Market Overview:
Global Heat Exchanger Market was valued at USD 17.49 Billion in 2022 and is expected to reach USD 26.24 Billion by the year 2030, at a CAGR of 5.2%
A system component called a heat exchanger is used to transfer heat between two or more fluids. Different temperatures result from the heat exchange between two fluids. Depending on the system's intended use, different heat exchanger components are used. Numerous engineering devices, including space heating systems, air conditioning systems, refrigeration systems, and food processing systems, as well as automobile radiators, chemical processing systems, power plants, and waste heat recovery units, use for a variety of purposes. A few examples of heat exchangers are economizers, air preheaters, evaporators, superheaters, condensers, and cooling towers used in power plants.
Top Key Players Covered In The Heat Exchanger Market:
- Alfa Laval AB (Sweden)
- API Heat Transfer Inc. (US)
- Danfoss (Denmark)
- General Electric Company (US)
- Hisaka Works Ltd. (Japan)
- IHI Corporation (Japan)
- Johnson Controls International PLC (US)
- Kelvion Holding GmbH (Germany)
- Koch Industries Inc. (US)
- Boyd Corporation (US)
- Mersen SA (France) Modine Manufacturing Company (US)
- Royal Hydraulics Inc. (US)
- Xylem Inc. (US)
- Aero Engineers (India)
- BMR HVAC (India)
- Exchanger Industries Limited (Canada), and Other Major Players.
Market Dynamics and Factors:
Increasing development in the industrial sector is driving the market for heat exchangers. During the forecast period, the industrial sector's continued development drives the growth of the heat exchanger market. The industrial sector is growing at an extremely high rate in developing nations. Industrialization is crucial for economic growth because it brings jobs and revenue to the nation, which is anticipated to increase demand for heat exchangers. The expansion of the heat exchangers market internationally has also been facilitated by commercial and industrial projects in the area. The market for heat exchangers is anticipated to benefit from rising petrochemical product demand.
The increasing adoption of heat exchangers in aerospace industries is expected to drive the market in the future. The market for heat exchangers is expected to grow due to the growing adoption of these devices in the aerospace industry. In the aerospace industry, heat exchangers are crucial. Heat exchangers are a common component in the systems of aircraft of all sizes, shapes, fixed wings, and rotary wings. Heat exchangers are used in aviation to lower the fuel's elevated temperatures, which improves the performance of the aircraft engines. Although they can be used for both cooling and heating, aircraft heat exchangers are most frequently used to cool the RAM air, hydraulics, gearboxes, auxiliary power units, etc. The flat tube and the plate-fin heat exchangers are the most common use heat exchanges in aviation due to this Aerospace Industries can boost the market share of heat exchangers in the upcoming time.
Heat Exchanger Market Report Highlight:
- By type, Shell & Tube Heat Exchanger segment is anticipated to lead the growth of the Heat Exchanger market in the forecasted timeframe. Because one of the most well-known types of heat exchangers is the shell and tube, which is used on a much larger scale than other types because of how adaptable it is to a variety of pressures and temperatures.
- By Materia, the Stainless Steel segment is expected to have the highest share of the Heat Exchanger market over the projected period. Because there is a high risk of corrosion and high corrosion resistance material is required due to this stainless steel is having high demand. Stainless steel is corrosion-resistant which makes it an ideal choice.
- The Asia Pacific region is expected to have the highest share of the Heat Exchanger market over the projected period. Industrial development brings employment, money, and advancement to the system due to this the market for heat exchangers is increasing and is growing fast in this region.
Key Industry Development:
In March 2022, Electric expansion valves for heat pumps, process chillers, and close controls are a brand-new line of products from Danfoss that were announced in the ETS. Danfoss has made this new product line available to consumers in order to grow the company and give them more options.
In February 2020, A new line of brazed double-wall plate heat exchangers was introduced by Alfa Laval in Sweden. The company offers two cutting-edge features: improved heat transfer efficiency and the best defense against the mixing of two fluids. The high thermal performance of the heat exchanger and the company's new product fully fulfills this while maintaining safety standards
Heat Exchanger Market Segmentation:
By Type
- Shell & Tube Heat Exchanger
- Finned Tube Heat Exchanger
- Plate Heat Exchanger
- Others
By Material
- Stainless Steel
- Aluminium
- Copper
- Others
For this report, Introspective Market Research has segmented the Heat Exchanger Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
