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

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

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.

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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.

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COVID- 19 Impact

The wake of the COVID-19 pandemic has induced different inhibitions across various industries including disruptions in production, supply chain challenges, and reduced demand for products and services. In addition, various construction projects & industrial activities were delayed or temporarily halted due to lockdowns and restrictions leading to a decline in demand for heat exchangers, primarily across capital intensive verticals including oil & gas, petrochemicals, and manufacturing. However, the need for improved indoor air quality in buildings infrastructures coupled with expanding demand to boost energy efficiency and cost savings will outperform the restraining factors and positively add to the industry landscape.

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

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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.

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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.

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• 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 characterized by dynamic competition influenced by various factors including technological innovations, organic & inorganic growth ventures, and product differentiation, among others. The industry players are significantly investing in the research & development initiatives to improve efficiency, reduce energy consumption, and enhance overall performance to gain a competitive edge with diversified portfolio. For instance, in March 2022, Alfa Laval announced to expand its AC540 brazed plate heat exchanger offerings with the launch of four new units optimized to seamlessly integrate with environmentally friendly refrigerants including R32, carbon dioxide, and other low-GWP (Global Warming Potential) alternatives. The new product range is designed to ensure optimal performance, reliability, and efficiency, contributing to the reduction of GHG emissions and transformation of the overall HVAC sectors.

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

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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