Heat Exchanger Market - Global Size & Upcoming Industry Trends

Global Heat Exchanger Market Overview

The global Heat Exchanger Market was valued at USD 18.44 Billion in 2023 and is expected to reach USD 29.62 Billion by the year 2032, at a CAGR of 5.41%

A heat exchanger is a device in a system that is used to exchange the heat between two or more fluids. Heat exchange between two fluids has different temperatures. Heat exchanger devices are used in different systems depending on the application of that system. It is used for different applications in many engineering devices, such as space heating, air-conditioning systems, refrigeration, and food processing systems, automobile radiators, chemical processing systems, power plants, and waste heat recovery units. Economizers, air preheaters, evaporators, super-heaters, condensers, and cooling towers used in a power plant are a few examples of heat exchangers. Finned Tube Heat Exchanger or Air Cooled Heat Exchanger, Shell and Tube Heat Exchanger, or Heat Exchanger is some types of the heat exchanger. According to the type of heat exchanger used, the heat transfer process is carried out between liquid to gas, gas to gas, or liquid to liquid. By using a solid wall of high thermal conductivity, these two fluids are separated in the system which prevents the mixing of fluids, and direct contact fluids.

Market Dynamics And Factors For Heat Exchanger Market

Drivers: 

Increasing Development in the Industrial Sector

Increasing development in the industrial sector leads to the growth of the heat exchanger market during the forecast period. In developing countries growth rate of the industrial sector is very high. To develop the economy industrialization is important it brings employment and money to the country which is expected to boost the demand for heat exchangers. Commercial and industrial projects in the region have also contributed to the growth heat exchangers market globally. Increased demand for petrochemical products is expected to have a positive impact on the heat exchangers market.

Restraints: 

Unavailability of Raw Material

The unavailability of raw materials restrains the growth of the heat exchanger market in the forecasting period. The raw material used for the manufacturing of heat exchangers, like aluminium, steel, copper, and other metals. Manufacturers required raw materials on time and in the required quantity and quality for the production of otherwise it affects the production of the product. The availability of raw material is depending on various factors such as supply conditions, economic conditions, and exchange rates, which create an adverse effect on production. Unavailability of raw material leads to resulting in delay or cancelation of the projects, which hamper the overall market growth of heat exchangers. 

Opportunity:

Increasing Adoption of Heat Exchangers in Aerospace Industries

Increasing adoption of heat exchangers in aerospace industries giving boost to the heat exchangers market during the forecasted period. Heat exchangers play an important part in aerospace sector. Aircraft of all sizes, shapes, fixed wings, and rotary wings all have heat exchangers in their system. In aviation, they used heat exchangers for reducing the increased temperatures of the fuel which helps to increase the efficiency of the aircraft engines. Aircraft heat exchangers are used in cooling and heating both but are commonly used to cool RAM air, hydraulics, gearboxes, auxiliary power units, etc. The flat tube and the plate-fin heat exchangers are the most common use heat exchanges in aviation due to this Aerospace Industries can boost the market share of heat exchanger in the upcoming time.

Segmentation Analysis Of Heat Exchanger Market

By Type, Shell & Tube Heat Exchanger is dominating the growth of the heat exchanger market during the forecast period. Shell and Tube Heat Exchangers are one of the most famous types of the heat exchanger; it is used on large scale compared to others due to the flexibility this system allows for a use of a wide range of pressures and temperatures. It is beneficial in the exchange of heat between gases that are dangerous to the body or health and mandated to keep away from release into the environment. Shell and Tube Heat Exchangers are used in two different industries petrochemical industry, the power industry as a power plant condensers, and feed-water heaters. It consists of a cylindrical shell and several tubes mounted inside the shell. Two fluids flow in a system to exchange the heat without getting into direct contact. This segment is likely to dominate the heat exchanger market during the forecast period.

By Material, Stainless Steel segment is anticipated to grab the maximum market share in the heat exchanger market over the projected period. Various materials are used to make a heat exchanger but the correct choice of material is required for the good quality product formation, material affects the function and service life of the product. The heat exchanger is used in many industries like gas, oil, and food. They operate outdoors, or in a processing plant, then there is a high risk of corrosion and high corrosion resistance material is required due to this stainless steel is having high demand. Stainless steel is corrosion resistant which makes it an ideal choice. Critical substances are passing through a heat exchanger in chemical industries; stainless steel is a great material that keeps the chemical in pure form. It has optimum thermal properties, they tolerate heat loads over 800 kW this stainless steel is a highly preferred material which expected to lead the heat exchanger market in upcoming years.

Regional Analysis Of Heat Exchanger Market

The Asia Pacific is the region that is dominating the heat exchanger market during the forecast period. The Asia Pacific is a region that includes many developing countries. The countries like China and India are in their developing phase, and the government of these countries is supporting and working on industrialization which helps to boost the economy of the country. Industrial development brings employment, money, and advancement to the system due to this the market for the heat exchanger is increasing and is growing fast in this region. The requirement of heat exchangers is in many areas that help to increase the share of heat exchangers in the market. The Asia Pacific is the region that enhances the heat exchanger market during the forecast period.

North America is expected to grow with a significant growth rate in heat exchanger market during the forecast period. North America is the developed region the countries like USA, Mexico, and Canada are in this region. These are the countries that are technically and economically advanced. Adoption of new techniques in industries is constantly carried out by government and industrialists, due to this, there are a very high consumer base for heat exchangers. The heat exchanger is used in many industries like food, gas, oil, and petroleum, and these are the prime customers that are used heat exchangers to carry out different industrial activities, due to all this the demand for the heat exchanger is increased that’s boost the heat exchanger market in North America region in the forecast period.

The European region is expected to lead the heat exchanger market during the forecast period. It is a developed region there are many industries, companies are established in this region so it is the prime market place for heat exchanger devices. Also many uses of this device are useful in so many commercial and residential activities. This is the safest way to exchange heat, without releasing toxic gases in the atmosphere and it does not cause harm to the environment. There are some government policies in the European region that support this environment friendly system which is not causing any harm to the environment and help to overcome the problems like global warming. Due to this, the demand for heat exchangers in the European region is increasing which gives growth to the heat exchanger market in the forecast period.

Covid-19 Impact Analysis On Heat Exchanger Market

COVID-19 had done adverse impact on the Heat Exchanger Market. The market witnessed a slow growth in 2020 as compared to 2019. The slow growth in 2020 was due to supply chain disruptions across the world. Due to COVID-19, the entire world is shouting downed, in lockdown all the industries have to stop there work in all over the world. Only essential needs like agricultural industry and healthcare, Pharma industry is working with all force rest have to follow the rules for the safety living thing. Heat exchanger is used in many industries according to the requirement there are many application it like heating, air-conditioning systems, refrigeration, and food processing systems, automobile radiators, chemical processing systems, power plants, and waste heat recovery units. Economizers, air preheaters, evaporators, super-heaters, condensers, and cooling towers and all these industries are suffered in the pandemic. Labor are not available during this time, less manpower affect the total production. Also the heat exchanger manufacturing companies are affected by this COVID-19 situation less availability of raw material, high cost, disturbed supply chain everything is suffering because of COVID-19 which shows the huge impact on the market. After the lockdown government changes its policies and now the market is showing growth in this jewelry market.

Top Key Players Covered In Heat Exchanger Market

• Alfa Laval AB (Sweden)
• API Heat Transfer Inc. (US)
• Danfoss(Denmark)
• General Electric Company (US)
• Hisaka Works Ltd. (Japan)
• IHI Corporation (Japan)
• Johnson Controls International PLC (US)
• Kelvion Holding GmbH (Germany)
• Koch Industries Inc. (US)
• Boyd Corporation (US)
• Mersen SA (France) Modine Manufacturing Company (US)
• Royal Hydraulics Inc. (US)
• Xylem Inc. (US)
• Aero Engineers (India)
• BMR HVAC (India)
• Exchanger Industries Limited (Canada) and Other Major Players.

Key Industry Development In Heat Exchanger Market

• In April 2023, Kelvion launched a dedicated air cooler series for natural refrigerants. The CDF & CDH ranges are dual discharge air coolers highlighting a similar proficient tube system.
• In May 2023, Alfa Laval is enhancing its brazed plate heat exchanger capacity to bolster the global energy transition. The establishment of new facilities in Italy, China, Sweden, and the U.S. signifies significant progress in their initiative to advance manufacturing intelligence and efficiency throughout the entire supply chain.