Global Heat Exchangers Market is valued at USD 17.41 Billion in 2022 and is expected to reach USD 25.16 Billion by 2029 with a CAGR of 5.40% over the forecast period.
Global Heat Exchangers Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing demand for heat, ventilation & air conditioning (HVAC) from industrial, commercial & residential sectors, rising adoption of renewable energy sources, and growing focus on effective utilization of waste heat generated from various industries are some of the major factors anticipated to drive the growth of Global Heat exchangers Market.
A heat exchanger is a system utilized to transfer heat among two or more fluids. A heat exchanger is a device that transfers thermal energy (enthalpy) between warmer fluids, solid surfaces, and fluids, or solid particles and fluids at various temperatures and in thermal contact. The fluids might be isolated by a strong wall to avoid blending or they might be in direct contact. For productivity, heat exchangers are intended to maximize the surface space of the wall between the two liquids, while limiting resistance from fluid course through the exchanger. The exchanger's presentation can likewise be impacted by the addition of blades or layering’s in one or the two directions, which increment surface area and may channel fluid stream or initiate turbulence.
There are generally no external heat and work exchanges in heat exchangers. The usage of industrial heat exchangers in the food and beverage industry, the petrochemical industry, and hydrocarbon processing is likely to drive the industrial heat exchangers market even higher. Space heating, refrigeration, air conditioning, power plants, chemical plants, petrochemical plants, petroleum refineries, natural-gas processing, and sewage treatment are all places where they're employed. The basic example of a heat exchanger is seen in an internal combustion engine, where engine coolant circulates through radiator coils and airflows through the coils, cooling the coolant and heating the incoming air. In 1923, Dr. Richard Seligman in APV designed the initial industrial plate heat exchanger effectively.
The Covid-19 outbreak has changed the interest as each area had put down tasks. The production units for these exchangers were closed down across a few districts attributable to limitations imposed by governments. Additionally, the unavailability of laborers has harmed the production even after a portion of the limitations were lifted. However, following the pandemic, the demand is relied upon to have a positive growth rate with expanded inclination to finish district energy and sustainable power focuses alongside the need to do the trick HVAC demand.
Global heat exchangers market report is segmented on the basis of type, material of construction, end-use industry, and region & country level. Based upon the type, the global heat exchangers market is classified into shell & tube, plate & frame, air-cooled, and microchannel. Based upon the material of construction, the market is divided into carbon steel, stainless steel, and nickel. Based upon the end-use industry, the global Heat exchangers market is classified into chemical, petrochemical, oil & gas, HVACR, food & beverage, and power generation.
On July 27th, 2021; HRS Heat Exchangers Ltd. was bought by Exchanger Industries Ltd. (EIL), a heat transfer product designer and manufacturer located in Canada (HRS). HRS established in the United Kingdom, provides heat exchangers and specialized process systems to companies in the environmental, food, beverage, and pharmaceutical industries. HRS' management staff will be retained by EIL, which services the energy, petrochemical, industrial, and clean power industries. According to the business, the acquisition gives EIL instant access to a cost-effective global presence with scalable hubs in both India and Spain.
The major factor driving the growth of global heat exchangers market is increasing demand for heat, ventilation & air conditioning (HVAC) from industrial, commercial & residential sectors. Growing adoption across multiple applications to aid growth in the current situation, these exchangers are significantly utilized in almost every industry to adjust temperatures and proceed with production under constrained pressure and temperatures. With the extending industrial spaces like processing plants, food manufacturing industries, production units for different items, power age units, area heating systems, locale cooling systems, and others the scope for this is increasing. This will surely drive the market and will acquire immense investments from organizations internationally. For instance, as per the news published on October 27th, 2020; PI Heat Transfer declared that it has rebuilt the organization into three specialty units to all more likely address the issues of its diverse client base. The new market-centered units are engine cooling, industrial, and thermal transfer products (TTP).
In addition, the growing adoption of renewable energy sources are also supplementing the market growth. The expanding reception of renewable energy resources, like solar and wind, is one of the main factors driving the demand, which will ultimately help the worldwide heat exchanger market development. Expanded energy demand as per the need to lessen greenhouse gas (GHG) outflows, is relied upon to drive the installation of the device. These exchangers are a significant part in wind turbines and are utilized to move solar energy absorbed in solar collectors to the fluid or air used to warm water or space. For example; in 2019, Germany reported its objective of producing 20GW energy by utilizing offshore wind power by 2030. Furthermore, the growing focus on effective utilization of waste heat generated from various industries also drives the global heat exchangers market. However, high maintenance costs may hamper the global heat exchanger market growth. In spite of that, increasing the adoption of heat exchangers across various applications can provide various opportunities for the further growth of the global heat exchanger market.
Europe is expected to show the fastest growth in the global heat exchangers market within the forecast period due to the increasing demand for heat & air conditioning in various industrial applications, technological development, and the presence of key companies in this region. Rising demand for heat & air conditioning in various industrial applications increases the demand of heat exchangers in this region. For instance; as per the news published on July 14th, 2020; Kelvion developed its new ComFinSafety heat exchanger that blends the company’s double tube safety innovation with its reduced balance framework.
This system is intended for applications requiring high system levels, joined with a minimal design, and where the media properties are altogether unique, for example, oil cooling by water. Applications incorporate the transportation, power, marine, grid, substantial industry, or HVAC. In addition, the presences of key companies play an important role to drive the heat exchanger market in this region. For instance; in April 2021, Alfa Laval reported an association with Rena Recycling to present a sustainable business model named ""Re-Made to issue' for helping circularity in the heat exchanger production network. This drive will permit buyers to move up to an energy-effective heat exchanger and get repayment for an old heat exchanger, which will then be recycled.
Asia Pacific is projected to capture significant growth in the global heat exchangers market due to the increasing demand of heat exchangers and the presence of market players. For instance, in 2019, Kelvion launched fumes gas heat exchangers, which is reduced and ideal for industrial offices and power plants.
Middle East and Africa
|2015 - 2020
|2021 - 2027
|Market Size in 2020:
|USD 16.56 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 26.42 Billion
|Tables, Charts & Figures:
|Heat Exchanger Manufacturers
|Alfa Laval, Xylem, Kelvion Holdings, Gunter, Danfoss, API Heat Transfer, Hisaka Works, Johnson Controls International, Chart Industries, Hindustan Dorr-Oliver
|By Type, By Material of Construction, By End-Use Industry
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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