The heat exchangers market is predicted to reach a staggering USD 25.8 billion by 2030, exhibiting a CAGR of 5.1% during the forecast period.
This is due to the progress and performance of the end use industries in each region. Industries such as chemical, petrochemical, oil & gas, food & beverage, HVAC-R, power, and paper & pulp are dependent on different types of heat exchangers to maximize their processes and enhance energy efficiency.
Furthermore, the surge in demand for heat exchangers is attributed to the technical developments taking place at a faster pace and growing focus on increasing the energy efficiency of machines and built structures are expected to fuel the sale of these products.
The steel category had a significant share of the industry, as it is a desired material for manufacturing heat exchanges because of its strength, corrosion resistance, and long lifespan in a wide pH range. Stainless and mild steel both are used by the producers.
The shell and tube category is the dominator of the industry and this trend will continue in the years to come as well. This is owing to their versatility in handling diverse pressure and temperature requirements. There are three most common types of shell and tube product designs which are U-tube, floating-head type, and fixed-tube sheet.
The plate and frame category is expected to grow around a rate of 5.7% in the future because these are made up of plates with corrugated or smooth surfaces, and are put to use in low-to-medium-pressure liquid to liquid exchange. Welded, brazed, and gasketed plate-and-frame exchangers provide varying degrees of leak tightness.
The chemical & petrochemical sector held the largest share of 22.8% in the past. This is attributed to the surge in the demand for packaging, plastics, fertilizers, solvents, and paints & coatings. These appliances are important for almost every process that includes heating, cooling, or condensation in the manufacturing of chemicals and petroleum.
Furthermore, the demand for these appliances is further driven by their usage in solar panels, wind turbine blades, and electric vehicle components.
The oil and gas industry is expected to grow at a rate of 4.6% during the forecast period. This is due to the rising consumption of shale gas and surge in the E&P operations. The expanding shale gas industry is driven by technological advancements, will drive the industrial growth.
Europe dominated the heat exchangers market with a share of 32%, this can be ascribed to the rising private and public investments in infrastructure and demand for durable and efficient HVAC-R equipment.
North America comes second in terms of revenue with a focus on oil & gas exploration and growing energy consumption across sectors.
APAC is projected to witness highest growth rate during the forecast period, it is primarily led by China who is a major investor in chemical, HVAC and petrochemical industries in the region.
Owing to the booming chemical industry, the demand for heat exchangers will continue to grow in the years to come.
Source: P&S Intelligence
