Middle East & Africa Heat Exchanger Market Forecast to 2030 - Regional Analysis - by Type (Shell and Tube, Plate and Frame, Air Cooled, and Others), Material (Steel, Copper, and Others), and Application (Energy, Chemical, Food and Beverages, HVACR, Pulp and Paper, and Others)

The Middle East & Africa heat exchanger market was valued at US$ 1,369.11 million in 2022 and is expected to reach US$ 2,335.52 million by 2030; it is estimated to grow at a CAGR of 6.9% from 2022 to 2030.

Introduction of Heat Exchange Subscription Model Fuel the Middle East & Africa Heat Exchanger Market

Companies are constantly seeking solutions that help them save costs, enabling them to use the saved amount for their other business operations. Many companies are taking innovative initiatives to provide solutions that are environment-friendly due to rising concerns about climate change. In January 2023, Kelvion Holding GmbH announced its plan to provide heat exchangers under the"Heat Exchange as a Service" pay-per-use business model as an innovative solution that can help its customers reduce capital expenditure. The company's main focus was to address the rising concern over CO2 emissions and introduce the subscription model to provide heat exchangers. The introduction of the product-service system helps small and medium-sized enterprises avail themselves of these services, from installation to maintenance, in a cost-effective manner and optimize their cash flow management. Heat exchanger is used in several end user industries such as automotive, chemical, and food & beverages for various applications. Thus, the subscription model will help the SMEs operating in these industries to adopt heat exchangers and encourage emerging players to use this cost-effective solution, which is expected to bolster the heat exchanger market during the forecast period years.

Middle East & Africa Heat Exchanger Market Overview

The Middle East & Africa (MEA) heat exchanger market is segmented into South Africa, Saudi Arabia, the UAE, Turkey, and the Rest of MEA. Infrastructure development in the countries across the MEA, including commercial infrastructure, has been rising over the years. Although these countries are focusing extensively on tourism, the commercial infrastructure plays a major role in the respective country's economy. The region witnessed high investment in commercial construction, such as supermarkets, specialty stores, and malls. These factors are increasing the demand for heat exchangers for the infrastructure HVAC system to maintain the systems efficiency, thereby contributing to the development of the heat exchanger market in the Middle East & Africa.

Middle East & Africa Heat Exchanger Market Segmentation

The Middle East & Africa heat exchanger market is segmented based on type, material, application, and country. Based on type, the Middle East & Africa heat exchanger market is segmented into shell and tube, plate and frame, air cooled, and others. The shell and tube segment held the largest market share in 2022.

Based on material, the Middle East & Africa heat exchanger market is segmented into steel, copper, and others. The steel segment held the largest market share in 2022.

Based on application, the Middle East & Africa heat exchanger market is segmented into energy, chemical, food and beverages, HVACR, pulp and paper, and others. The energy segment held the largest market share in 2022.

Based on country, the Middle East & Africa heat exchanger market is segmented into Saudi Arabia, the UAE, South Africa, Turkey, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa heat exchanger market share in 2022.

Alfa Laval AB, API Heat Transfer Inc, Danfoss AS, Johnson Controls International Plc, Hisaka Works Ltd, Larsen & Toubro Ltd, and Xylem Inc are some of the leading companies operating in the Middle East & Africa heat exchanger market.