Tom Clark
Heat Exchanger Industry Overview
The global heat exchanger market size is expected to reach USD 26.78 billion by 2030, according to a new report by Grand View Research, Inc. Rising demand from various industries, including chemical & petrochemical, and power generation, along with an increasing focus on improving efficiency standards in expected to drive the market at a CAGR of 5.1%.
Heat Exchanger Market Segmentation
Grand View Research has segmented the global heat exchanger market on the basis of product, end use, and region:
Based on the Product Insights, the market is segmented into Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger and Others.
- Shell & tube segment led the industry and accounted for 35.8% of the global revenue demand in 2021.
- Shell & tube products are used in applications that require a wide temperature and pressure range as well as transfer between two liquids, between liquids & gases, or between two gases.
- The plate & frame product segment is expected to expand at a CAGR of 5.6% during the forecast period.
- Air-cooled products, also known as air coolers, comprise various components such as a tube bundle, an air pumping device such as a blower or an axial flow fan, and a support structure.
Based on the End-use Insights, the market is segmented into Chemical & Petrochemical, Oil & Gas, HVAC & Refrigeration, Power Generation, Food & Beverage, Pulp & Paper and Others.
- Chemical & petrochemical led the market and accounted for 22.7% of the global revenue demand in 2021.
- The rising demand for fertilizers, plastics, packaging, digital devices, medical equipment, and clothing is likely to boost the petrochemical industry's growth.
- The heat exchanger demand in the oil & gas end-use industry is anticipated to expand at a CAGR of 4.7% during the forecast period.
- Heat exchangers form an essential part of HVAC systems. Increasing awareness regarding energy conservation and reducing energy bills is expected to augment the demand for heat exchangers in the HVAC industry.
Heat Exchanger Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA
Key Companies Profile & Market Share Insights
The global heat exchangers market is characterized by the presence of multinational as well as regional players that are engaged in designing, manufacturing, and distributing these products. Product manufacturers strive to obtain a competitive edge over their competitors by increasing the application scope of their products.
Some prominent players in the Heat Exchanger market include
- Alfa Laval
- Kelvion Holding GmbH
- Danfoss
- API Heat Transfer
- Xylem Inc.
- HRS Heat Exchangers
- Hisaka Works, Ltd.
- Koch Heat Transfer Company
Order a free sample PDF of the Heat Exchanger Market Intelligence Study, published by Grand View Research.
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Tom Clark
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One area of innovation in Heat Exchanger technology is the development of compact and micro-scale heat exchangers. Miniaturization and microscale Heat Exchanger are also gaining attention in the research and development community. These compact heat exchangers offer higher heat transfer rates and reduced pressure drops, making them ideal for applications where space is limited. As the world moves towards a greener and more sustainable energy landscape, heat exchangers will be instrumental in efficiently capturing and transferring heat from renewable sources such as solar, geothermal, and biomass. This will enable the effective utilization of renewable energy for heating, cooling, and power generation applications. Miniaturization and microscale Heat Exchanger are also gaining attention in the research and development community. These compact heat exchangers offer higher heat transfer rates and reduced pressure drops, making them ideal for applications where space is limited. As the world moves towards a greener and more sustainable energy landscape, heat exchangers will be instrumental in efficiently capturing and transferring heat from renewable sources such as solar, geothermal, and biomass. This will enable the effective utilization of renewable energy for heating, cooling, and power generation applications.
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