Heat Exchanger Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global heat exchanger market is experiencing significant growth, driven by the increasing adoption of renewable energy sources such as wind and solar. The installation of heat exchangers is being propelled by the growing energy demand and the need to reduce greenhouse gas (GHG) emissions. Heat exchangers play a crucial role in transporting solar energy absorbed in solar collectors to liquid or air, which is then used to heat water or space in wind turbines. Government mandates for renewable energy further stimulate the market, which accounted for 29% of worldwide electricity output in 2020, with an expected growth of over 8% in 2021, reaching 8,300 TWh, the highest annual growth rate since the 1970s. Asia Pacific is projected to dominate the market, with China, the United States, the European Union, and India following closely behind.

Energy-Efficient Technologies to Improve Market Growth:

The increasing global need for energy due to rising populations and rapid industrialization has led to higher greenhouse gas emissions, negatively impacting the environment. As a result, businesses are adopting energy-efficient technologies to capture waste energy and enhance process optimization. The installation of innovative heat recovery devices in various industrial applications is expected to contribute to the growth of the global heat exchanger market during the forecast period.

Advantages of Shell & Tube Heat Exchanger:

The shell and tube segment dominates the industry, accounting for 35.8% of global revenue demand. Shell and tube heat exchangers offer advantages over other types, including lower costs compared to plate-type coolers, the ability to operate at higher temperatures and pressures, and compatibility with various seawater coolants. Their ease of maintenance and suitability for transferring heat from steam to water contribute to their popularity. While shell and tube heat exchangers are projected to maintain their dominance, the plate and frame product sector is also expected to grow at a healthy CAGR during the forecast period.

Asia Pacific Emerges as Key Market:

Asia Pacific is expected to witness significant growth in the heat exchanger market, with a projected CAGR of 6.2%. The region's rapid industrialization and increased investments in manufacturing, commercial, and industrial projects have driven demand for heat exchangers. China's rising population and infrastructure improvement initiatives are expected to boost the power generation and HVAC & refrigeration sectors, further driving market demand. Multiple power projects under construction in the region, especially in China and South Korea, are likely to support market dominance during the forecast period.

Competitive Landscape:

Several players in the heat exchanger market are expanding their production capacity and facilities to meet growing demand. For instance, ALFA LAVAL opened a new factory in Italy to manufacture brazed heat exchangers, while BOYD Corporation established a new production plant in Mexico to grow its North American activities.