Farmington, March 01, 2023 (GLOBE NEWSWIRE) -- The Global Heat Exchanger Market Size Was Valued At USD 15.94 Billion In 2021. The Market Is Projected To Grow From USD 16.64 Billion In 2022 To USD 27.55 Billion By 2030, Exhibiting A CAGR Of 7.5% During The Forecast Period. The COVID-19 pandemic has been shocking and unprecedented on a worldwide scale. As a result, compared to levels prior to the pandemic, demand for heat exchangers has been lower than anticipated in all areas. According to our study, the global market shrank by 5.3% in 2020 compared to 2019.
Because more people are installing HVAC systems and working in other industries, the worldwide market is expanding. The use of more heat exchangers and renewable energy sources to generate electricity will contribute to the increase.
Request Sample Copy of Report “Heat Exchanger Market Size, Share & Trends Estimation Report By Type (Shell & Tube, Plate & Frame, Air Coolers, Cooling Towers, Others), By Application (Chemicals, Oil & Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Food & Beverages, Others), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- March 2022 - Alfa Laval, a leader in critical heat transfer technology, separation and fluid handling, introduces a gasketed plate heat exchanger that is expected to impact many applications. The TS45 is the world's most modern exchanger offering flexibility and performance.
- March 2022 - Vacuum Process Engineering (VPE), a heat engineering and manufacturing company, has won a contract with General Electric to manufacture a 14 MW fuel gas performance printed circuit heat exchanger (PCHE). It will be part of GE's advanced 7HA.02 gas turbine technology, which will supply approximately 500 MW to South Korea's national power grid as well as providing steam for district heating for more than 100,000 South Korean citizens.
Segment Overview
Type Insights
The market is segmented into cooling towers, air conditioners, plate & frame, shell & tube, and others. In most application areas, the shell and tube segment is the most common. They can be used in locations like chemical and petrochemical plants, the oil and gas industry, and the power sector because they can handle fluids at high temperatures and pressure. In the food business, plate heat exchangers are also frequently employed. The product is safe to consume because of the multiple plates inside the frame that reduce or eliminate microorganisms.
Application Insights
Chemicals, oil and gas, electricity generation, heating, ventilation, and air conditioning (HVAC), automobiles, pharmaceuticals, food and beverages, and others are the different segments of the industry. The chemicals market segment was the market leader as a result of the significant development in the chemical industries. Solvent condensation, hydrocarbon cooling, and reactor heating and chilling are all used in the production of chemicals. In addition to this, they are extensively used in the oil and gas sector in cracking machines during the refining process and to convert natural gas into a liquid. More HVAC systems have been put in residential and commercial buildings over the last few years, which has aided in the industry's expansion. These goods improve the performance of machines and engines as well as the cooling and heating of homes and structures. These types of products are also growing as a result of the expansion of the transportation and food and beverage sectors.
Regional Outlook:
The region with the highest market share for heat exchangers was Asia-Pacific. The region is home to emerging economies like China, India, and Japan, which are anticipated to have a significant impact on market development due to their expanding populations, rising capital expenditures, expanding urbanization, and rising living standards. Another significant element driving the market is the expansion of the local chemical industries.
The future is predicted to see significant growth in Europe. The region has a thriving manufacturing, industrial, and auto sectors. For both homes and businesses, the region wishes to have zero-emission regulations. Additionally, it wishes to concentrate on carbon-saving techniques that will expand the market. Additionally, stringent environmental protection policies in Europe mandate a 20% increase in energy efficiency and a 20% decrease in greenhouse gas emissions. In order to combat global warming, many European nations are turning to energy-efficient technology.
North American markets could include the USA and Canada. The region's growing preference for light and hybrid cars has benefited the auto industry and created a sizable market for heat exchangers. Additionally, the region is home to numerous renowned businesses in the oil and gas, HVAC, car aviation, aerospace, and other industries. Improved refining capabilities and rising investments in the oil and gas sector, particularly offshore investments, will push the Latin American market.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 7.5% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 27.55 Billion |
| By Type | Shell & Tube, Plate & Frame, Air Coolers, Cooling Towers, Others |
| By Application | Chemicals, Oil & Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Food & Beverages, Others |
| By Companies | Alfa Laval (Sweden), Kelvion Holding Gmbh (Germany), GEA Group (Germany), Danfoss (Denmark), SWEP International AB (Sweden), Thermax Limited (India), API Heat Transfer (U.S.), Tranter, Inc. (U.S.), Mersen (France), Linde Engineering (U.K.), Air Products (U.S.), HISAKA WORKS, LTD. (Thailand) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
As the focus on lowering carbon emissions increases, the cooling and heating industry will expand.
About 28% of the world's carbon dioxide is produced by the energy needed to cool, heat, and light buildings. (CO2). In a release, the World Green Building Council said as much. (WGBC). Utilizing a cutting-edge, cost-effective thermal energy system is one of the best methods to lower greenhouse gas (GHG) emissions and primary energy demand. Switching to these systems and making other energy-saving moves can significantly reduce CO2 emissions, which is what is required to limit global temperature rise to 2-3 C.
Driving Factors:
The industry is propelled by economic expansion and technological advancements.
For improved fault detection and smoother operations, an increasing number of the present product line will be integrated with cutting-edge and next-generation network-based solutions. The outlook for the business will now have new potential. Technology advances make it simpler to watch and diagnose issues in real time and increase productivity in a variety of ways. In addition to their work on cutting-edge technologies like the Industrial Internet of Things, a number of the most significant businesses in this sector also engage in research and development. (IIoT). This addition can significantly impact downtime, energy consumption, wear and tear, and energy expenses. Predictive repair and machine optimization can both benefit from it.
Restraining Factors:
Installation, operation, and maintenance Costs will impede industry expansion.
There are many different commercial, industrial, medical, educational, and other contexts where heat exchangers can be used. These systems are not suitable for lesser capacities, particularly in homes, because economies of scale are difficult to overcome. However, there are market restrictions that prevent a wider implementation. For instance, many individuals in Africa and Latin America are unaware of the many advantages and cost-saving potential of technology. One of the main factors restricting the market is the high expense of installation. However, the expense of producing these things will decrease as technology advances.
Key Segments Covered:
Top Market Players:
Alfa Laval (Sweden), Kelvion Holding Gmbh (Germany), GEA Group (Germany), Danfoss (Denmark), SWEP International AB (Sweden), Thermax Limited (India), API Heat Transfer (U.S.), Tranter, Inc. (U.S.), Mersen (France), Linde Engineering (U.K.), Air Products (U.S.), HISAKA WORKS, LTD. (Thailand), and others.
By Type
- Shell & Tube
- Plate & Frame
- Air Coolers
- Cooling Towers
- Others
By Application
- Infants
- Chemicals
- Oil & Gas
- Power Generation
- HVAC
- Automobile
- Pharmaceuticals
- Food & Beverages
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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