Jersey City, NJ, March 27, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Heat Exchanger Market Size, Share & Trends Analysis Report By Raw Material (Steel, Copper, Aluminum), Type (Shell & Tube, Plate & Frame, Air Cooled), Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & Paper)- Market Outlook And Industry Analysis 2031"
The global heat exchanger market is estimated to reach over USD 24.43 billion by 2031, exhibiting a CAGR of 5.11% during the forecast period.
The production, marketing, and distribution of heat exchangers, mechanical devices used to transfer heat from one fluid to another, are collectively referred to as the "heat exchanger market industry." Heat exchangers are extensively employed in many industries, including power production, oil and gas, chemical, HVAC, and others. As the demand for energy-efficient systems and the use of heat exchangers in many industries rise, the industry is continually changing to meet these demands.
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Due to the rising demand for energy-efficient systems and the expansion of the HVAC industry, the heat exchanger market business—which plays a significant role in the worldwide economy—is anticipated to continue growing. Heat exchangers can be expensive, especially for high-end models, which makes it difficult for small and medium-sized businesses to invest in them. The high cost of heat exchangers can also make it challenging for end-users to purchase them. The design and installation of heat exchangers require a certain level of technical expertise, which is not always readily available. This can limit the growth of the heat exchanger market in certain regions.
Recent Developments:
- In January 2021, The BX4T brazed plate heat exchanger (BPHE), the newest addition to the B4-sized series for the refrigeration sector, was introduced, according to SWEP, a division of Dove Corporation. The BX4T is superior to conventional economizers because it has a more compact design, making it perfect for variable refrigerant flow (VRF), heat pumps, and condensing units.
- In April 2021, HTX Digital, a new predictive maintenance tool for tracking heat exchanger performance, was unveiled by Glacier Energy.
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List of Prominent Players in the Heat Exchanger Market:
- Laval (Sweden)
- Kelvion Holding Gmbh (Germany)
- Exchanger Industries Limited (Canada)
- Mersen (Denmark)
- Danfoss (US)
- API Heat Transfer (US)
- Boyd Corporation (US)
- H.Guntner (UK)
- Limited (Germany)
- Johnson Controls (Ireland)
- XYLEM (US)
- Watec Corporation
- Spx flow
- Lu-Ve S.P.A.
- Lenox International Inc.
- Air Products Inc.
- Barriquand Technologies Thermiques
- Barank, Inc
- Chart Industries
- Doosan Corporation
- Funke Heat Exchanger Apparatebau Gmbh
- Hisaka Works, Ltd
- Hindustan Dorr-Oliver Ltd
- Koch Heat Exchanger PVT. LTD. Pune India
- Swep International Ab
- Smart heat
- Sierra S.P.A
- Thermax Limited
- Vahterus OY
Market Dynamics:
Drivers-
The expanding industrialization of developing economies will drive the market. In APAC's developing nations, industrialization is accelerating. The need for heat exchangers is anticipated to increase in countries like China and India due to rising investments, cheap labor costs, and raw material prices. Projects in the region, including manufacturing, commerce, and industry, have also helped the heat exchanger market grow. The demand for heat exchangers is rising due to increased use in the chemical, HVACR, petrochemical, oil & gas, and government initiatives to promote the growth of thermal and solar energy in nations like Japan and India. Additionally, the market for heat exchangers is anticipated to benefit from the rise in petrochemical product demand.
Challenges:
The devices' propensity for scaling and corrosion and the challenging work of cleaning the tubes are some of the main market limitations. As they work with different chemicals and water types, the inner elements of the heat exchangers are vulnerable to corrosion, and maintenance and part replacement challenges further enhance the losses. These factors can prevent the industry from growing.
Regional Trends:
The Asia Pacific region is anticipated to hold a substantial market share in the heat exchanger market due to the rapid industrialization, increasing demand for energy-efficient systems, growing construction sector, and growing manufacturing sector in the region. The Asia Pacific region is undergoing rapid industrialization, pushing the demand for heat exchangers in various sectors, including power generation, oil and gas, chemical, and HVAC. This growth is particularly significant in China, India, and Japan. The growing concern for the environment and the increasing demand for energy-efficient systems are driving the development of the heat exchanger market in the Asia Pacific region. The rapidly increasing construction sector in the Asia Pacific region, specifically in countries such as China, India, and Southeast Asia, propels the demand for heat exchangers in the HVAC industry. The growing manufacturing sector in the Asia Pacific region is also driving the need for heat exchangers in various industries, such as chemical, oil & gas, and power generation.
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Segmentation of Heat Exchanger Market-
By Material-
- Steel
- Carbon Steel
- Stainless Steel
- Non-Steel
- Copper
- Aluminum
- Titanium
- Nickel
- Plastic
By Type-
- Shell & Tube
- Tubular Heat Exchangers
- Fixed Tube Heat Exchangers
- U-Tube Heat Exchangers
- Floating Head Heat Exchangers
- Plate & Frame
- Brazed Plate & Frame Heat Exchanger
- Gasketed Plate & Frame Heat Exchanger
- Welded Plate & Frame Heat Exchanger
- Others
- Air-Cooled
- Forced Draft Heat Exchangers
- Induced Draft Heat Exchangers
- Others
- Extended Surface Heat Exchangers
- Regenerative Heat Exchangers
By End-use Industries-
- Chemical
- Base Chemicals
- Intermediate Chemicals
- Specialty Chemicals
- Energy
- Petrochemicals
- Oil & Gas
- HVAC And Refrigeration
- District Heating And Cooling
- Air-Conditioning
- Commercial Refrigeration
- Industrial Refrigeration
- Food & Beverages
- Processed Food
- Dairy
- Sugar And Ethanol Production
- Others
- Power Generation
- Renewable
- Non-Renewable
- Pulp & Paper
- Others
- Metallurgical
- Wastewater Treatment
- Mining
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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