Global Heat Exchanger Market by End Use (Chemical, Power Generation), by Product (Plate & Frame (Plate & Frame Brazed, Welded, Gasketed) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global heat exchanger market was valued at USD 16.9 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 4.2%) between 2020 and 2028. The market has seen a significant increase in the use of efficient thermal management in food, beverage, power generation and HVAC and refrigeration.

Heat exchangers are widely used in many industries, including chemicals, HVAC, refrigeration, food, beverages, , petrochemical and power generation. The market is expected to be driven by technology innovation and growing demand from the chemical sector, as well as increasing focus on efficiency standards.

The U.S. possessed the largest market share and the most operational nuclear reactors, as well as the largest market share on the global nuclear energy markets. The power generation industry will be influenced by ongoing construction activities to build additional nuclear capacity. The market will be driven by an increase in refinery capacity and new configurations of regional chemical plants over the forecast period.

Deutsche Bank predicts that China will have 45% revenue share on the global market by 2020. Asia accounts for more than half of global chemical sales. This rapid growth in Asia's chemical industry, especially in China, is expected to be a significant driver for the heat exchangers marketplace.

As demand for automotive parts in engineering and commercial applications rises, heat exchangers are expected to be in demand. Market growth is expected to be driven by increasing HVAC usage in both residential and commercial buildings.

Market players will be driven by technological advancements and measures taken to improve heat transfer efficiency. Over the forecast period, major market players are expected to continue their efforts in product innovation and research & development.

Product Insights

The global heat exchanger market was dominated by the tube and shell heat exchanger segments. They accounted for 35.9% revenue share in 2019. This segment is characterized by an increase in demand for heat exchangers in various end-use industries like power generation, oil and gas, and chemical.

Over the forecast period, there will be a rising demand for thermal management systems that require little space. This will drive up demand for plate- and frame heat exchangers. Due to its performance characteristics, the welded plate heat exchanger will see high demand.

Brazed plate heat exchanging is expected to see significant growth due to its increasing use in floor heating, refrigerant and super-coolers, and other industrial applications. The forecast period will be a challenging one as it is necessary to replace the current technology with the new.

Due to the increasing use of ACHE in automotive, chemical, oil and gas industries, the air-cooled heat exchanger will see a 4.3% CAGR from 2020 to 2028. There is a growing need for AC and refrigeration worldwide, as well as increased construction activity in many countries, including China and India.

End-use Insights

Due to the rapid growth of the Asia Pacific chemical industry, the segment of chemical is expected to grow at 4.2% CAGR in terms of revenue during the forecast period. Chemicals are manufactured using heat exchangers. They are used for the following purposes: condensation of solvents; benzene heat recover, cooling water circuits; cooling of hydrocarbons; heating & cooling intermediate products; heating and cooling reactors and other production processes.

A heat exchanger is required for HVAC and refrigeration. It can be used to heat, cool, or ventilate both residential and commercial areas. Due to increased demand for refrigeration units and air-conditioners, this application segment will likely be the fastest-growing.

Due to increasing E&P activities around the world, the demand for heat exchangers within the oil and natural gas industry segment will reach USD 4.6 million. The oil and gas industry requires heat exchangers for cooling, which is cooling water or air without phase change. Chilling, which involves freezing below what is obtainable with cold water, chilling, which involves condensing or vapor mixture, and reboiler, which uses heat to distill the column.

From 2020 to 2027, the food and beverage market is expected to grow at 5.9%. Food and beverage heat exchangers are used to process various foods. This includes heating and cooling for refining biodiesel; dairy products for pasteurization or sterilization; egg products for heating, cooling, and processing eggs; stewed fruits and jams for lower product viscosity; and many other uses.

Regional Insights

Europe held the largest market share in 2020. The forecast period will see a CAGR in the region of 3.5% due to a rising trend in basic chemical consumption in different end-use industries in Germany and Italy. The market will also be boosted by rising spending on HVAC and refrigeration in the region.

Asia Pacific will see the fastest growth trend, reaching a net worth exceeding USD 7.7 billion in 2028. The rising demand in Asia is due to increased construction activity, expansion of the chemical and power generation industries, and the increase in energy consumption. These factors are expected to drive the market over the forecast period.

The North American market is expected to experience healthy growth during the forecast period. This is due to increased oil and gas E&P activities from the U.S., Canada and surging energy demand from various industrial and commercial sector.

The demand for heat exchangers in Africa and the Middle East is expected to rise to USD 1.9 billion by 2028. Over the forecast period, global events like Expo 2020 in Dubai and the 2022 FIFA World Cup held in Qatar will drive industrial growth. The region will see a rise in demand for heat exchangers due to the presence of concentrated solar power (CSP), projects in Egypt, South Africa and Morocco.

Market Share Insights & Key Companies

Over the next few decades, the market will experience significant growth. The market's key players have entered into agreements with distributors to distribute heat exchangers to businesses and end-user customers. E-commerce is a key driver for heat exchanger sales. Manufacturers are shifting their focus to the most efficient and effective distribution channel. The following are some of the most prominent players in heat exchanger markets:

• Alfa Laval

• Danfoss

• Kelvion Holdings

• Xylem

• Hindustan-Dorr

• HRS Heat Exchanger Ltd.

• Guntner GmbH & Co. KG

• Hisaka Works Ltd.

• PI Heat Transfer

• SPX Corporation

• Johnson Controls International

Up Market Research published a new report titled “Heat Exchanger Market research report which is segmented by End Use (Chemical, Power Generation), by Product (Plate & Frame (Plate & Frame Brazed, Welded, Gasketed), By Players/Companies SPX Corporation, Hisaka Works Ltd, Danfoss, HRS Heat Exchanger Ltd, G¼ntner GmbH & Co KG, PI Heat Transfer, Kelvion Holdings, Johnson Controls International, Alfa Laval, Hindustan-Dorr, Xylem”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Heat Exchanger Market Report Segments:

The market is segmented by End Use (Chemical, Power Generation), by Product (Plate & Frame (Plate & Frame Brazed, Welded, Gasketed).

Heat Exchanger Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Heat Exchanger Market

Overview of the regional outlook of the Heat Exchanger Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Heat Exchanger Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Heat Exchanger Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Chemical

                2. Power Generation

                1. Plate & Frame Brazed

                2. Welded

                3. Gasketed

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Heat Exchanger Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
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Reasons to Purchase the Heat Exchanger Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.