industries, such as oil & gas, petrochemicals, and food & beverages, resulting in reduced production and sales in 2020. On the other hand, the pandemic led to an increased demand for heat exchangers in the healthcare sector, particularly for the production of ventilators and other medical equipment. The shift towards renewable energy sources has also accelerated due to the pandemic, presenting new opportunities for the shell and tube heat exchanger market in the future. Additionally, the pandemic caused disruptions in the global supply chain, leading to delays in the production and delivery of heat exchangers, while shortages of raw materials and unavailability of skilled labor also affected the market negatively. However, the market is expected to recover gradually as industrial activities resume, and the demand for energy-efficient and cost-effective heat transfer solutions increases. Key players in the market are adopting strategies such as product innovation, strategic partnerships, and investments in R&D to remain competitive in the market and meet changing demand patterns.
Global Shell & Tube Heat Exchanger Market – By Application
Based on application, global shell & tube heat exchanger market is divided into Chemicals & Petrochemicals, HVAC & Refrigeration, Food & Beverages, Power Generation, and Pulp & Paper segments. The chemical & petrochemical segment dominated the global shell and tube heat exchanger market which is driven by the increasing adoption of these heat exchangers in various chemical processes due to their beneficial characteristics, such as easy maintenance and repair, flexible designs, and high-pressure operation capabilities. In the chemical industry, shell and tube heat exchangers are primarily made from materials that resist corrosion, such as zirconium, titanium, nickel alloys, duplex stainless steel, and austenitic stainless steel. Moreover, in the petrochemical industry, shell and tube heat exchangers are utilized in the heat recovery process during oil-water and gas separation. Additionally, these heat exchangers are used in various refining processes, including evaporators, condensers, and coolers for gas scrubbing. Due to their exceptional resistance to corrosion, shell and tube heat exchangers are expected to experience significant demand in the petrochemical industry.
Competitive Landscape
The major players operating in global shell & tube heat exchanger market include SPX Technologies, API Heat Transfer, SHECO Industries, Inc., Alfa Laval, HRS Heat Exchangers, Koch Heat Transfer Company, Manning and Lewis div of Rubicon Industries Corp, Hughes Anderson Heat Exchangers Inc., Atlas Copco UK Holdings, Hindustan Dorr-Oliver Ltd, Modine Manufacturing Company, GEA Group Aktiengesellschaft, and Kelvion Holdings GmbH. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Shell & Tube Heat Exchanger Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Shell & Tube Heat Exchanger Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Global Shell & Tube Heat Exchanger Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing Industrialization in emerging regions
- 3.2.1.2. Increase in adoption of shell and tube heat exchanger
- 3.2.2. Restraints
- 3.2.2.1. Volatility in raw material prices
- 3.2.2.2. High Maintenance cost associated
- 3.2.3. Opportunities
- 3.2.3.1. Growing Projects and Program for Shell & Tube Heat Exchanger
- 3.2.4. Challenges
- 3.2.4.1. Availability of highly-efficient and compact heat exchangers causes Penetration of Shell and Tube Heat Exchangers
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Global Shell & Tube Heat Exchanger Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.1.2. Market Share and Forecast
- 4.1.3. By Material
- 4.1.3.1. Stainless Steel
- 4.1.3.2. Nickel & Nickel Alloys
- 4.1.3.3. Titanium
- 4.1.3.4. Tantalum
- 4.1.3.5. Others
- 4.1.4. By Application
- 4.1.4.1. Chemicals & Petrochemicals
- 4.1.4.2. HVAC & Refrigeration
- 4.1.4.3. Food & Beverages
- 4.1.4.4. Power Generation
- 4.1.4.5. Pulp and Paper
- 4.1.4.6. Others
- 4.1.5. By Region
- 4.1.5.1. North America
- 4.1.5.2. Europe
- 4.1.5.3. Asia Pacific (APAC)
- 4.1.5.4. Latin America (LATAM)
- 4.1.5.5. Middle East and Africa (MEA)
- 5. North America Shell & Tube Heat Exchanger Market
- 5.1. Market Size & Forecast, 2019–2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Material
- 5.2.2. By Application
- 5.2.3. By Country
- 5.2.3.1. United States
- 5.2.3.1.1. By Material
- 5.2.3.1.2. By Application
- 5.2.3.2. Canada
- 5.2.3.2.1. By Material
- 5.2.3.2.2. By Application
- 6. Europe Shell & Tube Heat Exchanger Market
- 6.1. Market Size & Forecast, 2019–2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Material
- 6.2.2. By Application
- 6.2.3. By Country
- 6.2.3.1. Germany
- 6.2.3.1.1. By Material
- 6.2.3.1.2. By Application
- 6.2.3.2. United Kingdom
- 6.2.3.2.1. By Material
- 6.2.3.2.2. By Application
- 6.2.3.3. Italy
- 6.2.3.3.1. By Material
- 6.2.3.3.2. By Application
- 6.2.3.4. France
- 6.2.3.4.1. By Material
- 6.2.3.4.2. By Application
- 6.2.3.5. Spain
- 6.2.3.5.1. By Material
- 6.2.3.5.2. By Application
- 6.2.3.6. Belgium
- 6.2.3.6.1. By Material
- 6.2.3.6.2. By Application
- 6.2.3.7. Russia
- 6.2.3.7.1. By Material
- 6.2.3.7.2. By Application
- 6.2.3.8. The Netherlands
- 6.2.3.8.1. By Material
- 6.2.3.8.2. By Application
- 6.2.3.9. Rest of Europe
- 6.2.3.9.1. By Material
- 6.2.3.9.2. By Application
- 7. Asia-Pacific Shell & Tube Heat Exchanger Market
- 7.1. Market Size & Forecast, 2019–2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Material
- 7.2.2. By Application
- 7.2.3. By Country
- 7.2.3.1. China
- 7.2.3.1.1. By Material
- 7.2.3.1.2. By Application
- 7.2.3.2. India
- 7.2.3.2.1. By Material
- 7.2.3.2.2. By Application
- 7.2.3.3. Japan
- 7.2.3.3.1. By Material
- 7.2.3.3.2. By Application
- 7.2.3.4. South Korea
- 7.2.3.4.1. By Material
- 7.2.3.4.2. By Application
- 7.2.3.5. Australia & New Zealand
- 7.2.3.5.1. By Material
- 7.2.3.5.2. By Application
- 7.2.3.6. Indonesia
- 7.2.3.6.1. By Material
- 7.2.3.6.2. By Application
- 7.2.3.7. Malaysia
- 7.2.3.7.1. By Material
- 7.2.3.7.2. By Application
- 7.2.3.8. Singapore
- 7.2.3.8.1. By Material
- 7.2.3.8.2. By Application
- 7.2.3.9. Vietnam
- 7.2.3.9.1. By Material
- 7.2.3.9.2. By Application
- 7.2.3.10. Rest of APAC
- 7.2.3.10.1. By Material
- 7.2.3.10.2. By Application
- 8. Latin America Shell & Tube Heat Exchanger Market
- 8.1. Market Size & Forecast, 2019–2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Material
- 8.2.2. By Application
- 8.2.3. By Country
- 8.2.3.1. Brazil
- 8.2.3.1.1. By Material
- 8.2.3.1.2. By Application
- 8.2.3.2. Mexico
- 8.2.3.2.1. By Material
- 8.2.3.2.2. By Application
- 8.2.3.3. Argentina
- 8.2.3.3.1. By Material
- 8.2.3.3.2. By Application
- 8.2.3.4. Peru
- 8.2.3.4.1. By Material
- 8.2.3.4.2. By Application
- 8.2.3.5. Rest of LATAM
- 8.2.3.5.1. By Material
- 8.2.3.5.2. By Application
- 9. Middle East & Africa Shell & Tube Heat Exchanger Market
- 9.1. Market Size & Forecast, 2019–2029
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Material
- 9.2.2. By Application
- 9.2.3. By Country
- 9.2.3.1. Saudi Arabia
- 9.2.3.1.1. By Material
- 9.2.3.1.2. By Application
- 9.2.3.2. UAE
- 9.2.3.2.1. By Material
- 9.2.3.2.2. By Application
- 9.2.3.3. Qatar
- 9.2.3.3.1. By Material
- 9.2.3.3.2. By Application
- 9.2.3.4. Kuwait
- 9.2.3.4.1. By Material
- 9.2.3.4.2. By Application
- 9.2.3.5. South Africa
- 9.2.3.5.1. By Material
- 9.2.3.5.2. By Application
- 9.2.3.6. Nigeria
- 9.2.3.6.1. By Material
- 9.2.3.6.2. By Application
- 9.2.3.7. Algeria
- 9.2.3.7.1. By Material
- 9.2.3.7.2. By Application
- 9.2.3.7.3. By Vertical
- 9.2.3.8. Rest of MEA
- 9.2.3.8.1. By Material
- 9.2.3.8.2. By Application
- 10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Micro-Electro-Mechanical System Company Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 11. Impact of Covid-19 on Global Shell & Tube Heat Exchanger Market
- 12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. SPX Technologies
- 12.2. API Heat Transfer
- 12.3. SHECO Industries, Inc.
- 12.4. Alfa Laval
- 12.5. HRS Heat Exchangers
- 12.6. Koch Heat Transfer Company
- 12.7. Manning and Lewis div of Rubicon Industries Corp
- 12.8. Hughes Anderson Heat Exchangers Inc.
- 12.9. Atlas Copco UK Holdings
- 12.10. Hindustan Dorr-Oliver Ltd
- 12.11. Modine Manufacturing Company
- 12.12. GEA Group Aktiengesellschaft
- 12.13. Kelvion Holdings GmbH
- 12.14. Other Prominent Players
- 13. Key Strategic Recommendations
- 14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
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