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2022

Heat Exchanger Market

Heat Exchanger Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, End-user Industry and Material of Construction : Global Opportunity Analysis and Industry Forecast 2021-2030

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Author's: Mamta Shivdasani| Ujjwal Tyagi | Eswara Prasad
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Heat Exchanger Market Outlook – 2030

The global heat exchanger market size was valued at $16.7 billion in 2020, and is projected to reach $28.3 billion by 2030, growing at a CAGR of 5.5% from 2020 to 2030. A heat exchanger is a device that facilitates the process of heat exchange between two fluids that are at different temperatures. Heat exchangers are used in many engineering applications, such as refrigeration, heating and air-conditioning systems, power plants, chemical processing systems, food processing systems, automobile radiators, and waste heat recovery units. 

In addition, air preheaters, economizers, evaporators, superheaters, condensers, and cooling towers used in a power plant are a few examples of heat exchangers. Moreover, heat exchangers are an enabling technology for efficient power generation with a closed, recuperated Brayton cycle, using supercritical carbon dioxide (sCO2) as the working fluid. Heat exchangers influence the overall system efficiency and system size. Heat exchanger designs must balance between heat exchanger effectiveness and pressure drop to achieve the desired tradeoff between system efficiency and system size. This tradeoff between system efficiency and system size is expected to vary with each energy conversion system application.

Heat-Exchanger-Market

Heat exchangers are highly used in chemical, petrochemical, oil & gas, HVACR, food & beverages, and power generation. In addition, rise in demand for product and services by these industries across the globe is predicted to act as a major driving factor for the market. Moreover, rise in demand for heat exchanger in the automotive industry is also expected to act as a major factor for the heat exchanger market growth.

The heat exchanger industry is segmented on the basis of type, end-user industry, material of construction, and region. On the basis of type, the market is categorized into shell and tube, plate and frame, air-cooled, microchannel heat exchanger, and others. On the basis of end-user industry, it is divided into chemical, petrochemical, oil & gas, HVACR, food & beverages, power generation, and others. On the basis of material of construction, it is classified into carbon steel, stainless steel, nickel, and others. The others segment further includes, nickel alloys, titanium, copper, and molybdenum. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global heat exchanger market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include, Accessen Group, Alfa Laval, API Heat Transfer, Chart Industries., Danfoss A/S, Hisaka Works. Ltd., Exchanger Industries Limited, Koch Industries, Inc., Thermofin Gmbh, and Xylem.

Global Heat Exchanger Market, by Type

By type, the shell and tube segment dominated the global heat exchanger market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its advantages over other types of heat exchangers that include, low price as compared to plate type coolers, ease of application in higher operating temperatures and pressures, and others. Shell and tube heat exchangers are a preferred choice owing to the ease of servicing and their compatibility for use with different types of seawater coolants.

Heat Exchanger Market
By Type
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Shell And Tube segment is projected as the most lucrative segment.

Global Heat Exchanger Market, by End-user Industry

By end-user industry, the chemical segment dominated the global heat exchanger market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its high adoption of heat exchangers in the chemical industry owing to their application in a complex series of processes, such as heating, cooling, condensing, evaporation, separation, and others. In addition, heat exchangers also withstand the continuous chemical reactions, allowing critical processes to be completed safely as well as efficiently.

Heat Exchanger Market
By End-user
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Chemical is projected as the most lucrative segment.

Global Heat Exchanger Market, by Material of Construction

By Material of construction, the stainless steel segment dominated the global heat exchanger market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its high beneficial characteristics, such as resistance against corrosion in a wide range of pH levels, lightweight, high thermal conductivity, and no requirement of special fluids, as it is compatible with plain clean water. It is a bit expensive; however, due to its aforementioned characteristics, it is preferred for long-run application.

Heat Exchanger Market
By Material Of Construction
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Stainless Steel is projected as the most lucrative segment.

Global Heat Exchanger Market, by Region

By region, LAMEA dominated the global heat exchanger market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to numerous factors, including a large consumer base (chemical industry, oil & gas refineries, sugar industries, food industry, and others).

Heat Exchanger Market
By Region
2030
Lamea 
North America
Europe
Asia-Pacific

LAMEA holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

Key Benefits For Stakeholders

  • The report provides an in-depth analysis of the global heat exchanger market trends along with the current and future market forecast.
  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global heat exchanger market for strategy building.
  • A comprehensive global heat exchanger market forecast report covers factors that drive and restrain the market growth.
  • The qualitative data in this report aims on market dynamics, trends, and developments.

Impact Of Covid-19 Onglobal Heat Exchanger Market

  • The manufacturing of heat exchanger stopped for a specific period due to high peak of COVID-19, which highly impacted sales of the heat exchanger.
  • According to the Organization for Economic Co-operation and Development (OECD), a surge in the price of crude oil began during the lockdown, due to extensive supply and less demand, which increased the production of electricity. However, there is no impact of COVID-19 on the heat exchanger market, due to the extensive production of oil.
  • Sales of heat exchanger is directly proportional to the demand for oil & gas. The oil & gas industry is negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in crude prices in 2020 due to the resumed overflow production, However, the continued upstream activities has not impacted the demand for heat exchanger.
  • COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global heat exchanger market due to impact of COVID-19. 
  • Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using heat exchanger and thereby, affecting the global heat exchanger market. 
  • According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various industries, such as chemical, petrochemical, oil & gas, HVACR, food & beverages, power generation, and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in heat exchanger. This is expected to decline the growth of the market during the forecast period.
  • The COVID-19 pandemic has had a swift and severe impact on the globally integrated automotive industry. Factors include, disruption in Chinese parts exports, large scale manufacturing interruptions across Europe, and closure of assembly plants in the U.S. However, with decrease in sales of automobile led to decrease in the sales of radiator which in turn to gives a high impact on the heat exchanger market.

Heat Exchanger Market Report Highlights

Aspects Details
Heat Exchanger Market By Type
By Type
  • Shell And Tube
  • Plate And Frame
  • Air-Cooled
  • Micro channel Heat Exchanger
  • Others
Heat Exchanger Market By End-User Industry
By End-User Industry
  • Chemical
  • Petrochemical
  • Oil and Gas
  • HVACR
  • Food and Beverage
  • Power Generation
  • Others
Heat Exchanger Market By Material
By Material
  • Carbon Steel
  • Stainless Steel
  • Nickel
  • Others (Nickel Alloys, Titanium, Copper, and Molybdenum)
Heat Exchanger Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

Analyst Review

The global heat exchanger market has registered a dynamic growth over the past few years, owing to drastic growth in automotive, pharmaceutical, oil & gas, chemical, petrochemical, and food & beverages industries. In addition, huge investment plans with respect to oil & gas upstream activities led to rise in demand for heat exchangers across the globe. Moreover, heat exchanger plays a vital role in the automotive industry and rise in demand for radiator in automobiles may led to increase in demand for heat exchanger. This is expected to act as the major driving factor for the market. Furthermore, heat exchanger can operate in the long term and are energy-efficient with low maintenance costs. Heat exchanger has high working pressure & temperatures with high security in aseptic processes and it is easy to inspect and disassemble & enlarge. However, rise in industrialization & infrastructure development also led to increase in demand for heat exchanger system. According to the U.S. Energy Information Administration (EIA), the U.S. produced an average of around 11.3 million barrels per day of crude oil in 2021 and 4.3 million barrels per day of other non-crude petroleum liquids. The U.S. government and businesses have heavily invested to increase the extraction of crude oil, which in turn is anticipated to fuel the demand for heat exchanger in the oil & gas industry, thus driving the growth of the heat exchanger market during the forecast period.

Author Name(s) : Mamta Shivdasani| Ujjwal Tyagi | Eswara Prasad
Frequently Asked Questions?

Agreement, business expansion and product launch are the key growth strategy of global heat exchanger market players.

North America and LAMEA will provide more business opportunities for global heat exchanger in future

To get latest version of heat exchanger market report can be obtained on demand from the website.

Chemical segment holds the maximum share of the global heat exchanger market

Chemical, petrochemical, oil & gas, HVACR, food & beverage and power generation industries are the major customers of global heat exchanger market.

The top ten market players are selected based on two key attributes - competitive strength and market positioning

Growth in oil & gas demand and rising industrialization in developing economies are the major driving factors for the global heat exchanger market. In addition, rapid expansion of nuclear power plants and rising demand of petrochemicals creates the ample of opportunities for the Heat Exchanger Market.

Accessen Group, Alfa Laval, API Heat Transfer, Chart Industries., Danfoss A/S, Hisaka Works. Ltd., Exchanger Industries Limited, Koch Industries, Inc, Thermofin Gmbh, and Xylem are the leading market players active in the heat exchanger market.

Need for refurbishing HVAC systems and increasing adoption of heat transfer equipment for heat recovery, process cooling are key applications to drive the adoption of heat exchanger

Technological evolution of heat exchangers, increasing cooling and heating needs and rise in Heating, ventilation, air conditioning and refrigeration (HVACR) deployment and other industrial activities, surging energy prices, and rapid industrial expansion are the current trend expected to influence the global heat exchanger market in the next few years

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Heat Exchanger Market

Global Opportunity Analysis and Industry Forecast 2021-2030