Heat Exchangers Market

Heat Exchangers Market Outlook 2031

• The global heat exchangers market was valued at US$ 18.04 Bn in 2020
• It is estimated to expand at a CAGR of 6% from 2021 to 2031
• The global heat exchangers market is expected to reach the value of US$ 34.24 Bn by the end of 2031

Analysts’ Viewpoint on Heat Exchangers Market Scenario

The maximizing thermal efficiency is the prime reason behind the increased demand for heat exchangers. The demand for heat exchangers is likely to increase significantly, owing to the rapidly developing chemicals and hydrocarbon sector, along with various upcoming mega power projects. A rapidly developing heating, ventilation, and air conditioning (HVAC) industry coupled with brisk capacity additions in both power and hydrocarbons sectors is likely to boost the demand for heat exchangers. The significant presence of players operating in the global heat exchangers market is contributing to the growth of the market. However, fluctuation in raw material prices is one of the major factors hampering the market growth for heat exchangers.

Industrialization in Developing Economies to Drive Global Market

There is an increasing demand for heat exchangers from chemical, HVACR, petrochemical, and oil & gas industries across the globe. Rapid industrialization in developing nations is expected to boost the demand for heat exchangers. In Asia Pacific, there is an increasing demand for heat exchangers due to growing manufacturing, commercial, and industrial projects in the region. Increasing investments in power plants in developing countries across the globe is also contributing to the overall expansion of the market.

Currently, governments of nations facing persistent power shortages are taking measures to constantly upgrade their power generation capacity in order to meet the demand from industries and households. Many new power plants that are primarily powered by steam and gas turbines are under the process of being commissioned, while construction of few is currently ongoing. There is also the renewable energy sector, which has gained rapid momentum over the past few years. The world has expressed significant interest in diversifying its energy portfolio and adopting renewable energy technologies in the near future.

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Expanding Nuclear Power Plants to Fuel Global Heat Exchangers Market

A heat exchanger is a piece of equipment designed and built for efficient heat transfer from one medium to another. The media may be separated by a solid wall to prevent mixing or they may be in direct contact with the materials being processed, which could harm the end product. Increasing number of nuclear reactors in developing countries across the globe is creating lucrative revenue opportunities for the heat exchangers market players. Heat exchangers offers overall efficiency and power output for a nuclear power plant. The common instance of a heat exchanger is found in an internal combustion engine, in which a circulating fluid known as engine coolant flows through radiator coils and air flows past the coils, thereby cooling the coolant and releasing the heat generated by the engine. Upgrade of existing nuclear plants and emerging nuclear power plant projects are creating opportunities for the heat exchangers market players across the globe.

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Rise in Popularity of Hybrid Heat Exchangers to Boost Market Growth

Hybrid heat exchangers are extremely efficient and flexible. Based on a multi-flexible configuration platform, hybrids are designed to operate under harsh conditions where other heat exchanger technologies can fail, have a shorter operating lifetime, or reduce operational efficiency. Their low flooded weight and footprint is also advantageous in most installations; both onshore and offshore. Moreover, hybrid exchangers are designed for easy maintenance. The fouling medium can flow through the tube side, which is accessible for mechanical cleaning, if necessary. Heavy-duty or customized heat exchangers are generally utilized by large industrial consumers.

On the other hand, portable heat exchangers generally cater to the residential or small commercial establishments. The rising demand for these heat exchangers petrochemical products is expected to drive the market during the forecast period.

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Tremendous Growth Opportunities in Asia Pacific

The global heat exchanger market is driven by the rising number of infrastructure and oil field development projects planned across the globe. The Asia Pacific region is expected to account for the largest share of the global heat exchangers market. This is due to the rising demand for shell and tube heat exchangers in the region. Currently, significant investments are being made by industries located in developing countries in Asia Pacific to develop infrastructure to bring itself at par with the growth rate of other mature industries.

The Asia Pacific market for heat exchangers includes reputed companies which can operate through dealers and distributors. Product range generally comprises portable and heavy-duty heat exchangers. The Asia Pacific market players are actively involved in developing innovative growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach.

Heat Exchangers Market: Overview

• Asia Pacific alone accounted for 33.6% of the overall market share in 2020. With a large number of infrastructure and oil field development projects planned across the globe, the demand for shell and tube heat exchangers in the market is anticipated to be dominant till 2031.
• Demand for heat exchangers is likely to increase significantly, owing to the rapidly developing chemicals and hydrocarbon sectors along with various upcoming mega power projects
• Maximizing thermal efficiency is the prime reason behind increased demand for heat exchangers. Heat exchanger is a piece of equipment designed and built for efficient heat transfer from one medium to another. The media may be separated by a solid wall to prevent mixing or they may be in direct contact with the materials being processed, which could harm the end product.
• The common example of a heat exchanger is found in an internal combustion engine, in which a circulating fluid known as engine coolant flows through radiator coils and air flows past the coils, thereby cooling the coolant and releasing the heat generated by the engine
• Currently, governments of nations facing persistent power shortages are taking measures to constantly upgrade their power generation capacity in order to meet the demand from industries and households. Many new power plants that are primarily powered by steam and gas turbines are under the process of being commissioned, while construction of a few is currently ongoing. There is also the renewable energy sector, which has gained rapid momentum over the past few years. The world has expressed significant interest in diversifying its energy portfolio and adopting renewable energy technologies in the near future.

Increase in Usage of Heat Exchangers Market

• Heavy-duty or customized heat exchangers are generally utilized by large industrial consumers. On the other hand, portable heat exchangers generally cater to the residential or small commercial establishments. A rapidly developing heating, ventilation, and air conditioning (HVAC) industry coupled with brisk capacity additions in both the power and hydrocarbons sectors is likely to boost demand for heat exchangers.
• Significant investment is being made by industries located in developing countries (Asia Pacific) to develop infrastructure to bring itself at par with the growth rate of other mature industries
• Hybrid heat exchangers are extremely efficient and flexible. Based on a multi-flexible configuration platform, hybrids are designed to operate under harsh conditions where other heat exchanger technologies can fail, have a shorter operating lifetime, or reduce operational efficiency. Their low flooded weight and footprint is also advantageous in most installations; both onshore and offshore.
• Moreover, hybrid exchangers are designed for easy maintenance. The fouling medium can flow through the tube side, which is accessible for mechanical cleaning, if necessary

Heat Exchangers Market: Competition Landscape

• Key players operating in the global heat exchangers market include
  • SAACKE GmbH
  • Heatmaster BV
  • GEA Heat Exchangers
  • Alfa Laval Corporate AB
  • Southwest Thermal Technology
• Product range generally comprises portable and heavy-duty heat exchangers

Heat Exchangers Market: Key Developments

• In January 2021, SWEP, a part of Dover Corporation, announced the launch of the BX4T brazed plate heat exchanger (BPHE), the latest addition to the B4-sized range for the refrigeration market. BX4T boasts a more compact design than existing economizers, making it ideal for variable refrigerant flow (VRF), heat pumps, and condensing units.
• In April 2021, Glacier Energy announced the launch of HTX Digital, a new predictive maintenance tool for monitoring heat exchanger performance

Heat Exchangers Market Snapshot

Heat Exchangers Market – Segmentation

TMR’s research study assesses the global heat exchangers market in terms of product type, end-user, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global heat exchangers market.