Heat Exchanger Market: Current Analysis and Forecast (2023-2030)

A heat exchanger is a device used to transfer thermal energy (enthalpy) between two or more fluids or between the material and the fluid, at different temperatures and thermal contacts. The heat exchangers market is rising due to the rapidly growing power industry, and industrial sector across various regions. Moreover, the growing food and beverage industry and the growing demand from the chemical industry, technological innovation, and rising focus on improving efficiency standards are projected to drive the market over the forecast period. For instance, in 2022 Alfa Laval announced the new Alfa Laval AC65 brazed plate heat exchanger at the first online net zero launch event, showcasing new thinking in energy efficiency, clean energy, and circular business solutions.

The Heat Exchange Market is expected to grow at a strong CAGR of 7% during the forecast period owing to the rapidly growing power industry. The increasing number of power plants around the world presents a growing opportunity for the heat exchanger market. For instance, According to the World Nuclear Association, in 2021, there are 443 nuclear power reactors in operation around the world, with a total installed capacity of 392.4 GW.

Based on type, the heat exchanger market is segmented into shale & tube, plate & frame, air-cooled, and others. The shell & tube cater to have the highest market share in 2022. It is mainly owing to its ability to operate at higher temperatures and pressure, and easy pressure testing which helps in finding the faults that are preferred in a variety of applications such as chemical & petrochemical, oil & gas, food & beverage, and power generation. For instance. in 2020, Danfoss created a wide-ranging offering with its brand-new microplate heat exchangers built on Z-design technology. The refrigerant charge will be reduced thanks to modern technologies and weight-saving design modifications.

Based on material, the heat exchanger market is divided into carbon steel, stainless steel, nickel, and others. Stainless steel captured a significant share of the market and is expected to have significant growth during the forecasted period. It is mainly owing to its beneficial characteristics over others 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. Thus, such factors lead to the growth of the market of heat exchanger.

Based on end-user, the market is classified into chemical & petrochemical, oil & gas, HVAC & refrigeration, food & beverage, power generation, paper & pulp, and others. The chemical segment caters to a considerable market share in the global heat exchanger market in 2022. This is mainly owing to factors such as technological advancements in the oil and gas industry, companies are adopting digital solutions to maximize their production potential and optimize operations. The use of advanced analytics and real-time data collection allows for better monitoring and control of oilfield processes, leading to improved efficiency and cost savings. By leveraging data-driven insights, operators can make informed decisions regarding reservoir management, drilling operations, and equipment maintenance.

For a better understanding of the market adoption of heat exchanger market is analyzed based on its worldwide presence in countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, UK, France, Spain, Italy and Rest of Europe), Asia-Pacific (China, India, Japan, Rest of APAC), and Rest of World. Asia Pacific holds an extensive market share in 2022. This is mainly due to increasing industrial operations in developing countries such as China, India, etc. Additionally, other factors such as the rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations have led to increased demand for energy and infrastructure development, driving the need for heat exchangers. Furthermore, the high usage of heat exchangers in various sectors such as power generation, oil and gas, and chemical processing are also expected to increase the market around the region. The presence of a robust manufacturing base, expanding industrial sectors, and rising investments in key industries have created a favorable market environment for heat exchangers in the Asia Pacific region. For instance, in August 2021, China's provincial governments approved the construction of 24 new coal power projects, which added a total of 5.2 GW of capacity, including the three large-scale coal-fired power plants.

Some of the major players operating in the market include: ALFA LAVAL, API Heat Transfer, Danfoss, General Electric, HISAKA WORKS LTD., IHI Corporation, Johnson Controls, Kelvion Holding GmbH, Koch Heat Transfer Company, Boyd.