Heat Exchanger Market Size, Opportunities, Key Growth Factors, Revenue Analysis, For 2030

Heat Exchanger Market Overview

The estimated future market growth for the heat exchanger market is USD 33.57 billion by 2030, which is assumably quite high.

The growth can be attributed to the increasing demand for efficient and environmentally-friendly cooling solutions for industrial applications such as data centers, food processing plants, power generation facilities, advanced aerospace systems and chemicals production lines. In addition, new commercial launches of high-efficiency air conditioning units have also driven the market in recent years.

Major factors anticipated to drive this market include rising energy prices across various regions due to renewable energy sources and security concerns arising from climate change and terrorism incidents impacting infrastructure installations worldwide.

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The outbreak of covid19 has caused a partial decline in the market. The pandemic caused the unavailability of raw materials, which led to the closure of heat exchanger industries and shops. And there is an assumption that it would return to normal after the pandemic.

The major drivers of the heat exchanger market are increasing demand for energy-efficient systems, rising environmental concerns and regulations, and a growing need for sustainable solutions.

Restraints expected to hamper the heat exchanger market growth include increased focus on energy efficiency, scalability and agility in manufacturing, mounting environmental concerns, regulatory complexities and fluctuating prices of hot materials.

Market Segments

The heat exchanger market size has been divided into two major types: application and type.

The heat exchanger industry can be segmented into industrial, commercial, and residential applications. Industrial applications include HVCARs, oil refineries, chemical plants, power stations, aluminum smelters etc. Commercial applications involve hotels/motels/restaurants etc., while residential uses range from large institutional buildings to single-family homes.

The segmentation of the heat exchanger industry can be broadly classified into Tube-Type, air-cooled, plate, and shell.

Plate type Heat Exchangers: These are the most common heat exchangers used in industrial processes.
Tube Type Heat Exchangers: In contrast to surface-type heat exchangers, tube-type ones use tubes rather than metal plates to conduct thermal energy between two systems.
There are prospects that shell type and tube type exchangers would lead the market.

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Regional Analysis

The regional analytics show that the heat exchangers' market outburst is mostly in Europe, the Middle east, the middle east, Asia-pacific and North American regions.

The company's oil and gas sectors and technological advancements are the driving force.

The industry is observing the highest growth in the Asia Pacific region among the aforementioned geographical regions. Developing countries, including China, India, Bangladesh, and Japan, have been showing an increase in power generation. The industrial companies in these areas are making investments in the market-growing field.

The next big exchanger in the market is the European regional market. These companies are into adopting to conserve energy efficiency and hence adopt devices to conserve energy.

There is slow progress in the Middle East and the African regions. The district cooling technology is growing and used in Saudi Arabia, Bahrain, and UAE, depending on the environment. And it is expected that the market will grow exponentially in a few years.

In industry news

June 10. 2019
Utilizing Microgroove TM, a small diameter copper tube with a diameter of 5mm, allows makers of heat exchangers to save material costs while retaining optimal performance. There are now more opportunities for small-diameter copper tubes to perform as well as microchannel designs while using a significantly smaller refrigerant charge, according to a new study from Optimized Thermal Systems, Inc. (OTS).

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Key Players

Alfa Laval AB (Sweden)
Kelvion Holdings Gmbh (Germany)
Southern Heat Exchanger (U.S.)
Danfoss A/S (Denmark)
SPX Corporation (U.S.)
Xylem Inc. (U.S.)
API Heat Transfer Inc. (U.S)
Gunter AG & Co. KG (Germany)
Sierra S.p.A (Italy)
Hamon & Cie International SA (Belgium)
Koch Heat Transfer Company (U.S.)
Hughes Anderson Heat Exchangers (U.S.)

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