A heat exchanger is a component of a system that transfers heat across multiple fluids. Different temperatures result from the heat exchange between two fluids. Different heat exchanger components are employed depending on the system’s intended usage. Numerous engineering devices, including space heating systems, air conditioning systems, refrigeration systems, food processing systems, vehicle radiators, chemical processing systems, power plants, and waste heat recovery units, employ it for various purposes.
The market for heat exchangers in 2021 was USD 16.01 billion, and by 2030 it will reach USD 25.5% CAGR during the forecast period.
In many industries, the heat exchanger is primarily used as a cooling technology. The ability of these exchangers to effectively regulate a system’s operational temperature is fueling the market’s growth. The media may be placed close together or completely separated from one another to prevent mixing. The demand for thermal management is rising steadily in several sectors, including HVAC, power generation, chemicals, and petrochemicals.
Market Dynamics
Drivers
A heat exchanger is used to recover heat from wastewater and control operational temperatures. Furthermore, the product’s technological developments will significantly increase demand for it. Real-time problem diagnosis and monitoring are made possible by technological advances. Additionally, manufacturers’ growing investments in cutting-edge technologies like the Industrial Internet of Things (IIoT) and R&D are anticipated to accelerate equipment uptake.
Additionally, the use of the exchanger reduces wear and tear, energy usage, predictive maintenance, and machine optimization of systems, all of which contribute to the growth of the heat exchanger market.
Restraints
A lack of raw materials constrains the heat exchanger market’s expansion. The primary component, such as metals like copper, steel, aluminum, and others, are utilize in the production of heat exchangers. To produce a product, manufacturers need raw materials delivered on schedule, in the required amount, and of the required quality. The availability of raw materials is influence by several variables, including the state of the economy, exchange rates, and supply circumstances, all of which negatively impact output. Lack of raw materials causes projects to be delay or abandoned, which hinders the expansion of the heat exchanger market.
Opportunity
The market for heat exchangers will grow due to the growing utilization of these devices in the aerospace industry. In the aerospace industry, heat exchangers are crucial. Heat exchangers are a common component in the systems of aircraft of various sizes, shapes, fixed wings, and rotary wings. Heat exchangers are use in aviation to lower the fuel’s elevated temperatures, improving the aircraft engines’ performance. Although they may be use for cooling and heating, aircraft heat exchangers are most frequently employ to cool the RAM air, hydraulics, gearboxes, auxiliary power units, etc. Due to this, the flat tube and plate-fin heat exchangers are the most widely use in aviation. The market share of heat exchangers can grow thanks to the aerospace industry.
Market Segmentation
By Product
In 2022, the shell & tube sector will dominate the market, accounting for 35.7% of the total revenue demand. Shell and tube products are utilize for applications that require a broad range of temperatures and pressures and for transferring between two liquids, two gases, or liquids and gases. The three most typical varieties of shell and tube products are the floating-head type, U-tube design, and fixed tube sheet design.
The plate & frame product segment will expand at a CAGR of 5.6%. The plates that make up plate-type exchangers are either smooth or have some corrugation. These items are categorize as brazed, welded, or Gasketed depending on the level of leak tightness required. Plate & frame products are commonly utilize for liquid-liquid exchange at low to medium pressures.
By End-Use
Chemical and petrochemical products ruled the market in 2022 with 22.7% of the revenue share. The chemical processing industry (CPI) uses heat exchangers because of their attributes, including strong corrosion resistance and design flexibility. Due to their characteristics, they can manage fluids with varied solid content.
The increasing demand for textiles, plastics, digital devices, packaging, and medicinal and agricultural products will aid the petrochemical industry’s expansion. Additionally, the business will grow as petrochemical products increasingly find their way into components of contemporary energy systems, including solar panels, electric vehicle parts, and wind turbine blades.
Regional Analysis
In 2022, Europe was the largest market, with 31.9% of worldwide sales. As public and private infrastructure initiatives will rise, there will be an increase in demand for these goods within the HVAC & refrigeration industry. Additionally, it is anticipate that demand for heats exchangers with increased durability, improved efficiency, and less fouling will rise across a number of end-use sectors throughout the projection period.
Expanding oil and gas development operations in the U.S. and Canada will drive the demand for such products in North America. In addition, rising energy consumption across a range of industrial and commercial sectors will increase the power and energy industries, which will have a favorable effect on the market for heats exchangers in the years to come.
Key Players
- API Heat Transfer Inc.
- Danfoss A/S
- Hisaka Works, Ltd.
- Kelvion Holding GmbH
- HRS Heat Exchangers Ltd.
- Xylem Inc.
- Alfa Laval AB
- Tranter Inc.
- GEA Group Aktiengesellschaft
- Koch Heat Transfer Company, L.P.
The market for heat exchangers in 2021 was USD 16.01 billion, and by 2030 it will reach USD 25.5% CAGR during the forecast period. The demand for heat exchangers will increase due to the increased focus on effective thermal management in a number of industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration.
