Shell & Tube Heat Exchangers Market Analysis | 2024-2030

Market Insights

The shell & tube heat exchangers market is estimated to grow at a healthy CAGR of 4.3% during 2024-2030 to reach US$ 5.0 billion by 2030.

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Market Dynamics

Introduction

Shell and tube heat exchangers are among the most popular due to their simple design and exceptionally efficient heat exchange rate. They consist of a series of tubes housed inside the shell. The heat exchanger's design allows one fluid to flow through the smaller tubes and the other to flow around it. The fluids can be liquids or gases on either the shell or tube sides.

COVID-19 Impact

The performance of major demand generators, such as petrochemical & chemical, power generation, HVAC, and oil & gas industries, greatly influences the demand for heat exchangers and their types. 

The shell & tube heat exchangers market suffered a significant decline of 14% in 2020 due to the global economic recession led by the COVID-19 pandemic. Most of the end-use industries faced supply chain disruption, cash flow constraints, and temporary shutdowns in production facilities leading to reduced demand for heat exchangers.

Market Drivers

In 2021, the market experienced phenomenal growth, driven by the combined effects of recovery in production activity of oil & gas, petrochemical & chemical, power generation, and HVAC segments along with recovery in the economy, an abrupt increase in raw material prices, and rising investment and expansion of different projects.

Some Recent Market JVs and Acquisitions:

• In 2021, Exchanger Industries Limited (“EIL”), one of the leading Canadian designers and manufacturers of heat transfer products acquired the HRS heat exchanger Ltd. The HRS heat exchanger Ltd. offers plate heat exchangers, corrugated tube heat exchangers, and scraped surface heat exchangers.

• In 2021, Enrequip acquired American Heating Company and expanded its heat exchangers product line. Enrequip’s updated product portfolio includes a variety of sanitary and industrial heating and cooling solutions, from shell and tube heat exchangers to industrial thermal fluid heaters and tank heating coils.

Segments Analysis

By End-Use Industry Type

"Power generation and petrochemical & chemical are projected to remain the dominant end-use industries during the forecast period".

The market is segmented into oil & gas, petrochemical & chemical, food & beverage, power generation, HVAC & refrigeration, water & wastewater, pharmaceuticals, marine & shipbuilding, and others. During the forecast period, power generation and petrochemical & chemical are projected to remain the dominant end-use industries.

Low cost compared to plate heat exchangers, simple design and ease of maintenance, withstanding high pressure and temperature, and offering minimum pressure loss are some advantages of shell & tube heat exchangers that drive their demand for heat exchangers in the petrochemical & chemical, and power generation segments.

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Regional Analysis

"Asia-Pacific is expected to remain the largest shell & tube heat exchanger market during the forecast period".

In terms of regions, Asia-Pacific is expected to remain the largest market for shell and tube heat exchangers during the forecast period. The region is also expected to be the fastest-growing market in post-pandemic market developments. China is the workhorse of the region, as it is one of the major producers of oil and gas and petrochemicals and also the leading energy-producing country.

Key Players

The market is highly populated, with the presence of a large number of local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the Shell & Tube Heat Exchangers Market (arranged alphabetically)

• Alfa Laval AB
• Johnson Controls International PLC
• Kelvion Holdings GmbH
• SPX Corporation
• Funke Warmeaustauscher Apparatebau GmbH
• Xylem Inc.

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 market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The shell & tube heat exchangers market is segmented into the following categories:

By End-Use Industry Type 

• Oil & Gas
• Petrochemical & Chemical
• Food & Beverage
• Power Generation
• HVAC & Refrigeration
• Water & Wastewater
• Pharmaceuticals
• Marine & Shipbuilding
• Others

By Region 

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

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s shell & tube heat exchangers market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating 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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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