Global Heat Exchangers Market - Growth, Trends, and Forecast (Outlook to 2028)

Heat Exchanger Market Drivers:

• Rising adoption of heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems in residential, commercial, and data centers.
• Increasing improvements in technology to boost heat exchangers efficiency to reduce carbon emissions.
• The increasing adoption of renewable energy has raised the production of wind turbines and solar collectors.
• Increasing Replacement of aging equipment due to developments of IoT, blockchain, etc.
• The rapid growth of industries such as automotive, chemicals, refineries, production units, food processing units to reduce operating costs.
• Growing adoption of energy storage systems 
• Increased demand for waste to heat recovery systems
• Increasing fuel prices have increased the demand for heat exchangers in transportation.

Definition and Types:

A heat exchanger is a system used to transfer heat between two or more fluids. Heat exchangers are used in both heating and cooling processes. A solid wall may separate the fluids to prevent mixing or direct contact.

Industries that use heat exchangers for their processes and equipment, including automotive, electronic, chemical, petrochemical, semiconductor, marine, and aerospace, are called an industrial heat exchanger.

There are three main heat exchanger technologies:

• Shell and Tube Heat Exchanger
• Plate and Frame Heat Exchanger
• Air Cooled Heat Exchanger

Shell and Tube Heat Exchanger:

• The shell and tube heat exchangers are constructed using several parallel tubes. Tube sheets are used to hold these heat exchanger tubes firmly in place. These tubes are placed in a shell.
• A wide range of shell and tube heat exchangers is available across the market, mainly Direct Contact Heat Exchangers, Co-current (Parallel) Flow Heat Exchangers.
• Shell and tube heat exchanger is used in various industrial applications because they can perform tasks such as:

Plate and Frame Heat Exchanger:

• Plate-and-frame heat exchangers are constructed from corrugated plates. Turbulence and high wall shear stress are created in this heat exchanger, resulting in high heat transfer coefficients and high fouling resistance. The two fluids that travel within the heat exchanger are counter currently. The hot fluid flows down one plate while the cold fluid flows up the other plate.
• There is a wide range of plate and frame heat exchangers available across the market, mainly Gasketed plate heat exchangers, Brazed Plate heat exchangers, Welded plate heat exchangers, Semi-Welded plate heat exchangers.
• Plate and frame heat exchangers applications are Water heaters, Free cooling, Waste heat recovery, Thermal (ice) storage systems.

Air Cooled Heat Exchanger:

• Air Cooled Heat Exchanger (ACHE) is a heat rejection equipment where the excess process heat is rejected to the atmosphere. It works on convection and conduction to dissipate heat from process fluid to air. 
• Air cooled heat exchangers (dry cooling) are often preferred for power plants, refineries, oil & gas, chemical industries, and HVAC-R systems.

Heat Exchanger Market Restraints:

• Changes in raw material prices to impact the profitability of heat exchanger manufacturers
• High Maintenance Cost to Hamper Market Growth

Heat Exchanger Market Opportunities:

• The growing demand for supercharged and turbocharged engines increase the market for heat exchangers
• Emerging economies such as APAC had market growth for heat exchangers.

Heat Exchange Market Recent Developments:

• In June 2021, Alfa Laval acquired Storm Geo, a global leader in weather intelligence and advanced data science solutions, to efficiently support the marine industry’s operations.
• In Aug 2021, Danfoss acquired Eaton’s hydraulics business. It increases the company’s distribution channels and becomes a leading technology in digitalization and electrification.
• In Dec 2021, Boyd Corporation acquired Grando, a Belgium-based specialist in rubber, foam, and plastic polymer science for the highly-regulated rail and industrial technology industries.

In 2021, Shell and Tube heat exchangers market dominated the heat exchangers market. The segment is dominated due to the growing demand from end-use industries such as chemicals, petroleum, power generation, oil & gas, HVAC, automobile, pharmaceuticals, food & beverages, and others.

In 2021, the Chemical industry market dominated the heat exchangers market. Heat exchangers have been used in various end-use industries such as chemical, food & beverage, power generation, paper & pulp, energy, HVACR, etc. The heat exchangers market is driven by the chemical industries in China, India, and the US. Moreover, the high growth in this segment is attributed to the growing consumption of petroleum products and increased exports of crude oil and natural gas. 

In 2021, Asia-Pacific dominated the heat exchangers market due to rapid urbanization, rising capital expenditure, and increasing demand for consumer products. In addition, emerging economies such as China, India, Japan are expected to play a major role in market growth as the urban population rises with the rising standard of living, which will bolster the demand.

Blackridge Research's Heat Exchanger Market report provides insights into the current global and regional Global market demand scenario and its outlook.

This study offers a detailed analysis of various factors that affect the Heat Exchanger market's growth. The study also comprehensively analyses the market based on geography (North America, South America, Asia Pacific, Europe, Middle East, and the Rest of the world), based on product type (Shell and Tube Heat Exchanger, Frame and Plate Heat Exchanger, Air Cooled Heat Exchanger and Others), and based on end use (Chemical, Energy, Transportation, Others).

This report includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global Covid 19 impact on the Global Heat Exchanger market, and significant developments.

Further, the report will also provide Global Heat Exchanger market size, demand forecast, and key competitors in the market.