Heat Exchanger Market 2020 and Forecast 2021-2027

                                          
Report Overview: Heat Exchanger Market


The global heat exchanger market size was estimated at USD 14.8 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 5.9% from 2021 to 2027. The rising trend for efficient thermal management in chemical, oil and gas, power generation, food and beverage, and HVAC and refrigeration industries has been a primary factor driving the market.


The heat exchangers are being widely used in industries such as chemicals, HVAC and refrigeration, food and beverages, petrochemical, power generation, pulp and paper, and others. In addition, the growing demand from the chemical industry, technology innovation, and rising focus on improving efficiency standards is projected to drive the market over the forecast period 2021-2027.

The U.S. held the largest market share in the global nuclear energy market and held the highest number of operational nuclear reactors. Furthermore, ongoing construction activities for additional nuclear capacities are projected to further steer the power generation industry over the next few years. Increasing refinery capacities coupled with new setups of chemical plants in the region is further expected to drive the market over the forecast period.

According to Deutsche Bank, China is expected to have 45% of the revenue share in the global market by 2020. Asia handles more than 50% of the global sales of chemicals. Such rapid expansion in the chemical industry in Asia specifically in China is expected to act as a major driving force for the heat exchangers market.
The demand for heat exchanger in automotive is anticipated to rise as demand for automotive components in engineering industrial and commercial applications increases for residential and commercial purposes. Growing HVAC usage, especially in an automotive, residential, and commercial building, is expected to drive the market growth.

Technological advancements and steps undertaken to increase the heat transfer efficiency of the exchangers are expected to drive competition among market players. Constant efforts initiated by major players in research & development and product innovation is expected to increase their market share over the forecast period.
Product Insights: Heat Exchanger Market

The shell and tube heat exchanger segment lead the global heat exchanger product market and accounted for 35.9% of the revenue share in 2019. The segment is predominantly characterized by a rise in the demand for heat exchanger for various applications in end-use industries such as chemical, oil and gas, and power generation.
Rising demand for efficient thermal management systems with low space requirements is expected to drive demand for plate and frame heat exchanger (PFHE) over the forecast period. The welded plate heat exchanger is expected to witness high growth on account of its growing use in various industries including automobile, pharmaceuticals, petrochemical, and paper manufacturing pertaining to performance characteristics.

The brazed plate heat exchanger is anticipated to witness significant growth in the heat exchanger market owing to its rising use in-floor heating, refrigerant evaporators, economizers, oil coolers, condensers, super-coolers, and various other industrial applications. Replacing the old and current ongoing technology with new technology is a major challenge over the forecast period

The air-cooled heat exchanger is likely to witness a CAGR of 5.9% from 2020 to 2027 owing to rising in use of air-cooled heat exchangers (ACHE) in automobiles, chemicals, and oil and gas industries. The growing demand for refrigeration and AC globally along with increased construction activity, in various countries including China, India, and some of the Middle East countries.

End-use Insights: Heat Exchanger Market


The chemical segment is expected to move ahead at a CAGR of 6.5% in terms of revenue over the forecast period owing to the significant growth of the chemical industry in the Asia Pacific region. Heat exchangers in chemicals are used in the manufacturing process which includes condensation of solvents, benzene heat recovery, cooling of water circuits, cooling of hydrocarbons, heating &cooling of intermediate products, heating and cooling of reactors and production processes.

HVAC and refrigeration require heat exchanger for heating, cooling, and ventilating in both residential and commercial sectors. This application segment is likely to emerge as the fastest-growing end-use segment owing to the increase in demand for air-conditioners and refrigeration units, especially in the Asia Pacific.

The demand for heat exchanger in the oil and gas end-use industry segment is anticipated to reach USD 4.6 billion owing to the increasing E&P activities across the globe. Heat exchangers in oil and gas industry are required for cooling which involves cooling of water or air, without phase change, chilling which involves refrigeration below that is obtainable with water, condensing which involves condensing vapor or vapor mixture, reboiler that involves using heat for the distillation column.

The food and beverage segment is projected to witness a CAGR of 5.9% from 2021 to 2027. Heat exchangers in food and beverage are used in the processing of various food products which includes heating and cooling for refining and esterification of biodiesel; in dairy products for pasteurization and sterilization; in egg products for heating and cooling and for processing of eggs, in stewed fruits and jams and sauces to lower the product’s viscosity; and many more.

Regional Insights: Heat Exchanger Market

Europe held the largest market share of 32.6% and anticipated to witness a CAGR of 4.5% during the forecast period on account of a growing trend of basic chemical consumption in various end-use industries in Germany, France, Italy, and the U.K. Furthermore, rising spending on the HVAC and refrigeration industry in the region likely to boost the market.

Asia Pacific is expected to witness the fastest growth trend reaching a net worth of over USD 8.8 billion by 2027. Demand in Asia is primarily attributed to the increasing construction activities along with the expansion of chemical and power generation industries and the rise in demand for energy, which is expected to drive the market in the region over the forecast period.

In North America, the market is estimated to witness a CAGR of 5.0% over the forecast period owing to increasing oil and gas E&P activities in U.S. and Canada along with surging energy demand in various industrial and commercial sectors is expected to generate the demand for heat exchangers in the region over the forecast period.
Demand for heat exchangers in Middle East and Africa is projected to reach USD 2.3 billion by 2027. Global events such as Dubai’s Expo 2020 and 2022 FIFA World Cup in Qatar are expected to drive industrial growth over the forecast period. Concentrated Solar Power (CSP) projects in countries such as South Africa, Egypt, and Morocco are expected to drive demand for heat exchangers in the region.

Key Companies & Market Share Insights: Heat Exchanger Market

The market is expected to witness substantial growth over the next few years. MarketKey players in the market are entering into the agreement with the distributors for the distribution of heat exchangers to the end-use customers or business. E-commerce act as a major driving factor to increase the sales of the heat exchanger, owing to this, manufacturers are shifting their focus and concentrating on the efficient and effective distribution channel. Some of the prominent players in the heat exchanger market include:

Key companies Profiled: Heat Exchanger Market Report

 	
Alfa Laval
 	
 Danfoss
 	
Kelvion Holdings
 	
Xylem
 	
Hindustan-Dorr
 	
HRS Heat Exchanger Ltd.
 	
Güntner GmbH & Co. KG
 	
Hisaka Works Ltd.
 	
PI Heat Transfer
 	
SPX Corporation
 	
Johnson Controls International

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global heat exchanger market report on the basis of product, end use, and region:

Product Outlook (Revenue, USD Million, 2016 - 2027)

 	
Plate & frame heat exchanger
 	
Brazed plate & frame heat exchanger
 	
Gasketed plate & frame heat exchanger
 	
Welded plate & frame heat exchanger
 	
Others
 	
Shell & tube heat exchanger
 	
Air-cooled heat exchanger
 	
Others

End-use Outlook (Revenue, USD Million, 2016 - 2027)

 	
Chemical
 	
Food & Beverage
 	
HVAC & refrigeration
 	
Oil & Gas
 	
Power Generation
 	
Pulp & Paper
 	
Others