Shell & Tube Heat Exchangers Market Report
Shell & Tube Heat Exchangers Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Shell & Tube Heat Exchangers Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Shell & Tube Heat Exchangers Market is Segmented by End-Use Industry Type (Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Shell & Tube Heat Exchangers Market is Segmented by End-Use Industry Type (Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others) and by Region...
Shell & tube heat exchangers are among the most popular heat exchanger types because of their simple design and exceptionally efficient heat exchange rate. They are made up of a series of tubes that are housed inside the shell. The heat exchanger is designed in such a way that one fluid flows through the smaller tubes, whereas another flows around it. The fluids can be liquids or gases on either the shell or tube sides. The performance of major demand generators, such as petrochemical & chemical, power generation, HVAC, and oil & gas, has a significant impact on the demand for heat exchangers and their types. The global shell & tube heat exchangers market suffered a precipitous decline of 12.5% in 2020 in the wake of the COVID-19 pandemic. The majority of end-use industries experienced supply chain disruption, cash flow constraints, and temporary shutdowns in manufacturing facilities, resulting in lower demand for heat exchangers.
In 2021, the market experienced growth, owing to the combined effects of recovery in production activity of the oil & gas, petrochemical & chemical, power generation, and HVAC segments, as well as the economic recovery, an abrupt increase in raw material prices, and rising investment and expansion of various projects. The shell & tube heat exchangers market is estimated to grow at a healthy CAGR of 4.5% during the forecast period, to reach a value of US$ 4.3 Billion in 2027.
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 dominant as well as the fastest-growing industry type during the forecast period. Low cost compared to plate heat exchangers, simple design, easy maintenance, ability to withstand high pressure and temperature, and minimal pressure loss are some of the advantages of shell & tube heat exchangers that drive their demand in the petrochemical & chemical segment.
In terms of regions, Asia-Pacific is expected to remain the largest market for shell & tube heat exchangers during the forecast period. The region is also expected to be the fastest-growing market in the post-pandemic market developments. China is the workhorse of the region, as it is one of the major producers of oil & gas, petrochemicals, and also the leading energy-producing country.
The supply chain of this market comprises several nodes including raw material suppliers, component manufacturers, shell & tube heat exchanger manufacturers, distributors, and OEMs/end-users. The following are the key players in the shell & tube heat exchangers market:
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 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.
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:
The shell & tube heat exchangers market is segmented into the following categories.
Shell & Tube Heat Exchangers Market, by End-Use Industry Type
Shell & Tube Heat Exchangers Market, by Region
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The shell & tube heat exchangers market is estimated to grow at a healthy CAGR of 4.5% over the next five years to reach a value of US$ 4.3 billion in 2027. Growing investments and expansion of various industries, such as oil & gas, petrochemical, power generation, HVAC, and food & beverages, along with an increase in adoption of heat exchangers (shell & tube) due to overall safety is expected to drive the growth of the market during the forecast period.
Alfa Laval AB, Johnson Controls International PLC, Kelvion Holdings GmbH, Danfoss (Sondex A/S), Funke Warmeaustauscher Apparatebau GmbH, and Xylem Inc. are some of the major players in the market.
Asia-Pacific is estimated to remain dominant in the shell & tube heat exchangers market in the foreseen future. Increasing investments and development in the region's energy, petrochemical & chemical, oil & gas, and food & beverage industries are expected to drive the regional market growth over the next five years.
The petrochemical & chemical segment is expected to maintain its dominance in the market over the next five years. Simple design and easy maintenance, ability to withstand high pressure and temperature, and minimum pressure loss are some advantages of shell & tube heat exchangers, driving demand for shell & tube heat exchangers in the petrochemical & chemical segment.