Newark, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The global heat exchangers market was valued at USD 20.97 billion in 2023 and growing at a CAGR of 7.1% from 2024 to 2033. The market is expected to reach USD 41.63 billion by 2033, according to a new report by Market. Heat exchangers are devices designed to facilitate the efficient transfer of heat from one medium to another. They are integral components in a wide range of systems and processes, including HVAC systems, power generation plants, chemical processing, and various manufacturing industries.
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As public and private infrastructure investments are made, the need for heat exchangers in the HVAC & refrigeration industry is anticipated to rise. Various end-use sectors have boosted their demand for heat exchangers that offer higher durability, improved efficiency, and less fouling, which has helped the market grow. However, similar to Europe, it is projected that rising oil & gas development activities in the United States and Canada will be the primary driver of heat exchanger demand in North America. It is also projected that increasing energy consumption in various commercial and industrial sectors will strengthen the power and energy sectors, which will benefit the heat exchanger market.
Market Dynamics
Recent Developments
• In January 2021, SWEP, a division of Dove Corporation, introduced the BX4T brazed plate heat exchanger (BPHE), the newest addition to the B4-sized series for the refrigeration sector. The BX4T offers a more compact design compared to conventional economizers, making it ideal for variable refrigerant flow (VRF), heat pumps, and condensing units.
• In April 2021, Glacier Energy unveiled HTX Digital, a new predictive maintenance tool for tracking heat exchanger performance.
Drivers
• Increasing industrialization in emerging economies
• Rising energy efficiency regulations and stringent emission standards
• Growing demand for HVACR equipment in commercial construction
• Preference for sustainable, energy-efficient, and cost-effective heat exchangers
Restraints
• High maintenance costs
• Vulnerability to damage and wear over time, affecting effectiveness
Opportunities
• Adoption of digital technologies, including IoT devices, for real-time monitoring, predictive maintenance, and data analytics
• Use of advanced materials like titanium and composites for enhanced durability and performance
• Increasing focus on renewable energy sources and waste heat recovery
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 7.1% |
| 2023 Value Projection | USD 20.97 Billion |
| Market Size in 2033 | USD 41.63 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 236 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product, End-Use |
| Regions Covered | The regions analysed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analysed at the country level. |
| Heat Exchangers Market Growth Drivers | Increasing demand in cross-domain applications |
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The global heat exchangers market has been segmented based on the product, end-use, and region. The product segment is divided into shell & tube heat exchangers, plate & frame heat exchangers, air-cooled heat exchangers, and others. With a market share of around 27.49% in 2023, the shell & tube heat exchanger segment held most of the market share. When building a shell and tubes, a group of tubes are inserted into a cylindrical surface with the tube axis parallel to the axis of the surface. The three most common types of shell and tube products are floating-head type, U-tube design, and fixed tube sheet design. The end-use segment is divided into oil & gas, power generation, pulp & paper, chemical & petrochemical, food & beverage, HVAC & refrigeration, and others. In 2023, the chemical & petrochemical segment dominated the market, accounting for around 19.47% of global revenue. Heat exchangers are used in the chemical processing sector for their advantages, such as design flexibility and good corrosion resistance. Due to these traits, they can control fluids with various solid concentrations.
Regional Segmentation Analysis
Europe dominated the market in 2023, accounting for 34.07% of the global revenue share, driven by increasing infrastructure investments and the growing demand for durable and efficient heat exchangers. Asia Pacific is anticipated to witness the highest CAGR of 6.2% during the forecast period, supported by rapid industrialization and investments in manufacturing, industrial, commercial, and other projects.
Key players in the heat exchanger market include:
• 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.
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The chemical industry's growing demand, escalating technological development and a growing emphasis on raising efficiency requirements are anticipated to drive the market in the following years. Most processes in petrochemical facilities operate at high pressure and temperature, demanding the development of energy savings and the optimization of heat transfer, both of which are expected to increase demand for energy-efficient heat exchangers.
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