by The global Heat Exchanger Market is estimated to be valued at US$ 18849.18 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Heat exchangers are extensively used in HVAC and refrigeration, power generation, chemical processing, petrochemicals, oil & gas and other industries. They allow transfer of heat from one fluid (liquid or gas) to another fluid without physical contact between them. This helps in transferring heat from a process fluid, which must be cooled, to another fluid, like water or air which acts as a coolant.
Market key trends:
Shell and tube heat exchangers dominate the heat exchanger industry. They offer advantages like easy maintenance, high thermal effectiveness and ability to handle high pressures and temperatures during heat transfer processes. Rising global energy demand is propelling the growth of power generation industry which extensively uses heat exchangers for steam generation, preheating of combustion air and cooling of exhaust gases. Stringent regulations to improve energy efficiency in industrial processes are also driving the need for efficient heat exchangers. The development of compact and lightweight brazed aluminum heat exchangers is opening new opportunities for their use in HVAC systems of automobiles. The growing adoption of district heating systems in cold countries for space heating is further fueling the demand for heat exchangers.
Segment Analysis
The global Heat Exchanger Market Size is dominated by shell and tube heat exchangers owing to their advantages such as high efficiency, easy to clean and maintain. Among different types, the welded segment accounts for the largest share as they have longer life and do not leak.
Key Takeaways
The global heat exchanger market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand for energy efficient climate control systems in various end use industries.
Regional analysis
Asia Pacific is expected to be the fastest growing as well as dominating region due to growth of industries like power, chemicals and petrochemicals in countries like China and India. Presence of prominent heat exchanger manufacturers is also contributing to the market growth in the region.
Key players
Key players operating in the heat exchanger market are WCR, Inc., Alfa Laval, Manning and Lewis, Danfoss, Universal Coils and Heat Exchangers Industries Co. Ltd., Kelvion Holdings, Güntner Group GmbH, DFC Pressure Vessel Manufacturer Co., Ltd., Xylem, AIC Inc., API Heat Transfer, Aqua Systems, Inc., Mersen, Southern Heat Exchanger, Hisaka Works, Koch Heat Transfer Company, Chart Industries, Inc., Apparantebau GmbH, Johnson Controls International, Funke Wärmeaustauscher, HRS Heat Exchangers Ltd., and SPX flow, Inc. Alfa Laval accounts for the major share owing to its wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
