Heat Exchangers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Heat Exchangers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Heat Exchanger Market

The heat exchanger market size was valued at USD 17.61 billion in 2023, and the market is now projected to grow from USD 18.73 billion in 2024 to USD 35.34 billion by 2032, exhibiting a CAGR of 8.26% during the forecast period of 2024-2032.

The pandemic has impacted the agency, causing stressful situations in operating situations and a lack of operational time due to strict recommendations. This has altered the demand for products, with production units shutting down across areas because of government restrictions. The unavailability of workers has also impacted production. However, the market is anticipated to have a nice impact, with elevated desire for general district energy and renewable energy goals, and the want to meet HVAC demand.

Heat exchangers are crucial components in various industries, together with meals and beverage pasteurization, oil and gasoline, and electricity sectors. They additionally function cooling device, with coolants jogging via them to control gadget temperature. The oil and gas industry's application scope is expanding due to accelerated energy demand and electricity necessities. The heat exchanger market growth is predicted to upward push because of those elements. China's commercial manufacturing has grown 7.5% in January 2022, improving from the COVID-19 pandemic. The Made in China 2025 plan targets to transform China into an excessive-stop production country, boosting the adoption of this equipment due to developing industrialization.

The World Green Building Council states that 28% of worldwide carbon dioxide (C02) comes from constructing operations, on the whole due to strength used for cooling, heating, and electricity. Modern, less expensive thermal strength structures can substantially lessen greenhouse fuel emissions and primary power demand. Transitioning to these systems and power efficiency measures can assist hold temperatures rising to 2-3°C. Heat exchangers, as an instance, can transition from fossil fuels, substantially reducing primary electricity intake. They are used in commercial areas, education institutes, hospitals, and industries for consolation cooling. Cold thermal power storage is as efficient as conventional decentralized air con structures and may lessen electricity utilization throughout peak demand.

Comprehensive Analysis of Heat Exchanger Market

The market for air coolers and cooling towers is segmented into shell & tube, plate & frame, air coolers, and others. Shell & tube exchangers are preferred for high-temperature and pressure applications in chemical plants, petrochemical, oil & gas, and power sectors. Plate exchangers are widely used in the food industry due to their multiple plates, making them safe for consumption. The market is further divided into chemicals, oil & gas, power generation, HVAC, automobile, pharmaceuticals, food & beverages, and others. The chemicals segment is leading due to significant growth in the chemical industry, where these products are used in manufacturing processes like solvent condensation, hydrocarbon cooling, and reactor heating. The HVAC industry is also growing, with installations in commercial and residential sectors driving the market. The growing automotive and food & beverage industries are also driving the growth of these products.

The Asia Pacific region lead the heat exchanger market share by benefitting a market size of USD 5.94 billion in 2023 due to emerging economies like China, India, and Japan, and the growth of chemical industries due to population growth, capital expenditure, urbanization, and improved living standards.

Alfa Laval, a Swedish organisation, has been developing plate heat exchanger technology for over 90 years. The market consists of both small and massive organizations offering diverse sizes and shapes. Significant companies invest heavily in studies and development to optimize tool efficiency. Key agencies within the market consist of Alfa Laval, Kelvion Holding Gmbh, GEA Group, Danfoss, SWEP International AB, Thermax Limited, API Heat Transfer, Trenter, Mersen, Lindde Engineering, and Air Products.

Conflux Technology has begun production of a metal 3D printed heat exchanger, which will enhance the success of the M 4K system. AMCM plans to apply this principle to their M 8K system, which has a larger build volume.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2019-2032

Base Year

2023

Estimated Year

2024

Forecast Period

2024-2032

Historical Period

2019-2022

Growth Rate

CAGR of 8.26% from 2024 to 2032

Unit

Value (USD Billion)

Segmentation

By Type

Shell & Tube

Plate & Frame

Air Coolers

Cooling Towers

Others

By Application

Chemicals

Oil & Gas

Power Generation

HVAC

Automobile

Pharmaceuticals

Food & Beverages

Others

By Geography

North America (By Type, By Application, By Country)

• U.S. (By Application)
• Canada (By Application)

Europe (By Type, By Application, By Country)

• U.K. (By Application)
• Germany (By Application)
• France (By Application)
• Italy (By Application)
• Spain (By Application)
• Rest of Europe (By Application)

Asia Pacific (By Type, By Application, By Country)

• China (By Application)
• Japan (By Application)
• India (By Application)
• Australia (By Application)
• Southeast Asia (By Application)
• Rest of Asia Pacific (By Application)

Latin America (By Type, By Application, By Country)

• Mexico (By Application)
• Brazil (By Application)
• Rest of Latin America (By Application)

Middle East & Africa (By Type, By Application, By Country)

• GCC (By Application)
• South Africa (By Application)
• Rest of Middle East & Africa (By Application)

Please Note: It will take 5-6 business days to complete the report upon order confirmation.