Global Heat Exchanger Market to Reach US$ 29.1 Billion by 2032, Propelled by the Augmenting Product Demand in the Automotive Industry

March 03, 2023 | Energy & Mining

The latest report by IMARC, titled “Heat Exchanger Market Report by Type (Shell & Tube, Plate & Frame, Air Cooled, and Others), Material (Carbon Steel, Stainless Steel, Nickel, and Others), End-Use Industry (Chemical, Petrochemical and Oil & Gas, HVAC and Refrigeration, Food & Beverage, Power Generation, Paper & Pulp, and Others), and Region 2024-2032”, finds that the global heat exchanger market size reached US$ 18.5 Billion in 2023. Heat exchanger refers to a device that transfers heat from one medium to another. It comprises streams of hot and cold fluids that are separated by a solid wall of the thermally conductive tube or plate, which helps eliminate direct contact between the two mediums. It is used in various applications, such as heating and air conditioning systems, refrigeration, power plants, chemical processing systems, automobile radiators, food processing systems, and waste heat recovery units. The main types of heat exchangers include shell-and-tube, finned tube, bare tube, plate-and-frame, spiral, and plate coil. In recent years, heat exchangers have gained traction due to their extensive employment in various industry verticals, such as oil and gas, chemical, petrochemical, HVAC, food and beverages, and power generation.

Global Heat Exchanger Market Trends:

One of the primary factors driving the market is the augmenting demand for heat, ventilation, and air-conditioning (HVAC) in the industrial, commercial, and residential sectors. Additionally, the growing environmental concerns and rising awareness among individuals about the use of energy-efficient and environment-friendly devices are creating a positive market outlook. Other than this, the increasing focus on developing cost-effective and efficient product variants is positively influencing the market growth. Besides this, all procedures in the petrochemical facilities involve high pressure and temperature, which leads to a necessity to optimize heat transfer and enhance energy savings. As a result, the growth of petroleum refinery industries for maintaining optimum temperatures, and extensive investments by oil and gas organizations in exploration and production activities are propelling the market growth. Other growth-inducing factors include constant technological advancements, rapid industrialization, and the increasing renovation of existing power plants and the construction of new ones. Looking forward, IMARC Group expects the market value to reach US$ 29.1 Billion by 2032, expanding at a CAGR of 5% during the forecast period (2024-2032).

Market Summary:

  • Based on the type, the market has been divided into shell and tube, plate and frame, air cooled, and others. Shell and tube currently dominate the market.
  • On the basis of the material, the market has been segmented into carbon steel, stainless steel, nickel, and others. Amongst these, stainless steel is widely used in manufacturing heat exchangers.
  • Based on the end use industry, the market has been segregated into chemical, petrochemical and oil and gas, HVAC and refrigeration, food and beverage, power generation, paper and pulp, and others. Presently, the chemical industry holds largest market share.
  • Region-wise, Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others) holds the leading position in the market. Other major regions include North America (the United States and Canada), , Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others).
  • The competitive landscape of the market has also been analyzed, with some of the key players being Alfa Laval, API Heat Transfer Inc., Danfoss, General Electric Company, Hisaka Works, IHI Corporation, Johnson Controls, Kelvion Holding GmbH, Koch Industries, Lytron Inc., Mersen, Modine Manufacturing, Royal Hydraulics, Sondex A/S, and Xylem Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Material, End-Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered Alfa Laval, API Heat Transfer Inc., Danfoss, General Electric Company, Hisaka Works, IHI Corporation, Johnson Controls, Kelvion Holding GmbH, Koch Industries, Lytron Inc., Mersen, Modine Manufacturing, Royal Hydraulics, Sondex A/S and Xylem Inc.
Customization Scope 10% Free Customization
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Global Heat Exchanger Market to Reach US$ 29.1 Billion by 2032, Propelled by the Augmenting Product Demand in the Automotive Industry
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