• Blog
  • Heat Exchangers Market Report

    Heat Exchangers Market Report

    Heat Exchangers Market Report
    Report code - SR2047 Published On : Jul,2022 No. of Pages: 125
    Get Free Sample |
    Heat Exchangers Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

    Market Highlights

    Heat exchanger is a device used to transfer heat from one medium to another. The media may be separated by a solid wall to prevent mixing or direct contact. They are used in various engineering applications, such as refrigeration, heating and air conditioning systems, power plants, chemical processing systems, food processing systems, automobile radiators, and waste heat recovery units.

    The impact of the COVID-19 pandemic on the demand for heat exchangers varied from industry to industry. All major industries suffered significant losses, among which the oil & gas industry experienced the highest decline; however, the pharmaceutical industry registered positive growth during the pandemic. Overall, the global heat exchangers market witnessed a hefty decline of -11.9% in 2020, reaching a value below US$ 13 billion.

    In 2021, the market experienced an excellent rebound, fueled by the resumption of the petrochemical & chemical, oil & gas, and energy sectors. Furthermore, an expected recovery in the economy, an increase in energy prices, rapid industrialization, and increasing adoption of heat exchangers across multiple applications are some key factors assisting the market to grow at a promising CAGR of 5.2% during the forecast period to reach a value of US$ 18.3 Billion in 2027.

    Market Segments' Analysis

    Based on the product type, the heat exchangers market is segmented as shell & tube heat exchangers, plate heat exchangers (gasket plate heat exchangers, all-welded plate heat exchangers, and brazed plate heat exchangers), air-cooled heat exchangers, and others. Plate heat exchanger is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period, owing to its advantages, such as high heat transfer coefficient, good efficiency due to turbulent flow on both sides, and ease of maintenance, repair, and service.  

    Shell & tube heat exchanger is expected to remain the second-largest segment of the market during the forecast period. The ability to withstand high-temperature applications and provide fouling protection is aiding the market growth. The main advantages of shell & tube heat exchangers are their simple design, robust characteristics, good thermal shock resistance, and low purchase and maintenance costs.

    Based on the end-use industry type, the market is segmented as oil & gas, petrochemical & chemical, food & beverages, power generation, HVAC & refrigeration, water & wastewater, pharmaceuticals, marine & shipbuilding, and others. Petrochemical & chemical is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period. The petrochemical & chemical industry involves various processes with high pressure and temperature, which necessitates optimizing heat transfer and increasing energy savings, which is likely to drive the demand for heat exchangers.

    Power generation is expected to be the second-dominant segment of the market during the forecast period, due to the increasing demand for renewable energy which is fueling a surge in the power generation industry. Heat exchangers are used in nuclear power plants as condensers, condensate sub-cooling, feed water pre-heating, heat extraction, and cooling wet storage.

    In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing region in the global heat exchangers market during the forecast period. Major factors, such as increasing disposable income, rapid urbanization and industrialization, and increasing energy demand in the developing economies (China, India, and Japan), are driving the region’s market. Europe and North America are also likely to create sizeable opportunities in the coming five years.

    Key Players

    The supply chain of this market comprises several nodes including raw material suppliers, component suppliers, heat exchanger manufacturers, distributors, and OEMs/end-users. The following are some of the key players in the heat exchangers market:

    • Alfa Laval AB
    • Johnson Controls
    • Kelvion Holding GmbH
    • SPX Corporation
    • Linde PLC
    • SWEP International AB

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s heat exchangers market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The heat exchangers market is segmented into the following categories. 

    Heat Exchangers Market, by Product Type

    • Shell & Tube Heat Exchangers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Plate Heat Exchangers
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Type Analysis: Gasket Plate Heat Exchangers, All-Welded Plate Heat Exchangers, and Brazed Plate Heat Exchangers)
    • Air-Cooled Heat Exchangers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Heat Exchangers Market, by End-Use Industry Type

    • Oil & Gas (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Petrochemical & Chemical (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Food & Beverages (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Power Generation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • HVAC & Refrigeration (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Water & Wastewater (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Pharmaceuticals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Marine & Shipbuilding (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Heat Exchangers Market, by Region

    • North America (Country Analysis: The USA, Canada, and, Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Italy, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    A Bird's Eye View of the Market

    The heat exchangers market is estimated to grow at a healthy CAGR of 5.2% over the next five years to reach a value of US$ 18.3 Billion in 2027. Increasing energy demand; growing investments in different industries, such as refineries, power generation units, food manufacturing, district heating, and cooling systems; and higher demand for energy efficiency and overall safety are expected to drive the growth of the market over the next five years.

    Alfa Laval AB, Johnson Controls, Kelvion Holdings GmbH, SPX Corporation, Linde PLC, SWEP International AB, GNtner Gmbh & Co. Kg, and Danfoss are some of the key players in the market.

    Asia-Pacific is estimated to remain dominant in the heat exchangers market in the foreseen future. Increasing disposable income, rapid urbanization and industrialization, and increasing energy demand in the developing economies (China, India, and Japan) are some major factors driving the regions market.

    Plate heat exchanger is likely to maintain its dominance in the market in the next five years owing to its advantages such as high heat transfer coefficient, good efficiency due to turbulent flow on both sides, and ease of maintenance, repair, and service.

    The petrochemical & chemical segment is expected to maintain its dominance in the market in the next five years. The petrochemical & chemical industry involves various processes with high pressure and temperature, which necessitates optimizing heat transfer and increasing energy savings, a key factor driving the demand for heat exchangers.