HEAT EXCHANGER MARKET ANALYSIS

Heat Exchanger MarketSize and Trends

The global heat exchanger market size was valued at USD 17,927.70 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.14% from 2023 to 2030. This is primarily driven by the growing utilization of heat exchangers for regulating indoor temperatures in residential and commercial buildings, as well as to condense, heat, and cool fluids in chemical & pharmaceutical industries. The market is also anticipated to benefit from the growing integration of HVAC systems in buildings for reducing energy consumption and pollution.

Figure 1. Global Heat Exchanger Market Share (%), By Region

Figure 2. Global Heat Exchanger Market (%), By Segment Type

Global Heat Exchanger Market Segmentation:

The global heat exchanger market report is segmented into Product Type and End-Use.

Based on Product Type, the market is segmented into Plate & Frame, Shell & Tube, Air-cooled Others. Out of which, Plate & Frame is expected to dominate the global market over the forecast period and this is attributed to the growing demand for plate and frame heat exchangers. These heat exchangers are utilized mostly in general food manufacturing, beverage, dairy, and pharmaceutical industries due to their ease of cleaning and thermal control for sterilization/pasteurization. Thus, demand for these heat exchangers is increasing, which is driving growth of the market

Shell & Tube segment is also expected to witness significant growth in the near future and this is owing to the rise in adoption of shell & tube heat exchangers. These devices use downflow of feed gas through the tube, and can be used for feed gas cooling. This type of heat exchanger comprises and involves a cylinder carrying one fluid, while a smaller cylinder carries another fluid. Due to benefits of shell & tube heat exchangers, their adoption is increasing, which is likely to drive growth of this segment in the coming future.

Based on End-Use, the market is segmented into Chemical & Petrochemical, Oil & Gas, HVAC & refrigeration, Power Generation, Food & Beverage, Pulp & Paper, and Others. Out of which, Chemical & Petrochemical is expected to dominate the global market over the forecast period and this is attributed to the qualities of heat exchangers such as flexibility in design and high resilience to corrosion leading to high demand in chemical and petrochemical applications. Due to these qualities, heat exchanger can control fluids having varying amounts of solid material. Moreover, the increasing need for polymers, textiles, medical equipment, and computer equipment, and packaging is likely to drive the demand for heat exchangers in petrochemical sector.

Oil & Gas segment is also expected to witness significant growth in the near future and this is owing to the rising demand for heat exchangers due to increasing use of shale gas in energy and manufacturing sectors. The number of shale gas exploration operations is increasing due to technological developments in exploration. Thus, demand for heat exchangers is increasing in this sector, which is expected to drive growth of the segment.