Heat Exchanger Market By Type of Product (Shell and tube, Plate and frame, Air-cooled, Others), By Material Type (Carbon steel, Stainless steel, Nickel, Others), By Application (Chemical, Energy, HVACR, Food & Beverages, Pulp & Paper, Power, Automotive, Others), and By Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecasts 2017 to 2027.

Date: Mar 2021 Report Id: 48 Category: Equipment Machine & Tooling Report Format: pdf-img excel-img ppt-img word-img

Heat Exchanger Market Introduction:

Heat exchangers are devices that permit the transfer of heat and/or energy between two or more fluids. These devices are used depending on the desired type and the applications. Heat exchangers are essential components in steam power plants, chemical processing plants, air conditioning systems, transportation systems, and many more.

Heat Exchanger Market Estimation:

The Heat Exchanger Market was estimated at USD 16.48 billion in the year 2020, and is expected to reach USD 25.35 billion by 2027. The market is growing with a CAGR of 6.3%, in the forecast period (2017-2027).

Heat Exchanger Market

Heat Exchanger Market Drivers:

  • Demand from Oil & Gas Industry:

Heat exchangers are preferred in the oil & gas industry. With the rising exploration and production activities in the Middle East, North America, and European regions, the demand for heat exchangers will also increase. Additionally, large investments by global governments and the private sector to increase the extraction of crude oil may positively impact the market. Therefore, the oil & gas industry will be a major contributor to the growth of the heat exchanger market.

  • Demand from the Automotive sector:

Heat exchangers are widely used in the automotive sector for various systems such as air conditioning systems, exhaust gas recirculation, radiators, and more. As the automotive market is expected to witness an upsurge in the coming years, the demand for heat exchangers will grow linearly.

  • The upsurge in the number of Power Generation projects:

In 2019, Japan announced the development of 22 coal-fired projects at 17 different locations. Since coal plants use heat exchangers, this project is anticipated to drive the demand for the heat exchanger market. Also, the second phase of the Shandong Shenglu Coal-fired Power plant, which will produce 4000 MW of energy, was launched in 2020. This will create numerous opportunities for market growth.

Heat Exchanger Market Restraints:

  • Complexity in design:

Heat exchangers that have a complex design such as the tubular type have problems such as scaling, corrosion, cleaning and maintenance. This may give rise to looking for alternatives that eliminate these issues.

Heat Exchanger Market Segmentation:

  • Product Type:

Based on product type, the heat exchanger market is segmented into Shell & Tube, Plate & Frame, Air Cooled and Others. The shell and tube segment garnered over 35% of the market in terms of revenue in 2019. The segment’s dominance is a result of the soaring demand from the chemical, oil & gas, and power generation sectors.

The plate segment is projected to register a high growth rate due to the rising use of refrigerant evaporators, economizers, oil coolers, in-floor heaters, etc. Shift from the existing technology with new ones is a major challenge for the segment.

The air-cooled segment may witness a growth rate of nearly 6% from 2020 to 2026 due to the increasing adoption of these heat exchangers in the automobile, HVAC, and construction industries.

  • Material Type:

The heat exchanger market is bifurcated into the following materials – Carbon steel, Stainless steel, Nickel, and Others. Characteristics such as corrosion resistance, light-weight, high thermal conductivity, and more have made stainless steel the preferred choice. However, since the material is expensive, it is generally preferred for applications used for the long-term.

  • End-use Industry:

The chemical industry-led the heat exchanger market in 2019 and is anticipated to register a growth rate of nearly 6.5% over the forecast period. The significant growth of the chemical sector in the Asia – Pacific region is a major contributor to the segment’s dominance. Moreover, the widespread suitability of heat exchangers in various circuits has driven the market in the chemical industry.

The HVAC and refrigeration industries use heat exchangers for various purposes such as cooling, heating, and ventilating especially for residential and commercial use. As a result, HVAC and refrigeration are projected to emerge as the fastest-growing end-use segment.

Geographical Analysis:

Europe captured more than 30% of the heat exchanger market in 2019. It is estimated to register a growth rate of more than 4% over the forecast period owing to the increasing trend of basic chemical consumption in Germany, France, Italy and the U.K. The upsurge in expenditure on the HVAC industry will further fuel the market.

The growth of the heat exchanger market in the Asia – Pacific region is linearly proportional to the growth in construction activities along with the growth of the chemical and power generation industries. The rising need for energy will further boost the market in the region. The region is anticipated to register the fastest growth.

North America, owing to the increasing E&P activities and the rising need for energy for industrial applications, may witness a growth rate of nearly 5%. Events such as the Dubai Expo 2020 and the 2022 FIFA World cup in Qatar coupled with the concentrated solar projects in South Africa, Egypt and Morocco are expected to drive the heat exchanger market in the Middle East and African region.

Recent Developments:

  1. Alfa Laval launched a new gas to a liquid plate heat exchanger that comprises the GL and GLX model in 2019.
  2. Kelvion acquired Rocore Holding GmbH that helped reinforce the company’s presence in North America and enhanced the heat exchanger product portfolio.
  3. Trane Inc. gained access to KCC manufacturing’s products after signing an agreement in June 2019.

Company Profiles and Competitive Intelligence Covered in Heat Exchanger Market Report are:

The key players operating in the market are:

  1. Alfa Laval
  2. Kelvion Holdings
  3. Danfoss A/S
  4. Xylem
  5. API Heat Transfer
  6. Güntner GmbH & Co. KG
  7. Chart Industries
  8. Hisaka Works Ltd.
  9. Brask Inc.
  10. Johnson Controls International
  11. Hindustan Dorr-Oliver
  12. Koch Industries Inc.
  13. Lytron Inc.
  14. Thermofin
  15. HRS Heat Exchanger Ltd.
  16. PI Heat Transfer
  17. SPX Corporation

The research report analyses the ecosystem of heat exchanger market and categorizes it to forecast the revenues and analyse the trends in each of the following below mentioned market segments.

Recent Developments In Heat Exchanger Market

  1. In April 2019, Alfa Laval, a leading global provider of first-rate products in the areas of heat transfer, separation and fluid handling launched a new gas to a liquid plate heat exchanger portfolio. This new portfolio will enable the company in redefining the possibilities of thermal transfer and meet the needs of gas cooling duties by working with both gas and liquid media.
  2. In June 2019, Trane Inc.  announced a strategic partnership with KCC Manufacturing, a leading US supplier of energy recovery, industrial dehumidification and atmospheric water generation systems for indoor industrial and agriculture applications. This partnership offers company an exclusive access to KCC’s MSP products, that uses small-plate, wrap-around heat exchangers to dehumidify grow room environments. In addition, these heat exchangers provide 30-65% energy savings in comparison to traditional dehumidification solutions.

Heat Exchanger Market Segment: Summary

By Process Type

  • Shell and tube
  • Plate and frame
  • Air-cooled
  • Others

By Material Type

  • Carbon Steel
  • Stainless Steel
  • Nickel
  • Others

By Application

  • Chemical
  • Energy
  • Food & Beverages
  • Pulp & Paper
  • Power
  • Automotive
  • Others

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Norway
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • New Zealand
    • Rest of Asia Pacific
  • South America
  • ROW

Frequently Asked Questions (FAQs)

The Heat Exchanger Market was estimated at USD 16.48 billion in 2020, and is projected to reach a value of USD 25.35 billion by 2027.
The Heat Exchanger Industry is estimated to grow at a compound annual growth rate (CAGR) of 6.3% during 2017-2027.
Europe region held the largest share in the Heat Exchanger Market.
A few key players in the Heat Exchanger Market includes Alfa Laval, Danfoss A/S, Kelvion Holdings, Xylem, Güntner GmbH & Co. KG, API Heat Transfer, Chart Industries, Brask Inc. and Hisaka Works Ltd. among others.
The chemical industry held the dominant share in the Heat Exchanger Market
Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

    1. Product Outline
    2. What are Heat Exchanger
    3. Different Types of Heat Exchangers
    4. Sector Snapshot: Heat Exchanger Industry
    5. Heat Exchanger and its advantages
    6. Analysis of Heat Exchanger Ecosystem / Value Chain
    7. Supply Chain Analysis
    8. Covid -19 Impact
    9. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    10. Technology Overview
    11. Patent Analysis
  2. Technology and Regulatory Landscape for Heat Exchanger
    1. Regulations and Standards
  3. Heat Exchanger Market by Type of Product
    1. Shell and tube
    2. Plate and frame
    3. Air-cooled
    4. Others
  4.  Heat Exchanger Market by Material Type
    1. Carbon steel
    2. Stainless steel
    3. Nickel
    4. Others
  5. Heat Exchanger Market by Application
    1. Chemical
    2. Energy
    3. HVACR
    4. Food & Beverages
    5. Pulp & Paper
    6. Power
    7. Automotive
    8. Others
  6. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Sweden
      8. Netherlands
      9. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  7. Key Strategic Insights
    1. New Raw Material Sources
    2. New Applications
    3. Emerging Technologies
    4. Opportunity mapping
    5. Critical Success Factors
    6. Environmental Impact and sustainability issues
    7. Consumer preferences
  8. Key Market Trends / Recent Developments
  9. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
    1. Alfa Laval
    2. Kelvion Holdings
    3. Danfoss A/S
    4. Xylem
    5. API Heat Transfer
    6. Güntner GmbH & Co. KG
    7. Chart Industries
    8. Hisaka Works Ltd.
    9. Brask Inc.
    10. Johnson Controls International
    11. Hindustan Dorr-Oliver
    12. Koch Industries Inc.
    13. Lytron Inc.
    14. Thermofin
    15. HRS Heat Exchanger Ltd.
    16. PI Heat Transfer
    17. SPX Corporation

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