by A heat exchanger is a device used to transfer heat between two or more fluids. The fluids may be separated by a solid wall to prevent mixing or chemical reaction. There are several types of heat exchangers, including shell and tube, plate, cooling towers, air cooled, and reformed heat exchangers. Heat exchangers are used in various industries such as chemicals, petrochemicals, oil & gas, HVAC, power plants, food & beverages, and others. The global Heat Exchanger Market is used extensively across various end-use industries, especially in the chemicals industry where heat exchangers are used in processes like chemical production, distillation, and heat treatment.
The global Heat Exchanger Market is estimated to be valued at US$ 18849.18 Mn in 2023 and is expected to exhibit a CAGR of 1.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growth in the chemicals industry is a major driver for the global Heat Exchanger Market. The increasing demand and production of chemicals worldwide is expected to drive the demand for heat exchangers for various processes like reactors, distillation columns, and heat treatment equipment. For instance, according to the International Council of Chemical Associations, the chemicals industry directly and indirectly supports over 25 million jobs worldwide. Another driver is the rising demand for efficient heating, ventilation, and air conditioning (HVAC) systems due to rapid urbanization globally. This is increasing the demand for heat exchangers in air conditioners and chillers. Additionally, the stringent regulations regarding greenhouse gas emissions are also fueling the demand for energy-efficient heat exchangers across different end-use industries.
Segment Analysis
The global Heat Exchanger Market Growth can be segmented into shell & tube, plate & frame, air-cooled, micro-channel heat exchangers and others. Among these, the shell & tube heat exchangers segment dominates and accounts for over 35% of the overall market share owing to its extensive applications in industries such as power, petrochemicals, HVAC system etc. It offers advantages such as higher heat transfer rate and ability to withstand high pressures and temperatures.
PEST Analysis
Political: National and international environmental protection regulations regarding industrial emissions are expected to influence the market growth positively.
Economic: Growth of industries such as power generation, chemicals, petrochemicals will drive the demand for heat exchangers for various applications.
Social: Increasing global population and rising living standards are augmenting the demand for electricity and processed foods, thereby influencing the heat exchanger market.
Technological: Advancements in materials and designs of heat exchangers are improving their efficiency, compactness and reliability. Micro-channel heat exchangers offer nearly double the performance of conventional heat exchangers.
Key Takeaways
The global heat exchanger market is expected to witness high growth over the forecast period. The global Heat Exchanger Market is estimated to be valued at US$ 18849.18 Mn in 2023 and is expected to exhibit a CAGR of 1.2% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific accounts for more than 40% of the global heat exchanger market led by China, India and other ASEAN countries. This is attributed to ongoing capacity additions in power and industrial sectors leading to increased demand for heat exchangers. Nations are also investing heavily in nuclear power generation which uses heat exchangers extensively.
Key players
Key players operating in the heat exchanger market are GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, STP Nuclear Operating Company, SKODA JS AS, China National Nuclear Corporation, Bilfinger SE, BWX Technologies Inc., Doosan Heavy Industries & Construction Co. Ltd, Mitsubishi Heavy Industries Ltd, Bechtel Group Inc., Japan Atomic Power Co., and Rosatom Corp.
Key players such as GE-Hitachi Nuclear Energy Inc. and Mitsubishi Heavy Industries Ltd offer an extensive portfolio of heat exchangers for nuclear power, oil & gas and related industries. China National Nuclear Corporation caters to domestic Chinese nuclear market with its boilers and steam generators while Bilfinger specializes in industrial turbine and heat exchange solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
