Global Market for Heat Exchanger is Anticipated to grow at a Significant Pace i.e., USD 20.5 Billion during the Forecast Period 2021-2027

Published Date: Jan, 2022

The global heat exchangers market is anticipated to grow at a 5.25% CAGR during the forecast period. Heat exchangers are a system that allows heat exchange from a fluid to another fluid without the need to mix those fluids or allow them to come in direct contact. Heat exchangers aid in the heating and cooling of buildings, and also for the smooth functioning of engines and machines. As a result, they are extensively used in boilers, furnaces, refrigerators, automobile radiators, sewage treatment, and air conditioning systems. The growth in industrial operations in the emerging economies and increased adoption for fossil and thermal energy power generation will fuel the growth of the market. Moreover, there is considerable demand for HVAC from industrial, commercial, and residential sectors owing to increasing disposable income, change in the standard of living, and extreme climatic conditions, thereby propelling the growth of the heat exchangers market. Furthermore, the increasing environmental concerns about energy-efficient and environmental-friendly devices will also propel the growth of the heat exchanger market. Nevertheless, growing energy demand, increased expenditures in the chemical, petrochemical, and fuel processing industries, technological advancements, and stringent environmental norms and guidelines are all expected to boost the heat exchanger market.

KELVION has invested 3.2 million euros in a second production facility in Knoxville, Tennessee, in September 2021, to meet the growing demand for heat exchangers in the data center and refrigeration industries in North America, as well as to enhance customer experience, harmonize product technology, expand production capabilities, and lowers the cost.

The COVID-19 pandemic has affected economies globally and led to the temporary shutdown of manufacturing companies in the heat exchanger industry owing to disruption in the supply chain, lack of labor force, travel restriction, ban on imports and exports. However, the market is anticipated to gain momentum and gain its position after the deadly virus can be effectively removed across various countries.

Browse 53 market data Tables and 35 Figures spread through 200 Pages and in-depth TOC on " Heat Exchanger Market Industry Insight by Material (Steel and Non-Steel), by Type (Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger, and Others), by Industry Vertical (Chemical, Energy, HVACR, Food & Beverages, Power Generation, Pulp & Paper, and Others), and Region - Global Forecast to 2027"

By type, the shell & tube heat exchangers will dominate the market during the forecast period.

Based on type, the global heat exchanger market is categorized into plate & frame heat exchanger, shell & tube heat exchanger, air-cooled heat exchanger, and others. The shell & tube heat exchangers dominate the market owing to the increased adoption at various industry verticals like food & beverages, chemicals, etc. as they withstand very high pressures. The benefits offered by these heat exchangers include reduced maintenance costs, ease in inspection and disassembly, being high resistance to thermal shocks, reduced pressure loss, and easy maintenance, thus attracting customers to choose shell & tube, heat exchangers.  

Global Heat Exchanger Market Segmentation Analysis

Segment

Categorization

Leading Category

Material

Steel and Non-Steel

Steel (Fastest)

Type

Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger, and Others

Shell & Tube Heat Exchanger (Largest)

Air-Cooled Heat Exchanger (High CAGR)

Industry Vertical

Chemical, Energy, HVACR, Food & Beverages, Power Generation, Pulp & Paper, and Others

Chemical (Largest)

HVACR (Fastest)

Energy (High CAGR)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Europe (Largest)

Asia-Pacific (Fastest)

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“APAC is anticipated to have significant growth in the heat exchanger market during 2021-2027.”

Asia-Pacific is anticipated to have rapid growth during the forecast period owing to robust urbanization and industrialization in the region, increasing construction activities, and the surge in demand for chemical and power generation industries. The surge in energy demand and rising investments to enhance the existing energy infrastructure in the emerging economies will lead to exceptional growth in the region.

Some of the major players in the global Heat Exchanger market include ALFA LAVAL, Danfoss, Kelvion Holding GmbH, Xylem, Exchanger Industries Limited, MERSEN PROPERTY, API Heat Transfer, Boyd Corporation, Johnson Controls, and H. Güntner (UK) Limited.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Material, Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

ALFA LAVAL, Danfoss, Kelvion Holding GmbH, Xylem, Exchanger Industries Limited, MERSEN PROPERTY, API Heat Transfer, Boyd Corporation, Johnson Controls, and H. Güntner (UK) Limited

Global Heat Exchanger Market Coverage

Material Insight and Forecast 2015-2027

  • Steel
  • Non-Steel

Type Insight and Forecast 2015-2027

  • Plate & Frame Heat Exchanger
  • Shell & Tube Heat Exchanger
  • Air-Cooled Heat Exchanger
  • Others

Industry Vertical Insight and Forecast 2015-2027

  • Chemical
  • Energy
  • HVACR
  • Food & Beverages
  • Power Generation
  • Pulp & Paper
  • Others

Geographical Segmentation

Heat Exchanger Market by Region

North America

  • By Material
  • By Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Material
  • By Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Material
  • By Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Material
  • By Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

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Global Market for Heat Exchanger is Anticipated to grow at a Significant Pace i.e., USD 20.5 Billion during the Forecast Period 2021-2027