Global Heat Exchanger Market Size, Share, and COVID-19 Impact Analysis, By Material (Steel & Non-Steel), By Type (Shell and Tube, Plate and Frame, Air-Cooled, Microchannel Heat Exchanger & Others), By End Use (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverages, Power Generation & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The heat exchanger market was valued at USD 16.7 Bn in 2021. The market is projected to grow USD 28.3 Bn in 2030, at a CAGR of 5.5%. Heat Exchanger is an equipment that controls a system's operational temperature and waste heat. The apparatus works with two fluids or gas and fluid mixtures that are at various temperatures and heat levels. Tubes or pipes are generally favoured for heat transmission between fluids or air where one flows through the pipes and the other flows above the pipes. Condensation, evaporation, chillers, vaporizers, and reboilers are only a few of the applications. In air conditioning, refrigeration, chemical processing, power generation, and automotive applications, these are critical components of the system. The increased focus on effective thermal management in various industries, such as oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration, is likely to drive demand for heat exchangers.
COVID-19 ANALYSIS
The COVID-19 pandemic has had a negative impact on heat exchanger market. Due to the enforcement of severe rules such as statewide lockdown to stop the virus from spreading, industries lost a substantial amount of operational time. As a result, the disease's emergence has changed demand, as every sector has halted activities. Because of government constraints, production units for these exchangers were shut down in numerous places. In addition, even when some of the limitations were eased, the lack of workers impeded productivity. However, following the pandemic, demand is likely to increase, with a greater preference for completing district energy and renewable energy targets, as well as the requirement to meet HVAC demand. The UK government, for example, has set a goal of meeting 17 percent of the country's heating demands through district heating networks by 2030.
LATEST TREND
Growing Usage of Renewable Resources to Favor Market
The increased adoption of renewable energy resources such as wind and solar, which will eventually assist the global heat exchanger market growth. The device's installation is predicted to be driven by increased energy demand in response to the need to minimize greenhouse gas (GHG) emissions. These exchangers are used to transport solar energy absorbed in solar collectors to the liquid or air that is used to heat water or space in wind turbines. Furthermore, because this exchanger is a vital part of renewable energy systems, government mandates for renewable energy offer an additional stimulus to the market. For example, Germany declared in 2019 that it will use offshore wind to generate 20GW of energy by 2030.
DRIVING FACTORS
Increasing Industrialization in Developing Countries
Rapid industrialization in APAC's developing nations, such as China and India, is predicted to enhance demand for heat exchangers due to rising investments, raw material prices, and low-cost labour. Manufacturing, commercial, and industrial developments in the region have all contributed to the global heat exchangers market's overall expansion. Heat exchanger demand is rising due to increased demand from the chemical, HVACR, petrochemical, and oil & gas industries, as well as government initiatives in countries like Japan and India to produce thermal and solar energy. Furthermore, the market for heat exchangers is likely to benefit from growing demand for petrochemical products.
Rising Usage of Products & Services by Different Verticals
The increase in demand for these industries' products and services around the world is expected to be a major driving factor for the heat exchanger market. Furthermore, the rise in demand for heat exchangers in the automotive industry is likely to drive the heat exchanger market forward.
RESTRAINTS
Concerns Pertaining to High Fluctuation in Raw Material Prices
Raw material price fluctuations in copper, aluminum, steel, and other metals affect heat exchanger manufacturers. Raw material price volatility is caused by a variety of reasons such as economic conditions, exchange rates, and supply conditions, all of which have a negative impact on manufacturers. Price changes cause significant capital projects to be delayed or canceled, slowing the growth of the heat exchanger market. However, to minimize the risk of pricing fluctuation, pricing patterns are tracked to help mitigate the risk.
SEGMENTATION
The global heat exchanger market is segmented by Material (Steel & Non-Steel), By Type (Shell and Tube, Plate and Frame, Air-Cooled, Microchannel Heat Exchanger & Others), By End Use (Chemical, Petrochemical, Oil & Gas, HVACR, Food & Beverages, Power Generation & Others) and Region. Based on the material, the market is categorized into steel and non-steel. Based on type, the market is categorized into shell and tube, plate and frame, air-cooled, microchannel heat exchanger, & others. Based on end use, the market is categorized into chemical, petrochemical, oil & gas, Hvacr, food & beverages, power generation and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Material Insights
Based on the material segment, the global heat exchanger market is categorized into steel and non-steel. The steel segment has dominated the market share in 2020 of global heat exchanger market owing to the high strength, durability, and corrosion resistance, stainless steel is an excellent choice for heat exchanger construction. Mild steel and stainless steel are the most popular steel grades among manufacturers. This is due to its many advantageous qualities, including corrosion resistance across a wide pH range, lightweight, excellent thermal conductivity, and no need for special fluids because it is compatible with simple clean water. It is a little pricey, but because of the aforementioned properties, it is chosen for long-term use.
Type Insights
Based on the type segment, the global heat exchanger market is categorized into shell and tube, plate and frame, air-cooled, microchannel heat exchanger & others. The shell and tube segment has dominated the market share in 2020 of global heat exchanger market owing to the capacity to work at greater temperatures and pressures, simple pressure tests that aid in the detection of any flaws, excellent resilience to thermal shocks, and less pressure drop, when compared to other types, are the key elements driving their use.
The plate and frame segment is anticipated to grow over the next few years of global heat exchanger market owing to the increasing deployment of cooling towers, boilers, and the food and beverage industries. Cooling towers are still used in major manufacturing facilities like steel mills. With increased temperature differences among locations, air coolers are likely to become more popular during the forecast period.
End Use Insights
Based on the end use segment, the global heat exchanger market is categorized into chemical, petrochemical, oil & gas, Hvacr, food & beverages and others. The chemical segment is dominated the market share in 2020 of global heat exchanger market owing to the widespread use of heat exchangers, which are used in a variety of processes including heating, cooling, condensing, evaporation, separation, and others. Furthermore, heat exchangers can resist continuous chemical interactions, allowing for the safe and efficient completion of crucial processes.
REGIONAL INSIGHTS
The global heat exchanger market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Europe region is dominating the market share of global heat exchanger market owing to the establishment in the manufacturing, automotive, and industrial sectors. Furthermore, Europe established zero-emission rules for commercial and residential buildings in 2020. During the projection period, heat exchanger demand will rise as energy efficiency standards on new residential and commercial infrastructure focus on less carbon-intensive activities and demand for sustainable energy usage. The demand for these goods in the HVAC & refrigeration industry is expected to increase as public and private infrastructure investments increase. Furthermore, rising demand from a variety of end-use sectors for heat exchangers with improved durability, efficiency, and fouling resistance is likely to fuel industrial expansion over the projection period.
However, Asia-Pacific region is anticipated to grow over the next few years of the global heat exchanger market owing to the rapid industrialization in the region's developing countries, as well as rising investments in manufacturing, commercial, and industrial projects. The increased investments in the chemical, petrochemical, and HVAC sectors are expected to drive the heat exchangers market in China. Factors such as the country's growing population and the government's attempts to improve infrastructure are likely to support the growth of the power generation and HVAC & refrigeration sectors, driving demand for these products throughout the forecast period.
Key Developments:
June 2021- GE Research’s interdisciplinary team, led by Lana Osusky, working with top experts from the University of Maryland and Oak Ridge National Laboratory, has built and tested a subscale 3D printed heat exchanger at temperatures meeting the project’s goal of 900°C.
April 2021- Alfa Laval announced a partnership with Stena Recycling to introduce a sustainable business model titled “Re-Made to matter” for boosting circularity in the heat exchanger supply chain. This initiative will allow consumers to upgrade to an energy-efficient heat exchanger and get a reimbursement for an old heat exchanger, which will then be recycled.
LIST OF KEY PLAYERS PROFILED:
- ALFA LAVAL
- GEA Group Aktiengesellschaft
- Danfoss
- HRS Heat Exchangers
- Kelvion Holding GmbH
- ACCESSEN GROUP
- HISAKAWORKS S.E.A
- General Electric
- Thermax Limited
- SPX Flow, Inc.
- Mersen SA
SEGMENTATION
By Material
- Steel
- Non-Steel
By Type
- Shell and Tube
- Plate and Frame
- Air-Cooled
- Microchannel Heat Exchanger
- Others
By End Use
- Chemical
- Petrochemical
- Oil & Gas
- HVACR
- Food & Beverages
- Power Generation
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
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Global Heat Exchanger Market Size
- June-2022
- 1 4 0
- Global
- Energy-and-Power
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