Heat Exchangers Market Forecasts to 2028 – Global Analysis By Type (Plate & Frame Heat Exchangers, Shell & Tube Heat Exchangers, Air-Cooled Heat Exchangers), Material (Non-Steel, Steel), End User (Energy, Food & Beverages, Pulp & Paper, Chemical, Power Ge

Heat Exchangers Market Forecasts to 2028 – Global Analysis By Type (Plate & Frame Heat Exchangers, Shell & Tube Heat Exchangers, Air-Cooled Heat Exchangers), Material (Non-Steel, Steel), End User (Energy, Food & Beverages, Pulp & Paper, Chemical, Power Generation), and By Geography

According to Stratistics MRC, the Global Heat Exchangers Market is accounted for $15.60 billion in 2021 and is expected to reach $25.21 billion by 2028 growing at a CAGR of 7.1% during the forecast period. A heat exchanger is a device that transfers heat from one medium to another. It facilitates the process of heat exchange between two fluids that are at different temperatures. Heat exchangers are used by machines such as air conditioners and refrigerators. Examples of heat exchangers include a hydraulic oil cooler, which removes the heat from the hot oil by using cold water or air. Industries in which heat exchangers are used largely include chemical, petrochemical and oil & gas, food & beverage, and power generation.

Market Dynamics:

Driver:

Fast growth of industrial sector across the world

The heat exchangers are installed crosswise various industries for diverse applications. For instance, in food and beverages diligence, these are used for pasteurization and in power sectors and oil and gas, these are used for heat revival. Apart from above usages, heat exchangers are primarily used as cooling equipment across industrial sector. The application scope is expanding along with development of all above mentioned industries due to hiked power demand and energy needs. These are the factors that drive the market.

Restraint:

Fluctuation in raw material prices to impact the profitability of heat exchanger manufacturers

The heat exchanger manufacturers are uncovered to raw material price oscillations of aluminum, copper, steel, and other metals. The instability in raw material prices is reliant on diverse factors such exchange rates, economic circumstances, and supply conditions, which create an unfavourable effect on manufacturers. Price fluctuations lead to ensuing in delay or cancelation of big capital projects, which hinder the growth of heat exchangers market. Though, to manage the risk associated with pricing fluctuation, pricing trends are monitored to slightly overcome the risk related to pricing.

Opportunity:

Rising espousal of renewable resources for power generation

The rising espousal of renewable energy resources such as solar and wind is one of the foremost factors propelling the demand, and ultimate advantage to the global market growth. The heat exchangers are a significant component in wind turbines and are used to transfer solar energy absorbed in solar collectors to the liquid or air used to heat water or space. Moreover, government targets for renewable energy are an extra boost to the market as this exchanger is an important part of the renewable energy systems. For example, in 2019, Germany announced its target of producing 20GW energy by using offshore wind power by 2030.

Threat:

Fouling and complexity in design of heat exchangers

Heat exchangers have a complex design such as the tubular type have problems such as corrosion, scaling, cleaning and maintenance. This may give rise to looking for alternatives that eradicate these issues. The fouling of heat exchangers is the accretion of unwanted deposits on the heat transfer surfaces. Owing to the presence of these deposits, the foulant layer narrows the flow area along with imposing an additional resistance to heat transfer, resulting in an increased velocity for a given volumetric flow rate. Therefore, the consequences of fouling, apart from a reduction in exchanger efficiency and associated operational issues, include excessive pressure drop across the heat exchanger. The nature of deposits is extremely variable, where some deposits are hard and difficult to remove. These factors will limit the heat exchanger market growth during the forecast period.

The shell & tube heat exchangers segment is expected to be the largest during the forecast period

The shell & tube heat exchangers segment is estimated to have a lucrative growth, as it offers a relatively large ratio of heat transfer area to volume and weight. Shell & tube heat exchangers are built from a bundle of tubes placed in a cylindrical shell with the tube axis parallel to that of the shell. These 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. The operational characteristics such as the easy pressure tests which assist in locating any errors, capability to operate at superior temperatures and pressures, very good resistance to thermal shocks, less pressure drop as compared to other types are the main factors that have driven their adoption.

The chemical segment is expected to have the highest CAGR during the forecast period

The chemical segment is anticipated to witness the fastest CAGR growth during the forecast period due to rising consumption of petroleum products, rapidly expanding chemical industry in China, India, and the US, and increased exports of crude oil and natural gas. The chemical industry has been the front runner in the deployment of heat exchanger as different chemicals used for different applications are manufactured at varying temperature conditions. These chemicals also require treatment at particular temperatures and humidity, which is an important part of a chemical formation. Heat exchangers are used in the chemical processing industry (CPI) on account of their properties, such as design flexibility and high corrosion resistance. Their properties provide them the ability to handle fluids having varying levels of solids.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period due to increasing public and private infrastructure investments, the established manufacturing, automotive, and industrial sector. Moreover, in 2020, Europe has set up zero-emission regulations for commercial and residential buildings. These energy efficiency regulations on new residential and commercial infrastructure, focus on less carbon-intensive processes, and demand for sustainable energy consumption will also increase the demand for heat exchangers in Europe during the forecast period. Moreover, the presence of several automotive companies and processing industries is augmenting the demand for the product in the region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, due to increasing construction activities, growing demand for heat exchanger from chemical industry, and rising demand for energy. The China is probable to be driven by the rising savings in the petrochemical, chemical, and HVAC sectors. As of August 2021, China’s provincial governments had approved the construction of 24 new coal power projects in the first half of 2021, adding a total of 5.2 gigawatts (GW) of capacity, including three large-scale coal-fired power plants. Moreover, the burgeoning population and the government's efforts to enhance the country's infrastructure are expected to favor the growth of power generation and HVAC & refrigeration sectors.

Key players in the market

Some of the key players profiled in the Heat Exchangers Market include Danfoss AS, Alfa Laval AB, Kelvion Holding GmbH, BOYD Corporation, GEA Group, Xylem Inc., General Electric Company, API Heat Transfer Inc., Doosan Corp., Koch Industries Inc., Dover Corp., Johnson Controls International Plc, Hisaka Works Ltd., Thermax Ltd., SPX Corporation, Saulsbury Industries, SWEP, and Rolls Royce.

Key Developments:

In April 2021, Alfa Laval announced a partnership with Stena Recycling to introduce a sustainable business model titled “Re-Made to matter” for boosting circularity in the heat exchanger supply chain. This initiative will allow consumers to upgrade to an energy-efficient heat exchanger and get a reimbursement for an old heat exchanger, which will then be recycled.

In April 2021, Glacier Energy announced the launch of HTX Digital, a new predictive maintenance tool for monitoring heat exchanger performance.

In January 2021, SWEP, part of Dover Corporation, announced the launch of the BX4T brazed plate heat exchanger (BPHE), the latest addition to the B4-sized range for the refrigeration market. BX4T boasts a more compact design than existing economizers, making it perfect for variable refrigerant flow (VRF), heat pumps, and condensing units.

In December 2020, Danfoss announced a world-first range of microplate heat exchangers for low-density, alternative refrigerants. The new technology has solved the design challenge for OEMs switching to lower GWP refrigerants such as R1234ze and R515B, specifically in large air-cooled chillers that use the screw and centrifugal compression.

Types Covered:
• Plate & Frame Heat Exchangers
• Shell & Tube Heat Exchangers
• Air-Cooled Heat Exchangers
• Cooling Towers
• Micro Channel Heat Exchanger
• Adiabatic Wheel Heat Exchanger
• Plate Fin Heat Exchanger
• Heat Sinks
• Printed Circuit (PCHE)
• Graphite Heat Exchanger
• Other Types

Materials Covered:
• Non-Steel
• Metallic Heat Exchangers
• Polymeric Heat Exchangers
• Ceramic Heat Exchangers
• Steel

Products Covered:
• Air Blast Coolers
• Transformer Oil coolers
• Suction Heater

Technologies Covered:
• Hydrocarbon (HC)
• Hydrofluoroolefin (HFO)
• Propane (R290)
• Carbon dioxide (CO2)
• Water (H2O)
• Hydrofluorocarbon (HFC)
• Ammonia (NH3)

Styles Covered:
• Radiators
• Condensers
• Coolers & Evaporators
• Heat Exchangers Fin-Tube

End Users Covered:
• Energy
• Shipbuilding Industry
• Food & Beverages
• Pulp & Paper
• Chemical
• Heating, Ventilation, and Air Conditioning (HVAC) & Refrigeration
• Mechanical Industry
• Marine
• Power Generation
• Healthcare
• Electronics
• Automobile
• Pharmaceuticals
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances