Heat Exchanger Market is Growing Immensely and will Reach USD 24.43 Billion to 2023

Companies Covered in this Study are ALFA 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), Jhonson Controls

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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