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The heat exchanger market size is estimated to grow at a CAGR of 5.1% between 2022 and 2027 and the size of the market is forecast to increase by USD 5,062.73 million. The growth of the market depends on several factors, such as the rising demand from the water and wastewater industry, the growing market for heat exchangers in APAC-based countries, and the rising need for lightweight and compact heat exchangers for automobiles. Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021.
This report extensively covers market segmentation by end-user (chemical, fuel processing, HVAC, and others), product (shell and tube, plate and frame, cooling tower, air-cooled, and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Heat Exchanger Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Plate and spiral heat exchangers optimize water treatment and hence, improve the energy efficiency of water treatment plants. Energy reduction is key in such a process due to high energy costs and volatility. This is vital in the treatment of water in North Africa, the Middle East, and Southeast Asia where water shortage is likely to be a pressing issue. Increasing population, higher rates of urbanization, and greater per capita consumption of water are making efficient water treatment an urgent priority.
Moreover, particularly in India and China, there are several government projects related to wastewater treatment like the Namami Gange Program and the Yellow River Basin Program. Water end-user industries like pharmaceutical, food and beverage, and paper and pulp will have to adhere to increasingly stringent water conservation norms. Hence, they are also expected to increase demand for heat exchangers, which will contribute to market growth during the forecast period.
Maximal efficiency with minimal energy loss is critical for heat exchangers. Alfa Laval Comp bloc, a heat exchanger made by Alfa Laval offers many advantages to high turbulence by corrugated plate patterns. This results in heat transfer coefficients around three to five times greater than a shell and tube heat exchanger.
Moreover, it limits the possibility of fouling, making the usage of corrosion-resistant exotic metals viable. Geothermal plants utilize the Organic Rankine Cycle (ORC) technology of which heat exchangers are a vital component. Various types of heat exchangers are available as per the requirement of the geothermal or water treatment plant. Hence, the above factors are expected to boost the growth of the market during the forecast period.
The high maintenance and cleaning costs associated with heat exchangers, especially to avoid fouling, is resulting in high production costs unless noticed early. Fouling is the accumulation of unwanted deposits on the heat transfer surfaces which depend on the properties of the fluid and the operating conditions of the heat exchanger. Additionally, the deposits can vary, from being very hard and difficult to remove to being soft and easy to remove. Due to fouling the construction material of the heat exchanger corrodes over time and this is observed in both liquid and gas systems.
Therefore, fouling must be identified as early as possible and necessary steps must be taken to reduce its impact on the heat exchanger. If it is identified very late, it will severely hamper efficiency and force an emergency shutdown. Corrosion from fouling can result in the replacement of the construction material, making the producer incur massive operating costs. Hence the various costs associated with the operation and regular maintenance to prevent fouling is likely to hamper market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
API Heat Transfer Inc. - The company offers heat exchangers under the brand called API Heat Transfer, such as MF series, M series, HC series, and PF series.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Alfa Laval AB, Boyd Corp, Chart Industries Inc., Danfoss AS, Doosan Corp., Dover Corp., Exchanger Industries Ltd., General Electric Co., Guntner GmbH and Co. KG., Hisaka Works Ltd., Johnson Controls International Plc, Kelvion Holding GmbH, Koch Industries Inc., Radiant Heat Exchanger Pvt. Ltd., SPX FLOW Inc., Thermal Edge Inc., Thermax Ltd., Xylem Inc., and Mersen Corporate Services SAS.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The chemicals and petrochemicals segment will account for a major share of the market's growth during the forecast period.? Heat exchangers are the basic type of heat transfer equipment that is vastly used in chemical process industries for various applications. This involves applications like heating and cooling of the base, intermediate and final products, and heat recovery.
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The chemicals and petrochemicals segment was valued at USD 4,066.31 million in 2017 and continued to grow until 2021.? They must be corrosion-resistant and manufacturers aim to get their products Tubular Exchanger Manufacturers' Association (TEMA) and the American Society of Mechanical Engineers (ASME)-certified. Various sectors like agriculture, food, environment, hygiene, transportation, and decor are responsible utilize heat exchangers. Similarly, several new petrochemical projects are likely to come up during the forecast period, thereby increasing the market potential for heat exchangers. Thus, such factors will grow the market during the forecast period.
Based on product, the market has been segmented into shell and tube, plate and frame, cooling tower, air-cooled, and others. The shell and tube?segment will account for the largest share of this segment.? They are used for varying temperatures and pressure and offer a variety of designs according to end-user requirements. The major parts of a shell and tube heat exchange include a front header, rear header, tube bundle, and shell. They are primarily used for large-scale cooling and heating of large amounts of fluid. Furthermore, major market players such as Koch Heat Transfer Company, LP, offer twisted heat exchangers to be used for preheating crude, feed/effluent for reformers, hydrotreaters, compressor interstage coolers, and hydrotreating/reforming. Hence the shell and tube segment of the market is likely to witness growth during the forecast period.
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APAC is estimated to contribute 37% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In APAC, India will account for a large amount of regional demand for heat exchangers due to massive oil and gas activities projects. The Government of India permits 100% foreign direct investment (FDI) in natural gas, petroleum products, and refineries, likely to attract investment in the growing market. This is also likely to further boost the growth of heat exchangers.
Additionally, China as well has been undertaking numerous oil and gas exploration projects and has the largest wastewater treatment sector in the world. As per the National Development and Reform Commission of China (NDRC), the country has approximately 1,944 municipal plants across urban regions and 1,599 municipal plants across its counties. Additionally, several government initiatives in urban sewage treatment and water recycling facilities are boosting the growth of the sector and further expanding the need for heat exchangers. Hence the above factors are likely to boost the growth of the regional heat exchanger market during the forecast period.
The COVID-19 outbreak resulted in the closure of retail stores and manufacturing units. Additionally, lockdowns restricted the mobility of people and goods, massively impacting the regional heat exchanger market. However large-scale vaccination drives resulted in the recovery and resumption of activities by end users like oil and gas refineries, food processing units, and chemical processing units. Hence these factors are likely to boost the regional market growth during the forecast period.
The heat exchanger market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Heat Exchanger Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.01% |
Market growth 2023-2027 |
USD 5,062.73 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.03 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alfa Laval AB, API Heat Transfer Inc., Boyd Corp., Chart Industries Inc., Danfoss AS, Doosan Corp., Dover Corp., Exchanger Industries Ltd., General Electric Co., Guntner GmbH and Co. KG., Hisaka Works Ltd., Johnson Controls International Plc, Kelvion Holding GmbH, Koch Industries Inc., Radiant Heat Exchanger Pvt. Ltd., SPX FLOW Inc., Thermal Edge Inc., Thermax Ltd., Xylem Inc., and Mersen Corporate Services SAS |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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