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    Shell & Tube Heat Exchangers Market Analysis | 2024-2030

    Shell & Tube Heat Exchangers Market Analysis | 2024-2030
    Report code - SR2049 Published On : Jan,2024 No. of Pages: 130
    Shell & Tube Heat Exchangers Market Size, Share, Trend, Forecast, Competitive Analysis See more...

    Market Highlights

    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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    Shell & tube heat exchangers are one of the most popular heat exchanger types due to their simple design and exceptionally efficient heat exchange rate. It consists of a series of tubes housed inside the shell. The design of the heat exchanger is in such a way that one fluid flows through the smaller tubes and the other 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 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.

    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


    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    End-Use Industry-Type Analysis

    Oil & Gas, Petrochemical & Chemical, Food & Beverages, Power Generation, HVAC & Refrigeration, Water & Wastewater, Pharmaceuticals, Marine & Shipbuilding, and Others

    Power generation and petrochemical & chemical are expected to remain the major markets during the forecast period. Petrochemical & Chemical is likely to grow at the fastest rate.

    Regional Analysis

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

    Asia-Pacific is expected to remain the largest as well as the fastest-growing region during the forecast period.


    By End-Use Industry Type

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

    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.

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    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:

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

    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.

    Report Features

    This report provides market intelligence most comprehensively. 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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Shell & Tube Heat Exchangers Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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

    Frequently Asked Questions (FAQs)

    The shell & tube heat exchangers market is estimated to grow at a CAGR of 4.3% over the next six years to reach a value of US$ 5 Billion in 2030. Growing investment and expansion of various industries, such as oil & gas, petrochemical, power generation, HVAC, food & beverage along with an increase in the adoption of heat exchangers due to overall safety, is expected to drive the growth of the market during the forecast period.

    Asia-Pacific is estimated to remain dominant in the shell & tube heat exchangers market in the foreseen future. The growing demand for energy, petrochemical & chemical, oil & gas, and food & beverages, in the region is expected to drive the regional market in the coming six years.

    Power generation and petrochemical & chemical segments are expected to maintain their dominance in the market in the next six years. 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 segment.

    Alfa Laval AB, Johnson Controls International PLC, Kelvion Holdings GmbH, SPX Corporation, Funke Warmeaustauscher Apparatebau GmbH, and Xylem Inc. are some of the major players in the market.