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Heat Exchanger Market Size, Share & Industry Analysis, By Type (Shell & Tube, Plate & Frame, Air Coolers, Cooling Towers, and Others), By Application (Chemicals, Oil & Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Food & Beverage, Others), and Regional Forecast, 2019-2026

Region : Global | Published Date: Nov, 2019 | Report ID: FBI100919| Status : Published

 

KEY INDUSTRY INSIGHTS

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The global heat exchanger market size valued at USD 15.21 Billion in 2018 is projected to reach USD 29.14 Billion by 2026, exhibiting a CAGR of 8.55% during the forecast period.


Heat exchangers are devices used to transfer heat between two or more fluid streams at different temperatures. Heat exchangers find widespread use in power generation, chemical processing, air-conditioning, refrigeration, and automotive applications. One can realize their importance just by the fact that any process which involves heating, cooling, boiling, condensation or evaporation will require a heat exchanger for these functions. The operation of a heat exchanger occurs by the transfer of energy in the form of heat from one medium (liquid, air, or gas) to another.


The same principle is used in many industrial applications to utilize energy efficiently. In most of the processing industries waste heat is directly emitted to the atmosphere which not only increases global warming but poses as a threat to environment. As the world leaders are committed to taking concrete steps to mitigate the rising carbon emission and global warming by implementing strict rules and regulations. Companies across the world are acting severely to arrest carbon emission or to lower down their emission to atmosphere by adopting energy-efficient devices.


In the last couple of decades, heat exchangers have gone through rapid development phase that would offer quiet efficient operation. Simultaneous incessant investment in large number of industries, high potential in consumer market, rising capital expenditure is expected to augment the growth of the heat exchanger market.


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Every major company in the world is looking to forward to investing in the Asia Pacific owing to its larger consumer base and lucrative market opportunities. The Asia Pacific is termed as one of the fastest-growing regions in the world with presence of emerging economies such as China, India, Japan, etc.


The region has seen many transformations and tremendous industrial growth over the years. China is persistently investing in energy security and technological advancement. The Indian government recently launched various business development opportunities to assist local companies and offering tax cut-rate for direct foreign investment. This would certainly increase industrial development in India. Large consumer base, lucrative market, opportunities for industrial growth, etc. are expected to fuel the heat exchanger demand in Asia Pacific.


MARKET DRIVERS


“Growing concern for sustainable energy development and intensive demand for energy efficiency is augmenting the growth of the heat exchanger”


The relationship between ecology and extensive industrial growth is in a tough phase as enormous GHG miserably degraded environment. The government entities and private sectors across the world came together in order to combat global warming by employing energy-efficient or heat recovery devices. Heat exchangers are utilized by several industries to use waste heat to enhance process optimization and reduce energy costs. Numerous opportunities are available in various industries by adopting sustainable energy development program. Heat exchanger not only intensifies the energy optimization of the plant but also helps to reduce carbon emission resulting in lowering GHG emission.


 “Gigantic industrial growth in emerging economies and varied application scope is fueling the demand for heat exchanger”


Industries are the foundation in laying the progressive path for the growth of any nation. Many emerging countries are enormously investing in the development and expansion of industry. The world has already seen the 19th-century industrial revolution and now it is witnessing colossal growth in industries. Heat exchanger have been used in several industries in recovering waste heat to generator power or provide processed heat to industrial applications. The widening scope of heat exchanger and rising consumer market is likely to boost the heat exchanger demand. 


SEGMENTATION


By Type Analysis


“Shell and tube heat exchanger is expected to outpace other types of heat exchanger due to its vast application in chemicals and refineries”


Shell and tube heat exchangers are most widely used in chemical process industries and refineries because of the numerous advantages they offer over the other types of  heat exchangers. It has the ability to transfer large amounts of heat at a relatively low cost.


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Cleaning and maintenance of shell and tube heat exchangers are relatively straightforward because the equipment can be easily dismantled for maintenance purposes. They deliver reliable heat transfer performance by utilizing a high turbulence and counter flow. Shell and tube heat exchanger is projected to account for a major market share due to its superior performance in wide range of industries.


By Application Analysis


“Chemical industry is one of the most fastest growing industries with its output utilized in almost every industry across the world”


Rising capital expenditure and enormous demand from consumers are expected to provide profitable market growth for chemicals industry. Chemicals are used in a number of applications such as cosmetics, medicine, food, batteries, smartphone, and so many other applications. In most of the chemical industries, there is massive requirement of heating for manufacturing of different types of chemicals. Thus, companies are investing immensely in the expansion of existing chemical plant and planning to start new plants.


These factors are likely to boost the heat exchanger demand in chemical industry. Similarly, there are other industries in which heat exchangers are extensively used which include power generation, HVAC, automobile, aircraft, pharmaceuticals, and numerous other industries. The ongoing economic growth in different regions of the world and rising buyer’s capacity will fuel the heat exchanger market growth.  


REGIONAL ANALYSIS


The world is witnessing superior growth in a number of fields such as chemical, pharmaceutical, oil & gas, power generation, automobile, food & beverages, etc. Process heating supplies thermal energy to transform materials like metal, glass, rubber, ceramics, and biomass into a variety of industrial consumer products. Heat exchangers are extensively used in these industries to optimize energy utilization by recovering waste heat.


Asia Pacific is experiencing robust growth due to rapid urbanization, rising capital expenditure, tremendous demand for products from consumers owing to consistent population rise is projected to augment the growth of the heat exchanger market. Emerging countries such as China, India, Japan, etc. are playing crucial role in global economic diaspora. Incessant investment in several industry verticals is set to increase the demand for heat exchangers in Asia Pacific.


Similarly, Europe will offer lucrative opportunities for growth of the heat exchanger due to its environmental protection policies, 20% improvement in energy efficiency and 20% cut in greenhouse gas emissions. Thus, many European countries are adopting energy-efficient devices to mitigate global warming threat. Also, Europe is one of the largest markets for district heating in which ample amount of waste heat is utilized to provide district heating. The presence of several automotive companies and processing industries is augmenting the demand for heat exchanger.


Asia Pacific Heat Exchanger Market Size, 2018

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North America is home to many established companies in the world operating in oil and gas, information and communication technology, HVAC, automobile, aviation, and aerospace, etc. Incessant investment in technological advancement in order to reduce the consumption of energy. Heat exchanger is certainly playing a key role in augmenting the performance of system and assisting in mitigating rising carbon emission.


In Middle East and Africa, countries are intending to invest in sustainable enegy development that boost the heat exchanger market. The district cooling is widely used in UAE, Saudi Arabia, Qatar, Bahrain, etc. to soothe out the extreme heat and provide comfort air conditioning. In the forthcoming years gulf countries are expected to double installed capacity of the district energy which offers profitable market for the growth of the heat exchanger.


INDUSTRY KEY PLAYERS


“Alfa Laval is one of the prominent company in the global heat exchanger market”


There are numerous heat exchanger manufacturers around the world. Alfa Laval is an undisputed leader in the global heat exchanger market with a wide range of heat exchanger portfolios. Over the years company has invested a huge sum in enhancing the performance and longevity of the heat exchanger.


List Of key Companies Covered:



  • Alfa Laval

  • Kelvion

  • GEA Group

  • Danfoss

  • SWEP

  • Thermax Limited

  • Tema India Ltd.

  • API Heat Transfer

  • Tranter, Inc.

  • Mersen

  • Linde Engineering

  • Air Products

  • HISAKA WORKS, LTD.

  • HRS Heat Exchangers


REPORT COVERAGE


In our day to day life, we encounter with heat transfer between the thermal systems. From refrigerators to air conditioners in our home, to melting and freezing processes in nature, the phenomenon is eminent everywhere. Similarly, the same phenomenon is used in a heat exchanger to process liquid or gas cooling, process vapour or steam condensing, process liquid, steam, or refrigerant evaporation and many other industrial applications.


Over the years heat exchangers have gone through a lot of modifications and have become quite efficient in comparison to their predecessors. In the upcoming years, the demand for energy-efficient devices is surging due to initiative taken by top global giants to combat against rising GHG emission. Heat exchanger not only recovers waste heat but also used to enhance the overall performance of the system. Also the massive industrial growth and incessant demand for products from consumers is expected to fuel the growth of the market. 


The report provides qualitative and quantitative insights on the global Heat Exchanger market and detailed analysis of global market size & growth rate for all possible segments in the market. This market is segmented by type, application, and geography. Based on the type, This market is classified into shell & tube, plate & frame, air coolers, cooling towers, and others. By application, the global market is bifurcated into chemicals, oil and gas, power generation, HVAC, automobile, aircraft, pharmaceuticals, F&B, and others. Geographically, the global Heat Exchanger market has been analyzed in North America, Latin America, Europe, Asia Pacific, and Europe


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Along with this, the report provides an elaborative analysis of the global Heat Exchanger market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.


Report Scope & Segmentation








































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Type



  • Shell & Tube

  • Plate & Frame

  • Air Coolers

  • Cooling Towers

  • Others



By Application



  • Chemicals

  • Oil & Gas

  • Power Generation

  • HVAC

  • Automobile

  • Pharmaceuticals

  • Food & Beverage

  • Others



By Geography



  • North America (U.S. and Canada)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Europe (UK, Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa)



 


INDUSTRY DEVELOPMENT:



  • In June 2019, Trane Inc. signed an agreement with KCC manufacturing in order to gain access to KCC’s products such as a small plate heat exchanger for the dehumidification process. This is expected to reduce the energy cost of Trane Inc. by 35-70% as compared the traditional dehumidification process.

  • In December 2018, LU-VE S.p.A. has signed an agreement to acquire Alfa Laval’s commercial and industrial air heat exchanger business. The acquisition will put the LU-VE S.p.A. company among the three largest operators in the world.

  • In March 2018, Rolls Royce secured a contract from EDF Energy to provide a heat exchanger for the nuclear island system at Hinkley Point C nuclear power station. From this deal the company will expand its presence in global nuclear new build supply chain.


Frequently Asked Questions

Fortune Business Insights says that the heat exchanger market was valued at USD 15.21 Billion in 2018.

The global heat exchanger market is projected to reach USD 29.14 Billion in 2026.

Growing at a CAGR of 8.55%, the heat exchanger market will exhibit steady growth in the forecast period.

The heat exchanger market in Asia Pacific was valued at USD 4.99 Billion in 2018.

Shell & tube type of heat exchanger is expected to lead the market during the forecast period.

Intensive demand for sustainable energy development to mitigate the rising GHG emission and extensive utilization of energy-efficient devices is projected to augment the growth of the heat exchanger market. Frequent scaling and corrosion accompanied by difficult cleaning of tubes is retarding the growth of the heat exchanger market.

Alfa Laval, Kelvion, GEA Group, Danfoss, SWEP, and Thermax Limited are some of the top companies in the heat exchanger market.

There are several process industries around the world in which an extensive amount of waste heat is generated. Heat exchangers are employed in order to utilize waste heat for process optimization and to reduce the operational cost of the plant which emphasizes its presence in industrial applications.

Heat Exchangers Market Size, Share and Global Industry Trend Forecast till 2026
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