The heat exchanger market size is projected to reach US$ 39.11 billion by 2030 from US$ 20.65 billion in 2022. The market is expected to register a CAGR of 8.3% during 2022–2030. The increasing adoption of plate heat exchangers is likely to remain a key trend in the market.
A heat exchanger is a device that is generally used for heating or cooling elements, depending on the customer’s needs; it is primarily employed in various processes and discrete industries. The industry uses heat exchangers for cooling to prevent overheating of critical machinery or flammable materials. The market for heat exchangers is growing globally. The major industrial sectors driving the demand are energy, chemical, food, HVAC, and marine, among others. All major process industries across the globe use heat exchangers for several applications. Industry 4.0, rapid industrialization, and technological advancements in the oil & gas industries are all boosting the growth of the market.
Manufacturers operating in the heat exchanger market are launching various products for petrochemical and refinery operations. For instance, in April 2023, Aggreko—a global provider of mobile modular power, temperature control, and energy solutions—launched two new rental heat exchanger families—the Large Nodal Heat Exchanger and the Hastelloy C Cross Flow Heat Exchanger. This off-the-shelf unit offers petrochemical and refinery customers the industry's largest heat exchanger and the only one made from Hastelloy. Both products are designed to ensure the smooth operation of petrochemical plants and refineries and handle complex chemical situations by maintaining customers' production rates and improving plant processes.
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Heat Exchanger Market: Strategic Insights
The trend toward using green energy options like wind and sunlight for electricity generation keeps increasing. The need to cut greenhouse gas emissions is causing more energy needs globally, which will force the use of heat exchangers. These devices are found inside wind turbines where they facilitate the movement of fluids through a system such that some mechanical work can be obtained. On the other hand, they can also be attached to solar collectors whereby absorbing onto themselves some amount of energy from radiation coming off its surface.
According to the report published by the International Energy Agency (IEA) in June 2023, the global demand for oil is expected to grow by 6% from 2022 to 2028. It will reach up to 105.7 million barrels per day (mb/d) in 2028. The demand is growing due to the rising requirement for petrochemicals and the increasing need for oil in the aviation sector. In addition, the investments for the upstream segment in oil and gas exploration, extraction, and production are anticipated to reach their highest value since 2015 and are projected to grow by 11% year-on-year to US$ 528 billion in 2023; this is to benefit the heat exchanger market. According to the Economic Times, in January 2023, Pertamina, a refinery arm of an Indonesian state energy firm, announced upgrading its old refineries and building new ones, thereby increasing its processing capacity to over 1.5 million barrels per day. Therefore, the rise in global oil demand and investment in the oil & gas industry contributes to the production of oil and gas, where heat exchangers are used to eliminate the heat generated during production.
Key segments that contributed to the derivation of the heat exchanger market analysis are type, material, and application.
The geographic scope of the Heat Exchanger market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the market in 2022. The North America heat exchanger market is segmented into the US, Canada, and Mexico. The US held the largest share of the heat exchanger market in North America in 2022. The region is adopting hydropower electricity generation as it is one of the clean sources of energy and is developing power plants to meet the growing energy demand. For instance, according to the US Department of Energy report for January 2021, the hydropower capacity increased by a net of 431 MW in 2019 since 2017. The capacity was increased from existing facilities, new facilities, and powering non-powered dams (NPDs), which resulted in a total net growth of 1,688 MW from 2010 to 2019. In addition, Mexico is planning to build many gas-fired power plants to increase the natural gas supply, including importing natural gas from the US.
The regional trends and factors influencing the Heat Exchanger Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Heat Exchanger Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 20.65 Billion |
| Market Size by 2030 | US$ 39.11 Billion |
| Global CAGR (2022 - 2030) | 8.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Heat Exchanger Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Heat Exchanger Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The heat exchanger market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the heat exchanger market are listed below:
The “Heat Exchanger Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Heat Exchanger Market
Alfa Laval AB, Kelvion Holding GmbH, Danfoss AS, Xylem Inc., and API Heat Transfer Inc. are among the leading players in the heat exchanger market.
The estimated value of the heat exchanger market is expected to reach US$ 39.11 billion by 2030.
The market is expected to grow at a CAGR of 8.3% over the forecast period.
North America dominated the heat exchanger market in 2022.
All major process industries across the globe use heat exchangers for several applications. Industry 4.0, rapid industrialization, and technological advancements in the oil & gas industries are all boosting the growth of the market.
The increasing adoption of plate heat exchangers is likely to remain a key trend in the market.