Shell & Tube Heat Exchanger Market Size - By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing), & Forecast, 2024 - 2032

Shell & Tube Heat Exchanger Market Size - By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing), & Forecast, 2024 - 2032

Shell & Tube Heat Exchanger Market Size

Shell & Tube Heat Exchanger Market was valued at USD 5.9 billion in 2023 and is set to witness about 8.2% CAGR between 2024 and 2032. Rising energy demands for heating & cooling systems across building infrastructure Increased investments in heavy-duty industrial operations is set to influence the product deployment.

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According to data from Eurostat, the European Union heating and cooling account for approximately half of the total energy consumption. The establishment of new chemical and petrochemical facilities, coupled with the exploration of both conventional and unconventional hydrocarbon reserves in various regions, will present new opportunities for the expansion of the heat exchanger industry.
 

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Shell & Tube Heat Exchanger Market Trends

Shell & tube heat exchanger industry is set to grow owing to increasing demand for heating and cooling solutions across residential and commercial infrastructure. Moreover, growing inclination on utilization of waste heat generated from industrial processes, is set to complement the industry outlook. Growing emphasis on meeting energy efficiency regulations and standards along with shifting focus to curb emissions is set to influence the industry growth. Moreover, ongoing innovations, advancements in technology aimed at enhancing operational efficiency and flexibility of heat exchanger units will significantly accelerate the product deployment.

Shell & Tube Heat Exchanger Market Analysis

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Chemical application is anticipated to surpass over USD 3.4 billion by 2032. Rising demand for several chemical products, along with growing focus on energy efficiency and sustainability, has accelerated the product adoption. Stringent regulatory mandates and safety standards in chemical processing operations coupled with integration of digital technologies to deliver real-time monitoring, and overall enhanced control in chemical facilities will further influence the industry landscape. Moreover, the equipment plays a critical role in the chemical industry by providing efficient and reliable heat transfer combined with their durability & ease of maintenance by optimizing temperature control and improving process safety.

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Asia Pacific shell & tube heat exchanger market is projected to hit USD 4.5 billion by 2032. Ongoing expansion of manufacturing and chemical refining facilities along with accelerated investments for development of energy intensive infrastructure will positively influence the industry growth. Moreover, rapid pace of industrialization and urban development has contributed to accelerated construction, that has led to increased demand for energy-efficient central heating and cooling systems in building infrastructure, further complementing the Asia Pacific heat exchanger industry growth.

Europe shell & tube heat exchanger market have witnessed a significant growth owing to increasing expenditure for the development of clean energy industrial infrastructure and introduction of stringent regulations pertaining to limit the carbon emissions and adoption of enhanced technologies. Moreover, favorable government incentives for energy efficiency projects along with the integration of renewable energy sources have increased the need for advanced heat exchangers further propelling the Europe heat exchanger market dynamics.

Shell & Tube Heat Exchanger Market Share

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Major industry participants in the shell & tube heat exchanger are continuously engaging in new organic & inorganic ventures including introduction of innovative products, strategic partnerships, alliances, agreements, and undertaking mergers & acquisitions, among others, to gain their market competitiveness. Key players including Xylem, ALFA LAVAL, Kelvion Holding GmbH, FUNKE Wärmeaustauscher Apparatebau GmbH and Mersen Group., among other, holds majority of the market share across the industry.

Shell & Tube Heat Exchanger Market Companies

Some of the major key players operating across the shell & tube heat exchanger industry are -

• A.A. Anderson & Co., Inc.
• ALFA LAVAL
• API Heat Transfer
• Bronswerk
• COMP AIR TREATMENT SYSTEM P. LTD.
• Enerquip Thermal Solutions
• Exergy LLC
• FUNKE Wärmeaustauscher Apparatebau GmbH
• HRS Process Systems Ltd.
• Kelvion Holding GmbH
• Kinam Engineering Industries Pvt. Ltd.
• Koch Heat Transfer Company
• Mason Manufacturing LLC
• Mersen Group
• Pentair
• Thermaline, Inc
• Thermofin
• Thrush Co
• Wessels Company
• Xylem

Shell & Tube Heat Exchanger Industry News

• In January 2024, DASCO Co., Ltd. celebrated the completion of its Mieum Factory in Busan, with its business employees. Despite facing numerous challenges, the new factory came into operation, and is ready for heat exchanger and pressure vessel design and production. This plant completion will expand the company’s market presence across shell & tube heat exchanger industry.
• In November 2023, BASF's amine plant in Ludwigshafen, Germany, replaced two bulky shell-and-tube heat exchangers with a single, more compact Alfa Laval Compabloc unit. This switch was driven by both the Compabloc's space-saving design, and its lower initial cost compared to traditional shell-and-tube exchangers. The original exchangers were unfortunately prone to damage due to the frequent process shutdowns and startups at the plant.

This shell & tube heat exchanger market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032 for the following segments

Market, By Application

• Oil & Gas
• Chemical
• Power generation & metallurgy
• Marine
• Mechanical industry
• Central heating & refrigeration
• Food processing
• Others

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Spain
  • Poland
  • Türkiye
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • Philippines
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Argentina
  • Colombia
  • Chile