Newark, Nov. 20, 2022 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 19.68 billion in 2022 heat exchangers market will reach USD 32.65 billion by 2030. In just eight years, heat exchangers have moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that delivers user value.
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Key Insight of the Heat Exchangers Market
Asia Pacific to account for the fastest CAGR of 9.37% during the forecast period
Asia Pacific is expected to have the fastest CAGR of 9.37% in the heat exchangers market. The process of industrialization and increased investments in manufacturing, commercial, and industrial projects in Asia Pacific's developing nations have fueled the demand for heat exchangers in the region as a whole. The rising investments in the chemical, petrochemical, and HVAC sectors are predicted to drive the heat exchangers market in China. The government's efforts to improve the nation's infrastructure and factors, including the expanding population, are anticipated to encourage the expansion of the HVAC & refrigeration and power generation industries, increasing demand for these products throughout the forecast period.
The plate & frame heat exchanger segment will grow at a CAGR of 10.38% over the forecast period.
During the projection period, it is anticipated that the plate & frame heat exchanger segment will grow at a CAGR of 10.38%. Plate-type construction uses plates that are either smooth or have some corrugation. Depending on the needed level of leak tightness, these goods can be brazed, welded, or gasketed. For liquid-liquid exchange at low to medium pressures, plate & frame heat exchangers are commonly employed.
However, along with plate & frame heat exchangers, the demand for an air-cooled heat exchanger is also anticipated to grow. A tube bundle, an air-pumping device like a blower or an axial flow fan, and a support structure are only a few parts that make up air-cooled products, often known as air coolers. These exchangers are utilized in petrochemical facilities, refineries, compressor stations, gas treatment facilities, power plants, and other establishments. Installation options for air-cooled products include vertical, horizontal, and sloped angles.
The oil & gas segment will grow at a CAGR of 9.76% over the forecast period.
During the projection period, it is anticipated that the oil & gas segment will grow at a CAGR of 9.76%. Demand for heat exchangers is expected to rise as shale gas is increasingly used in manufacturing and the energy sectors, as shale gas exploration operations increase as a result of technological developments in exploration. Additionally, it's anticipated that the growing number of oil and gas projects in different economies will promote industrial development.
However, along with oil & gas, the demand for HVAC & refrigeration is also anticipated to grow. Heat exchangers are a crucial component of HVAC systems. The need for heat exchangers in the HVAC sector is expected to rise as energy conservation and energy bill reduction becomes more widely known. The products are employed in the heat recovery process using steam, water, air, and refrigerants. The product demand is expected to be driven by a surge in demand for effective heat recovery systems with strong corrosion resistance.
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Advancement in market
In December 2021, Alfa Laval and Microsoft signed a global collaboration agreement to develop digital solutions that streamline service and maintenance for its range of plate heat exchangers. Because of artificial intelligence, users of the new devices can determine what consumers desire.
An interdisciplinary team from G.E. Research led by Lana Osusky built and tested a subscale 3D-printed heat exchanger in June 2021 in collaboration with renowned researchers from The Oak Ridge National Laboratory and the University of Maryland. The team achieved temperatures exceeding the project's target of 900°C and pressures close to the target of 250 bar. This temperature exceeds 200°C, beyond what current technology can endure.
Market Dynamics
Driver: Increasing demand in the cross-domain applications
Heat exchangers are used in numerous industries for a variety of purposes. For instance, they are employed in the oil, gas, and power sectors to pasteurize food and beverage products and recover heat. In addition to the previously indicated application, these are mainly employed as cooling equipment in the industrial sector. These heat exchangers are cooled by coolants that regulate the system's working temperature. Due to rising energy demands and power consumption, all of the industries mentioned above are expanding, which is also impacting the application scope. The need for this exchanger is expected to rise internationally throughout the forecast period due to all the abovementioned factors. Every industry in the world generates waste heat that can be captured and used to utilize high temperatures and energies. Equipment like waste heat boilers and heat recovery steam generators are fairly popular across many industrial verticals because they have the functionality to do the same jobs. Because it promotes heat utilization and lowers energy costs per unit, their use ultimately results in income for the owner. Investments in such exchangers are encouraged by the expansion of application industries, including the food and beverage industry and power plants.
Opportunity: Increasing energy consumption
The heat exchanger market has expanded overall due to the rapid urbanization of developing nations and increased investment in commercial, industrial, and manufacturing projects. Increased market penetration in several end-use industries, such as food and beverage, HVAC & refrigeration, petrochemicals, power generation, and chemicals, can be attributed to this expansion. Developing economies are replacing developed nations as the primary consumers of heat exchangers. Numerous factors, such as increasing environmental regulations, widespread industrial dispersion, strict governmental regulation, and the growing significance of specialized chemicals, have impacted the petrochemical industry's growth. Heat exchanger market expansion has lucrative potential as energy demand rises. As nuclear power facilities are constructed more often, the market for heat exchangers will have significant growth potential. The heat exchangers substantially impact a nuclear power plant's overall efficiency and electricity output. Some primary growth prospects for heat exchangers include the expansion of heat exchangers used in atomic reactors, upgrades to existing nuclear power plants, and proposals for new nuclear power plants. Several projects that create electricity will use coal. All coal-fired power stations utilize heat exchangers; hence a significant increase in demand for this product is anticipated.
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Some of the major players operating in the heat exchangers market are:
• Kelvion Holding GmbH
• API Heat Transfer
• HRS Heat Exchangers
• Koch Heat Transfer Company
• Heatmaster BV
• Southwest Thermal Technology
• Alfa Laval
• Xylem Inc.
• SAACKE GmbH
• Danfoss
• GEA Heat Exchangers
• Hisaka Works, Ltd.
Key Segments cover in the market:
By Product:
• Shell & Tube Heat Exchanger
• Plate & Frame Heat Exchanger
• Air-Cooled Heat Exchanger
• Others
By End-Use:
• Oil & Gas
• Power Generation
• Pulp & Paper
• Chemical & Petrochemical
• Food & Beverage
• HVAC & Refrigeration
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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