Heat Exchanger Market Size and Forecasts (2022 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Shell and Tube, Plate and Frame, Air Cooled, and Others), Material (Steel, Copper, and Others), and Applic

Heat Exchanger Market Size and Forecasts (2022 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Shell and Tube, Plate and Frame, Air Cooled, and Others), Material (Steel, Copper, and Others), and Application (Energy, Chemical, Food and Beverages, HVACR, Pulp and Paper, and Others)

The Heat Exchanger Market size is expected to reach US$ 39.11 billion by 2030 from 20.65 billion in 2022, at an estimated CAGR of 8.3% from 2022 to 2030.

The North American Heat Exchanger market is segmented into the US, Canada, and Mexico. The US is estimated to hold the largest Heat Exchanger market share during the forecast period. For instance, according to the US Department of Energy report for January 2021, the hydropower capacity increased by a net of 431 MW in 2019 since 2017. The capacity was increased from existing facilities, new facilities, and powering non-powered dams (NPDs), which resulted in a total net growth of 1,688 MW from 2010 to 2019. In addition, Mexico is planning to build many gas-fired power plants to increase the natural gas supply, including importing natural gas from the US. For instance, in November 2022, US-based New Fortress Energy announced the deal signed with the Mexican government to develop the LNG project Lakach offshore gas field in Mexico, which is expected to be completed by 2024. Thus, these plants generate the need for heat exchangers for gas drying, preheating natural gas, and liquefaction of natural gas in LNG plants. In the hydropower plant, heat exchangers minimize the downtime of turbines, generators, and transformers by reducing the heat generated. Thus, the rising establishment of hydropower plants contributes to the North America heat exchanger market growth.

North America has a well-established pulp & paper industry, which is rising owing to factors such as the rise in demand for packaging from the food & beverages and e-commerce sectors. It has a strong presence of producers of fiber-based packaging, pulp, and paper, which includes International Paper Company, WestRock Company, Verso Corporation, and others. These market players operate globally and produce paper and packaging products to meet the global demand for books, newspapers, magazines, packaging materials, etc. In July 2023, global leader Mondi announced the acquisition of Canada-based Hinton Pulp Mill from West Fraser Timber Co. Ltd for US$ 5 million. Mondi has entered a long-term partnership with West Fraser, where it will access West Fraser's local, high-quality fiber from a well-established wood basket for Mondi’s packaging products. Thus, such development in the paper & pulp industry in the region will contribute to increased operation in the mills and generates the demand for heat exchangers for application such as cooling of sewage, evaporation of sewage, and heating of filtered water.

Based on material, the heat exchanger market is segmented into steel, copper, and others. The steel segment held the largest share in the heat exchanger market. Steel-based heat exchangers exhibit high mechanical strength and outstanding corrosion resistance. Stainless steel has good thermal conductivity, making it an optimal choice for heat exchangers to withstand ultra-high temperatures, extreme burst pressure, and harsh environments. Steel is stronger than aluminum and copper. It maintains its mechanical strength at higher temperatures than other common metal-based heat exchangers. Thus, its high mechanical strength enhances the performance of heat exchangers and helps reduce the potential for distortion or warping over extended contact to ultra-high temperatures. All these characteristics of steel fuel the market growth for the segment.

Based on application, the heat exchanger market is segmented into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held the largest share in the heat exchanger market. In refineries, heat exchangers are mainly used for crude oil refining and subsequent refining stages. It is used in applications such as heat/oil transfer systems, cold ammonia flow control, fuel gas conditioning systems, lube oil systems, and selective catalytic reduction (SCR) units. For example, in SCR units, heat exchangers are utilized to minimize the emission and NOx removal in compliance with municipal industrial emission standards. In heat/oil transfer systems, heat exchanger is used to reduce the excess heat generated. Moreover, heat exchangers collect heat from hot waste gases to get power in power plants. Thus, the application of heat exchangers in refineries and power plants generates the demand for heat exchangers in new and existing plants, further acting as a catalyst for the heat exchanger market.

Alfa Laval AB, Kelvion Holding GmbH, Danfoss AS, Xylem Inc., API Heat Transfer Inc., Chart Industries Inc, Guntner GmbH & Co KG, Larsen & Toubro Ltd, Hisaka Works Ltd, and Johnson Controls International Plc are among the key heat exchanger market players that are profiled in this market study.

The overall Heat Exchanger Market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Heat Exchanger Market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Heat Exchanger Market.

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