At 6.9% CAGR, Heat Exchangers Market Size to hit 26.42 Bn by 2027, Says Brandessence Market Research

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29 Nov, 2021, 11:30 GMT

LONDON, Nov. 29, 2021 According to Brandessence Market Research "Global Heat Exchangers Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027" Increasing demand for heat, ventilation & air conditioning (HVAC) from industrial, commercial & residential sectors, rising adoption of renewable energy sources and growing focus on effective utilization of waste heat generated from various industries are some of the major factors anticipated to drive the growth of Global Heat exchangers Market.

The heat exchangers market size reached USD 16.56 Billion in 2020. expected to reach USD 26.42 Billion by 2027 with a CAGR of 6.9% over the forecast period. The growing demand from industries like various industries including manufacturing, automotive, aerospace, among others remains the defining trend in growth of the heat exchangers market.

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Heat Exchangers Market

What is a heat exchanger? Heat exchangers are commonly installed in homes and other buildings to transfer heat between two or more fluids. This transfer takes between both the processes of cooling, and heating, wherein usually a solid wall separates the fluids. The heat exchangers are widely used in air conditioning, refrigeration, space heating, among others. Its industrial uses are often common in chemical plants, petrochemical plants, power stations, sewage treatment, and natural-gas processing, among others. An internal combustion engine remains one of the earliest applications of heat exchangers, wherein engine coolant through radiator, and air flows past the coils, cooling the coolant, and heating the incoming air. Heat sinks common in electronics today also deploy this application wherein passive exchangers transfer heat through the use of a mechanical or electronic device.

There are various types of heat exchangers for a wide range of applications. These include double pipe heat exchanger, shell and tube heat exchanger, plate heat exchanger, condenser and boiler heat exchanger, among others. Among these, the double pipe heat exchangers are most commonly used in industries, thanks to their simple application. These also remain easy to maintain, and cost effective. Heat exchangers for residential demand like in a furnace can cost between $2000 to $3000. The price of heat exchangers for industrial demand can vary widely, depending on their end-use, and customization.

The double-pipe heat exchanger is an ideal choice for small industries. On the other hand, medium and large industries often opt for plate heat exchangers or shell and tube exchangers. These varieties are more efficient, and unlike double-heat exchangers, require relatively less space. Thanks to growing demand for air-conditioning globally, and its necessity for industrial application, the demand for all types of heat exchangers remains robust.

Global Heat Exchangers Market Segmentation:

Global heat exchangers market report is segmented on the basis of type, material of construction, end-use industry and region & country level. Based upon type, global heat exchangers market is classified into shell & tube, plate & frame, air-cooled and micro channel. Based upon material of construction, the market is divided into carbon steel, stainless steel and nickel. Based upon end-use industry, the global Heat exchangers market is classified into chemical, petrochemical, oil & gas, HVACR, food & beverage, and power generation.

By Type:

  • Shell & Tube
  • Plate & Frame
  • Air-Cooled
  • Micro channel
  • Others

By Material of Construction:

  • Carbon Steel
  • Stainless Steel
  • Nickel
  • Others

By End-Use Industry:

  • Chemical
  • Petrochemical
  • Oil & Gas
  • HVACR
  • Food & Beverage
  • Power Generation
  • Others

Heat Exchangers Market: Competitive Analysis

The heat exchangers market is a competitive, innovative, and fragmented landscape. The landscape continues to drive innovation, as new players continue to emerge from new regions to add more features, and competitiveness to product offerings. The growing development in technology and increasing demand for heat exchangers remains a key draw for new players to enter this market. The barriers to entry remain relatively low in this market, despite the major barrier of technical skillsets. Some key players in the heat exchangers market are GEA Group (Germany), Alfa Laval (Sweden), Danfoss (Denmark), Thermax Limited (India), SWEP (Sweden), Tranter, Inc. (United States), API Heat Transfer (United States), Xylem, Kelvion Holdings, Gunter, Danfoss, Hisaka Works, Johnson Controls International, Chart Industries, Hindustan Dorr-Oliver

Heat Exchangers Market: Key Trends

Shell and Tube remains the most promising segment for growth in the heat exchangers market. The heat exchanger remains varied, sophisticated, and shows a high-level efficiency for industrial application. Furthermore, it accounted for a significant share of the global heat exchanger market in 2018. The growing demand for the shell and tube variety in industries like petrochemical, food & beverage, and power generation remain key driver in its anticipated growth.

The growing demand for upstream, and downstream applications in the energy sector remains a promising driver of growth for players in the heat exchangers market. The application requires a large deployment of heat exchangers and is key to several main industries including oil & gas, petrochemical, and has registered robust growth in most recent period. The growing demand for oil & gas activity in regions like Middle East & Africa, and America, with demand for emerging countries like China, and India rising remains a promising driver of growth in the heat exchangers market.

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The heat exchangers market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the Europe region promises robust opportunities for growth. The region accounted for highest total share in the global region recently. The high demand for industrial heat exchangers in this region, and increasing regulations mandating safe working environments for workers with ideal air conditioning promises to drive new growth for players in the European region. The demand for heat exchangers in new regions like Middle East & Africa, Asia Pacific, among others also remains robust.

News: Exchanger Industries Acquired HRS Heat Exchangers

On July 27th, 2021; HRS Heat Exchangers Ltd. was bought by Exchanger Industries Ltd. (EIL), a heat transfer product designer and manufacturer located in Canada (HRS). HRS established in the United Kingdom, provides heat exchangers and specialized process systems to companies in the environmental, food, beverage, and pharmaceutical industries. HRS' management staff will be retained by EIL, which services the energy, petrochemical, industrial, and clean power industries. According to the business, the acquisition gives EIL instant access to a cost-effective global presence with scalable hubs in both India and Spain.

Heat Exchangers Market: Notable Developments

New study published in October 2021 promises that porous materials like granular porous media, fibrous porous media, and foamed porous media can emerge as strong alternatives to conventional filters for heat exchangers. The conventional filters remained far inefficient and required refitting during a damage to the original heat exchanger. However, the new filters are filled inside the heat transfer tube and can be used in existing transfer tubes. The new applications promise to improve heat transfers with reducing thermal resistance, and performance improvements. The study published in Applied Thermal Engineering by researchers from the University of electro-communications.

Alfa Laval has opened a new facility in San Bonifacio, Italy, catering to growing demand for heat exchangers in the European region. The facility is being touted as a next-generation facility, with solar panels supplying energy, and digitized warehouse management system. This seems to be a key trend in manufacturing across the board for major players in the heat exchangers market. The major players are continuing to make investments in scaling up facilities, with more efficient, and advanced automation to grow product lines, and enhance quality offerings.

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

South America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

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