Global Heat Exchangers Market Size, Share, Growth Analysis, By Product(Plate & frame heat exchanger, Shell & tube heat exchanger), By End-Use(Chemical, Food & Beverage), By Material(Steel, Non-Steel) - Industry Forecast 2023-2030

Heat Exchangers Market size was valued at USD 15.94 billion in 2021 and is poised to grow from USD 16.64 billion in 2022 to USD 27.55 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).

An apparatus called a heat exchanger is used to transfer heat between two or more process fluids. Both industrial and domestic settings use heat exchangers often. For usage in steam power plants, chemical processing plants, heating and cooling systems for buildings, power systems for transportation and refrigeration units, a wide variety of heat exchanger types have been developed. A number of industries, including chemical, food and beverage, power generation, oil and gas, and others, are seeing an increase in demand for heat exchangers as a result of the trend towards decreasing heat waste in industrial processes. The fact that heat exchangers improve operational process efficiency in many industries is a significant benefit. In 2020, the chemical industry contributed significantly to total revenue; by 2027, it is anticipated to grow at a rate of 7%. Due to China's expanding chemical industry, the majority of the demand is anticipated. In addition to these industries, the demand for heat exchangers will rise in the automotive industry.

The chemical industry has been a pioneer in the deployment of heat exchangers since different chemicals used for different applications are synthesised at different temperatures. The HVAC industry has accelerated recently, with rising installations in the commercial and residential sectors driving market expansion. Similar to how the expansion of the auto industry, with rising food production and vehicle demand, will open more chances for this market. In order to raise the competency of the product, the market is also witnessing the introduction of new, cutting-edge products. These factors will improve market expansion while concurrently escalating market competition.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Heat Exchangers Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The Global Heat exchangers market is segmented based on Product, End-Use, Material, and Region. Based on Product it is categorized into: Plate & frame heat exchanger, Shell & tube heat exchanger, Air-cooled heat exchanger, Others. Based on End-Use it is categorized into: Chemical, Food & Beverage, HVAC & refrigeration, Oil & Gas, Power Generation, Pulp & Paper, Others. Based on Material it is categorized into: Steel, Non-Steel. It 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. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

Growing industrialization in developing economies will be the market's primary driver. Due to increased investments, rising raw material costs, and cheap labour, it is expected that rapid industrialization in APAC's emerging nations, including China and India, will increase demand for heat exchangers. The regional growth of the heat exchangers market has also been aided by changes in manufacturing, commerce, and industry. The chemical, HVACR, petrochemical, oil & gas, and related industries, as well as government programmes to produce thermal and solar energy in nations like Japan and India, are driving an increase in the need for heat exchangers. Additionally, the market for heat exchangers is anticipated to profit from the rising need for petrochemical products.

The market will be driven by cutting-edge, next-generation network-based solutions through increasing product line integration.The Industrial Internet of Things (IIoT), among other cutting-edge technologies, are being developed by many significant companies in this sector of the economy. With effective machine optimisation and proactive system maintenance, this extension can significantly minimise downtime, energy use, wear and tear, and downtime.

Restraint

The profitability of manufacturers of heat exchangers will be impacted by changes in raw material prices. The cost of raw materials including copper, aluminium, steel, and other metals can fluctuate, making heat exchanger manufacturers vulnerable. A number of factors, including the state of the economy, exchange rates, and supply dynamics, all of which have a detrimental effect on manufacturers, contribute to the volatility of raw material costs. Price variations result in the delay or cancellation of large capital projects, which restrains the growth of the heat exchanger business. Pricing trends are monitored, however, in order to reduce the risk related to pricing, in order to control the risk associated with pricing volatility.

Because economies of scale are challenging to overcome, heat exchangers are not practical for smaller capacities, particularly residential. They are mostly appropriate for large commercial spaces, industrial settings, hospitals, academic institutions, and others.The main barrier to the market's expansion is this important installation and operating issue.

Market Trends

Market participants utilise 3D printing to create heat exchangers and heat exchanger prototypes. This reduces manufacturing time because many heat exchangers may be made while also enabling product customization to meet customer needs. Important businesses have already begun to enter the market for 3D printed heat exchangers, which will increase energy conversion efficiency.

Growing economies are mostly driven by industrialization. The improvement of people's lives in impoverished countries may result from industrial economic development. However, due to the rapid pace of industrial expansion in areas like China and other regions of Asia, as well as the focus on economic development rather than environmental protection, industrial growth in emerging countries can be accompanied by significant environmental damage. The need for heat exchangers is rising due to the growth of thermal and solar energy in countries like Japan and India. Additionally, the market for heat exchangers is anticipated to profit from the rising need for petrochemical products.