Heat Exchanger Market Size - By Technology (Shell & Tube, Plate, Air Cooled), By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing), & Forecast, 2024 - 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationHeat Exchanger Market Size - By Technology (Shell & Tube, Plate, Air Cooled), By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing), & Forecast, 2024 - 2032
Heat Exchanger Market Size
Heat Exchanger Market was valued at USD 16.1 billion in 2023 and is likely to showcase CAGR of 8.4% between 2024 and 2032, on account of mounting investments across heavy-duty industrial operations coupled with growing energy consumption across heating & cooling systems in building infrastructure. For instance, as per the data by the European Union, heating & cooling constitutes for about half of the total energy consumption within the EU.
To get key market trends
Download Free Sample
Growing setup of new chemical & petrochemical facilities along with the discovery of new conventional & unconventional hydrocarbon reserves across different geographies will unveil new opportunities for heat exchanger industry expansion. In addition, continuous innovations & product advancements by the key industry participants to boost the operational capabilities & flexibility of heat exchanger units will play a pivotal role in shaping the industry dynamics.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Heat Exchanger Market Size in 2023 | USD 16.1 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 8.4% |
| 2032 Value Projection | USD 33 Billion |
| Historical Data for | 2019 to 2022 |
| No. of Pages | 430 |
| Tables, Charts & Figures | 430 |
| Segments covered | Technology, Application, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Download Free Sample
COVID- 19 Impact
The COVID-19 pandemic has shaken up many industries. Companies are struggling to make their products, supply chains are disrupted, and people aren't buying as much as they used to. This has also hit the heat exchanger industry hard. Heat exchangers are used in buildings and industrial processes to improve air quality and save energy. But with construction projects delayed and businesses slowing down, the demand for heat exchangers has dropped. However, there are still some rays of hope for the industry. People are becoming more aware of the importance of good indoor air quality, and businesses are looking for ways to save money on energy. This means that the long-term outlook for the heat exchanger industry is still positive.
Heat Exchanger Market Trends
The growing need for heating and cooling solutions in both residential and commercial structures, combined with an emphasis on harnessing waste heat from industrial operations, is expected to propel market expansion. In addition, the severe winter climates across several countries and regions, along with the increasing adherence to energy efficiency regulations and standards, are anticipated to further boost the demand for these products. The escalating energy requirements within the petrochemical, oil & gas, and power sectors, coupled with increased investments in the enhancement of current energy infrastructure, are poised to accelerate the demand for heat transfer equipment.
Heat Exchanger Market Analysis
Learn more about the key segments shaping this market
Download Free Sample
The air-cooled heat exchanger industry is expected to witness 8% growth up to 2032. Primarily utilized in refineries, gas processing facilities, power generation plants, and petrochemical installations, these units excel in efficient heat transfer and the harnessing of waste heat. Their cost-effectiveness and superior efficiency make them a preferred choice over other available options. With continued investments in the establishment of new petrochemical complexes, the demand for these heat exchangers is anticipated to further surge.
The market size for plate heat exchangers has witnessed a revenue of over USD 4 billion in 2023. Renowned for their superior heat transfer capabilities, streamlined design, and effortless maintenance, these units are poised for increased adoption across a range of industries. Manufacturers are also increasing their capacity addition and introducing advanced technologies across the market to cater to the industrial requirements.
Learn more about the key segments shaping this market
Download Free Sample
The installation of heat exchangers across the mechanical industry is projected to experience 7% growth rate from 2024 to 2032. The positive trajectory can be attributed to the strong industrial expansion in developing nations and heightened investments aimed at modernizing existing manufacturing facilities. In addition, the escalating emphasis on achieving energy efficiency in critical industrial processes is expected to bolster the heat exchanger market.
The expansion in the demand for various chemical products coupled with increased emphasis on energy efficiency and sustainability has driven the adoption of advanced heat exchanger technologies across chemical verticals. Moreover, the stringent safety standards & regulatory compliance in chemical processing operations along with the integration of digital technologies, sensors, and data analytics in heat exchanger systems to deliver real-time monitoring, predictive maintenance, and overall better control in customized chemical facilities will further add to the industry landscape.
Looking for region specific data?
Download Free Sample
- The Asia Pacific heat exchanger market was estimated at over USD 5.8 billion in 2023 and is set to grow at a considerable pace over the coming years. Significant growth across various industries including petrochemicals, chemicals, energy, and manufacturing with the emerging economies consisting of China, India, Japan, and South Korea, among others, will positively sway the industry landscape. For instance, as per the data updated by the Japanese Ministry of Economy, Trade and Industry (METI) in December 2023, the total crude oil import in the country equaled about 12.4 billion liters in November 2023, experiencing a monthly growth of 8.7% from around 11.4 billion liters in October 2023.
- Continuous expansion of manufacturing facilities coupled with the rising investments across energy-intensive industrial infrastructure will further add to the regional industry outlook. In addition, fast-paced industrialization & urbanization has significantly attributed to the increasing construction activities generating the indispensable need for energy-efficient heating & cooling systems in building infrastructures positively catering to the business growth.
Heat Exchanger Market Share
The heat exchanger industry is a competitive field where companies are constantly trying to outdo each other. They're investing heavily in research and development to make their products more efficient, more energy-saving, and better overall. This way, they can stand out from the crowd and gain an edge in the market. One example of this is Alfa Laval. In March 2022, they announced they were adding four new units to their AC540 brazed plate heat exchanger lineup. These new units are designed to work perfectly with eco-friendly refrigerants like R32 and carbon dioxide. They're made to be reliable, efficient, and perform at their best, which means they help cut down on greenhouse gas emissions and make the HVAC industry greener.
Heat Exchanger Market Companies
The key players operating across the industry include
- ALFA LAVAL
- Kelvion Holding GmbH
- SPX FLOW
- IHI Corporation
- Xylem
- Danfoss
- API Heat Transfer
- FUNKE Wärmeaustauscher Apparatebau GmbH
- Thermowave GmbH
- HISAKA WORKS LTD.
- SWEP International AB
- Accessen Group Co., Ltd.
- Doosan Power Systems
- LARSEN & TOUBRO LIMITED
- Koch Heat Transfer Company
- HRS Heat Exchangers
- Thermofin
- Enerquip Thermal Solutions
- Mason Manufacturing LLC
- Wessels Company
Major companies operating across the heat exchanger industry are emphasizing on the integration of digital technologies, including IoT sensors and data analytics, to enhance the performance and monitoring capabilities of heat exchangers and deliver smart and connected solutions. Moreover, the heat exchanger manufactures are also undertaking various mergers and acquisitions to reshape competition dynamics and attain economies of scale, diversified product portfolios, and gain a competitive advantage over other players.
Heat Exchangers Industry News
- In January 2024, SPX FLOW, brands including Gernstenberg Schröder, APV, and Waukesha Cherry-Burrell, collaboratively introduced the groundbreaking Origin Series Scraped Surface Heat Exchanger (SSHE). This innovative launch is tailored to empower manufacturers with cost-effective operations, simplified maintenance, and versatile application possibilities. Merging the expertise and design efforts of these three brands, the Origin Series SSHE stands as a testament to unparalleled multi-functionality and adaptability for diverse global applications.
- In October 2023, HRS Heat Exchangers solidified a strategic collaboration with Spain's esteemed Centro Tecnológico National de la Conserva y Alimentación (CTNC) — the National Technological Centre for the Food and Canning Industry. CTNC, a renowned private research association, actively engages with diverse organizations on both national and international fronts to advance innovations in the food and beverage sector. This partnership reached a significant milestone with the introduction of a state-of-the-art pilot aseptic filling facility by HRS. This cutting-edge installation empowers customers and researchers alike to explore and evaluate various heat exchanger solutions, fostering the development of pioneering food and beverage products.
This heat exchanger market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032 for the following segments
Click here to Buy Section of this Report
Market, By Technology
- Shell & tube
- Plate
- Air cooled
- Others
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
- Turkiye
- 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
Related Reports
- Water Source Heat Pump Market Size- By Product (Water to Air, Water to Water), By Technology (Open Loop, Closed Loop, Hy...
- Electrical Safety Personal Protection Equipment (PPE) Market - By Product (Head Protection, Eye & Face Protection, Heari...
- Industrial Head Protection Market Size - By Material (ABS, HDPE, Polycarbonate, FRP, Polystyrene, Polypropylene), By App...
- U.S. Residential Heat Pump Market Size - By Product (Air Source, Ground Source, Water Source), By Application (Single Fa...
- Hydronic Underfloor Heating Market Size - By Facility (New Buildings, Retrofit), By Application (Residential {Single Fam...
- Air Source Heat Pump Market Size- By Product (Air to Air, Air to Water), By Application (Residential {Single Family, Mul...
Table of Content
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
List Tables Figures
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy