The Global Heat Exchanger Market Size Was Valued At USD 15.94 Billion In 2021. The Market Is Projected To Grow From USD 16.64 Billion In 2022 To USD 27.55 Billion By 2030, Exhibiting A CAGR Of 7.5% During The Forecast Period.

Heat Exchanger Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. As a result, demand for heat exchanger has been lower than expected in all regions compared to levels before the pandemic. Based on our research, the global market was 5.3% smaller in 2020 than it was in 2019.

The global market is growing because more people are installing HVAC systems and doing other industrial work. The growth will be helped by the use of more renewable energy to make power and the use of heat exchangers in more places.

A heat exchanger is used to get the heat out of the wastewater and control the temperature of a system. The equipment works with two fluids or mixtures of fluids and gases that have different temperatures and levels of heat. Most of the time, tubes or pipes are the best way to move heat between fluids or air. One of them goes through the pipes, and the other goes over them. These are used for many different things, like condensing, evaporating, chilling, vaporising, and reboiling. These are important parts of air conditioning, refrigeration, chemical processing, making power, and cars.

Market Dynamics:

Latest Trends:

The cooling and heating market will grow as more attention is paid to reducing carbon emissions.

The energy used to cool, heat, and power buildings is responsible for about 28% of the world's carbon dioxide (CO2). This is according to a statement from the World Green Building Council (WGBC). One of the best ways to reduce greenhouse gas (GHG) emissions and primary energy demand is to use a modern thermal energy system that is also affordable. Changing to these kinds of systems and taking other steps to save energy can cut CO2 emissions by a lot, which is what is needed to keep temperature rise to 2-3 C.

A heat exchanger makes it possible to move away from fossil fuels, which cuts primary energy use by a lot. Using these kinds of systems cuts down on the amount of fossil fuels that are used, which reduces the threat of pollution. It is one of the well-known technologies that uses an integrated system to provide chilled water for comfort cooling in commercial spaces, schools, hospitals, factories, and other places. Cold thermal energy storage works just as well as traditional decentralised air conditioning systems, and it will help cut down on electricity use during times of high demand by lowering power consumption.

Using more renewable energy to make power and using it in more places will help the economy grow.

Fossil fuels are thought to be the most important source of energy for making electricity. According to the Energy Information Administration (EIA), about 40% of the electricity made in the U.S. in 2020 came from natural gas. Coal, which is the third-largest fuel, made up about 19% of the electricity made in the U.S. GHG are released into the environment when these fossil fuels are burned. So, the use of renewable resources like wind and sun to make electricity is growing. This is one of the main factors that will help the adoption product in the long run. The installation of devices will be driven by the need to cut greenhouse gas emissions, which will cause the demand for energy to rise. Heat exchangers are an important part of wind turbines. They move solar energy from solar collectors to the liquid or air that is used to heat water or space. The government is also pushing for the installation of renewable energy as a way to help the market. For example, Germany said it wants to use offshore wind power to make 20 GW of energy by 2030. Also, these products are mostly used in almost all industrial applications to keep production going even when pressure and temperature are limited. The market will be helped by the growth of industrial sectors like refineries, factories that make different goods, power plants, and district heating and cooling systems.

Driving Factors:

The market is driven by technological advances and strong economic growth.

More and more of the current product line will be integrated with advanced and next-generation network-based solutions for better fault detection and smoother operations. This will give the industry outlook new potential. Breakthroughs in technology make it easier to monitor and diagnose problems in real time and boost productivity in many ways. Several of the most important companies in this industry also do research and development, including work on cutting-edge technologies like the Industrial Internet of Things (IIoT). This extension can make a big difference in reducing downtime, energy use, wear and tear, and energy costs. It can also help with machine optimization and predictive maintenance.

In the last couple of decades, the world economy has reached new heights thanks to a growing population, rising incomes, and the power of buyers. The large growth of the economy leads to more business all over the world, which in turn leads to more commercialization. As trade and business grow, so does the need for comfort cooling and heating, which is good for the market and helps it grow.

The industrial sector in emerging economies needs to grow quickly to help the market grow.

Heat exchangers are important parts in many different industries. For example, the equipment is used to pasteurise food and drinks in the food and beverage industry. In the oil and gas and power industries, it is used to recover heat. Aside from how they were used before, these are mostly used in the industrial sector as cooling equipment. Coolants run through these exchangers to keep the whole system running at the right temperature. With the growth of all of the above industries and their increased power and energy needs, the product is becoming more useful in the oil and gas industry. Because of these things, the global market will grow over the next few years.

For example, China's industrial production grew by 7.5% in January 2022 as the market recovered from the COVID-19 pandemic. The Made in China 2025 plan was started by the Chinese government. Its goal is to turn China from a country that makes few things into a country that makes high-quality things. So, more of this equipment will be used as industrialization grows.

Restraining Factors:

Installation, running, and keeping up with it Costs will slow market growth.

Heat exchangers can be used in a wide range of commercial, industrial, hospital, educational, and other settings. Because economies of scale are hard to beat, these systems are not practical for smaller capacities, especially in homes. Still, there are market barriers that stop more widespread deployment. For example, many people in Africa and Latin America don't know about how technology can be used, its many benefits, and how it can save money. Installation costs are high, which is one of the most important things holding back the market. But as technology gets better, the cost of making these things will go down.

Modern plate heat exchangers use pressed plates instead of welded plates, which are more expensive. Pressed plates are also more resistant to corrosion and chemical reactions that weaken the product and make it need to be replaced often. System leaks and drops in pressure are two things that could go wrong with this type of product. Leaks in the process of transferring heat are hard to find and fix. To fix a leak in many exchangers, the whole thing has to be taken apart. In the same way, if there is a drop in pressure across a plate heat exchanger, each plate needs to be checked for damage. The costs of running and maintaining these processes are high, which is expected to slow the growth of the market.

Segmentation Analysis:

By Type Analysis:

The market is divided into shell & tube, plate & frame, air coolers, cooling towers, and others. The shell and tube segment is the most popular in most application areas. Because they can handle fluids at high temperature and pressure, they can be used in places like chemical plants, petrochemical plants, oil and gas industries, and power sectors. Plate heat exchangers are also widely used in the food industry. They have multiple plates inside the frame, which reduces or gets rid of microorganisms and makes the product safe to eat.

By Application Analysis:

The market is divided into chemicals, oil and gas, power generation, heating, ventilation, and air conditioning (HVAC), automobiles, pharmaceuticals, food and beverages, and others. Due to a lot of growth in the chemical industries, the chemicals market segment was the market leader. In the process of making chemicals, these products are used: solvent condensation, cooling of hydrocarbons, and heating and cooling of reactors. Aside from this, they are also used a lot in the oil and gas industry during the refining process in cracking units and to turn natural gas into a liquid. In the past few years, more HVAC systems have been installed in both commercial and residential buildings, which has helped the industry grow. These products help cool and heat homes and buildings, and they also make machines and engines work better. The growth of the automotive and food and drink industries is also helping these kinds of products grow.

Regional Insights:

Asia-Pacific had the largest share of the heat exchanger market. Emerging economies like China, India, and Japan are in the area, and they are expected to play a big part in market growth because of their growing populations, rising capital spending, growing urbanisation, and rising living standards. The market is also driven by the growth of chemical industries in the area, which is another important factor.

Europe is expected to grow a lot in the coming years. The manufacturing, industrial, and auto industries are all well-established in the area. The region wants to have zero-emission rules for both homes and businesses. It also wants to focus on processes that use less carbon, which will help the market grow. Also, the strict policies of the European government to protect the environment call for a 20% improvement in energy efficiency and a 20% reduction in greenhouse gas emissions. To stop global warming, many European countries are using devices that use less energy.

The United States and Canada could be a market in North America. Light vehicles and hybrid vehicles are becoming more popular in the region, which has helped the auto industry and opened up a huge market for heat exchangers. Also, the area is where many well-known companies in the oil and gas, HVAC, auto aviation, aerospace, and other fields are based. The market in Latin America will be driven by rising investments in the oil and gas industry, especially offshore investments, and better refining capacities.

Gulf countries in the Middle East and Africa are seeing a rise in the number of people who want these devices. District cooling is used a lot in the UAE, Saudi Arabia, Qatar, Bahrain, and other places to deal with extreme heat and keep people cool. In the next few years, the installed capacity of district energy in Gulf countries is expected to double. This will help the heat exchanger market grow in the next few years.

Scope Analysis

Recent Development:

• March 2022 - Alfa Laval, a leader in critical heat transfer technology, separation and fluid handling, introduces a gasketed plate heat exchanger that is expected to impact many applications. The TS45 is the world's most modern exchanger offering flexibility and performance.
• March 2022 - Vacuum Process Engineering (VPE), a heat engineering and manufacturing company, has won a contract with General Electric to manufacture a 14 MW fuel gas performance printed circuit heat exchanger (PCHE). It will be part of GE's advanced 7HA.02 gas turbine technology, which will supply approximately 500 MW to South Korea's national power grid as well as providing steam for district heating for more than 100,000 South Korean citizens.
• January 2022 - SWEP International AB introduces the FTW250AS Brazed Plate Heat Exchanger (BPHE), the first BPHE based on the company's new HyperTwain technology. BPHEs are used in reversible chillers and heat pumps. Hypertwain features an integrated suction gas heat exchanger (iSGHX) that improves evaporator performance.
• May 2021 - Alfa Laval develops the all-stainless steel AlfaNovaTW 66 heat exchanger, creating new possibilities for high-capacity and safe domestic tap water systems. AlfaNovaTW is specifically optimized to provide safe and reliable performance in tap water applications.
• April 2021 – Danfoss Group, a Danish multinational company, launches the world's first microchannel heat exchanger with a new optimized version for use with low GWP and low density refrigerants. It provides the right balance between internal refrigerant pressure drop and maximum heat rejection.

Market Segmentation

By Type:

• Shell & Tube
• Plate & Frame
• Air Coolers
• Cooling Towers
• Others

By Application:

• Chemicals
• Oil & Gas
• Power Generation
• HVAC
• Automobile
• Pharmaceuticals
• Food & Beverages
• Others

By Companies:

• Alfa Laval (Sweden)
• Kelvion Holding Gmbh (Germany)
• GEA Group (Germany)
• Danfoss (Denmark)
• SWEP International AB (Sweden)
• Thermax Limited (India)
• API Heat Transfer (U.S.)
• Tranter, Inc. (U.S.)
• Mersen (France)
• Linde Engineering (U.K.)
• Air Products (U.S.)
• HISAKA WORKS, LTD. (Thailand)
• Others