The heat exchanger market is expected to grow from US$ 18 billion in 2022 to US$ 32.2 billion by 2032, at a CAGR of 6% during the forecast period 2023-2032.
A heat exchanger is a device that allows heat exchange between two distinct fluids at different temperatures. It is affected by the temperature difference and flow velocity of the fluids, as well as the area, fouling, viscosity, density, and material qualities or thermal conductivity. It is a highly advantageous thermal management system that has a low environmental impact and does not consume a lot of energy to function. It is simple to disassemble and does not require any additional equipment, such as air conditioning or compressors. It offers great security in a variety of aseptic processes and can be used to process particle or fiber materials.
The growing emphasis on effective thermal management in industries such as oil and gas, chemical and petrochemical, power generation, food and beverage, and HVAC & refrigeration is likely to drive demand for heat exchangers over the forecast period. Rising chemical industry demand, combined with increased technological improvements and a growing emphasis on improving efficiency requirements, is likely to drive market expansion in the next years. Due to increasing electricity demand, industrialization, and investments in renewable energy generation in the country, the United States will dominate the North American heat exchanger market in 2022. Rising oil and gas company investments in exploration and production activities in the United States are predicted to raise demand for these items in the oil and gas industry. Significant power markets such as China, the United States, Russia, India, and Japan are reorganizing their business models to incorporate renewable energy and efficient energy utilization by installing heat exchangers and transitioning away from traditional energy consumption. Over the forecast period, this is expected to drive demand for heat exchangers.
This study delivers a comprehensive analysis of type, end-user, material of construction, and region. The type segment includes shell and tube, air-cooled, plate and frame, microchannel heat exchanger, and others. The shell and tube segment holds the largest market share in 2022. Shell and tube goods are made up of a bundle of tubes that are inserted in a cylindrical shell with the tube axis parallel to the shells. The three most prevalent shell and tube product designs are floating-head, U-tube, and fixed tube sheet. The end-user segment includes chemical, oil & Gas, petrochemical, HVACR, power generation, food & beverages, and others. The chemical segment held the largest market share in 2022. Because of their qualities like design flexibility and strong corrosion resistance, heat exchangers are employed in the chemical processing industry (CPI). Their properties allow them to work with fluids containing varying levels of solids. Rising demand for fertilizers, plastics, packaging, digital devices, medical equipment, and apparel is expected to drive expansion in the petrochemical industry. The material of construction segment includes carbon steel, nickel, stainless steel, and others. The stainless steel segment holds the largest market share in 2022. This is because of its many advantageous properties, including corrosion resistance in a wide pH range, lightweight, excellent thermal conductivity, and no need for special fluids because it is compatible with simple clean water.
The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the largest market share, Rising public and private infrastructure investments are expected to fuel demand for these HVAC & refrigeration goods. Furthermore, rising demand from a variety of end-use sectors for heat exchangers with improved durability, efficiency, and fouling resistance is predicted to fuel growth throughout the forecast period.
Some of the notable players in the market are Accessen Group, Alfa Laval, API Heat Transfer, Chart Industries., Danfoss A/S, Hisaka Works. Ltd., Exchanger Industries Limited, Koch Industries, Inc., Thermofin Gmbh, Xylem and others.
Report Description:
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Type
4.3.2. Market Attractiveness Analysis by End-user
4.3.3. Market Attractiveness Analysis by Material of Construction
4.3.4. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Rising end user industry
5.3. Restraints
5.3.1. Expensive
5.4. Opportunities
5.4.1. Technological advancements
5.5. Challenges
5.5.1. Manufacturing cost
6. Global Heat Exchanger Market Analysis and Forecast, By Type
6.1. Segment Overview
6.2. Shell and Tube
6.3. Air-Cooled
6.4. Plate and Frame
6.5. Microchannel Heat Exchanger
6.6. Others
7. Global Heat Exchanger Market Analysis and Forecast, By End-user
7.1. Segment Overview
7.2. Chemical
7.3. Oil & Gas
7.4. Petrochemical
7.5. HVACR
7.6. Power Generation
7.7. Food & Beverages
7.8. Others
8. Global Heat Exchanger Market Analysis and Forecast, By Material of Construction
8.1. Segment Overview
8.2. Carbon Steel
8.3. Nickel
8.4. Stainless Steel
8.5. Others
9. Global Heat Exchanger Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Heat Exchanger Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in Global Heat Exchanger Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. Accessen Group
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Alfa Laval
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. API Heat Transfer
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. Chart Industries.
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Danfoss A/S
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Hisaka Works. Ltd.
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Exchanger Industries Limited
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Koch Industries, Inc.
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Thermofin Gmbh
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Xylem
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
List of Table
1. Global Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
2. Global Shell and Tube, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
3. Global Air-Cooled, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
4. Global Plate and Frame, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
5. Global Microchannel Heat Exchanger, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
6. Global Others, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
7. Global Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
8. Global Chemical, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
9. Global Oil & Gas, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
10. Global Petrochemical, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
11. Global HVACR, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
12. Global Power Generation, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
13. Global Food & Beverages, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
14. Global Others, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
15. Global Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
16. Global Carbon Steel, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
17. Global Nickel, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
18. Global Stainless Steel, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
19. Global Others, Heat Exchanger Market, By Region, 2019-2032 (USD Billion)
20. North America Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
21. North America Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
22. North America Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
23. U.S. Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
24. U.S. Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
25. U.S. Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
26. Canada Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
27. Canada Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
28. Canada Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
29. Mexico Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
30. Mexico Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
31. Mexico Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
32. Europe Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
33. Europe Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
34. Europe Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
35. Germany Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
36. Germany Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
37. Germany Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
38. France Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
39. France Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
40. France Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
41. U.K. Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
42. U.K. Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
43. U.K. Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
44. Italy Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
45. Italy Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
46. Italy Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
47. Spain Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
48. Spain Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
49. Spain Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
50. Asia Pacific Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
51. Asia Pacific Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
52. Asia Pacific Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
53. Japan Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
54. Japan Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
55. Japan Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
56. China Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
57. China Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
58. China Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
59. India Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
60. India Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
61. India Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
62. South America Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
63. South America Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
64. South America Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
65. Brazil Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
66. Brazil Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
67. Brazil Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
68. Middle East and Africa Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
69. Middle East and Africa Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
70. Middle East and Africa Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
71. UAE Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
72. UAE Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
73. UAE Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
74. South Africa Heat Exchanger Market, By Type, 2019-2032 (USD Billion)
75. South Africa Heat Exchanger Market, By End-user, 2019-2032 (USD Billion)
76. South Africa Heat Exchanger Market, By Material of Construction, 2019-2032 (USD Billion)
List of Figures
1. Global Heat Exchanger Market Segmentation
2. Global Heat Exchanger Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Heat Exchanger Market Attractiveness Analysis by Type
9. Global Heat Exchanger Market Attractiveness Analysis by End-user
10. Global Heat Exchanger Market Attractiveness Analysis by Material of Construction
11. Global Heat Exchanger Market Attractiveness Analysis by Region
12. Global Heat Exchanger Market: Dynamics
13. Global Heat Exchanger Market Share by Type (2023 & 2032)
14. Global Heat Exchanger Market Share by End-user (2023 & 2032)
15. Global Heat Exchanger Market Share by Material of Construction (2023 & 2032)
16. Global Heat Exchanger Market Share by Regions (2023 & 2032)
17. Global Heat Exchanger Market Share by Company (2022)
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