Heat Exchanger Market By Technology (Shell & Tube, Plate, Air Cooled, Others), By Application (Oil & Gas, Chemical, Power Generation & Metallurgy, Marine, Mechanical Industry, Central Heating & Refrigeration, Food Processing, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Heat Exchanger Market Size

Heat Exchanger Market was valued at over USD 7 billion in 2018 and is set to expand over 8% up to 2025.
 

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Increasing demand for cooling and heating equipment across residential & commercial buildings along with shifting focus toward effective utilization of waste heat from industrial process will drive the heat exchanger market size. Harsh winter conditions across Europe and North America coupled with adoption of energy efficiency norms & standards will further stimulate the product demand. For instance, European Union amended the Energy Efficiency Directive in 2018 with an aim to achieve energy efficiency of at least 32.5% by 2030.
 

Surging energy demand across petrochemical, oil & gas and power industry along with rising investments toward upgradation of existing energy infrastructure will drive the heat transfer equipment demand. As per EIA, global industrial energy consumption is predicted to increase by an average of 1.2% per year, from 222 quadrillion British thermal units (Btu) in 2012 to 309 quadrillion Btu in 2040. Robust industrial sector growth across emerging economies will further drive the business growth.
 

Heat Exchanger Market Analysis

Air cooled heat exchanger market is projected to expand over 8% by 2025. These units are predominantly deployed across refineries, gas processing plants, power plants, and petrochemical plants for effective heat transfer and waste heat utilization. Low cost and high efficiency are some of the key characteristics favoring the deployment of these units over available alternatives. Ongoing investments toward development of new petrochemical facilities will further propel the adoption of these units.
 

Plate heat exchangers market size in 2018, was valued over USD 1 billion. High heat transfer coefficient, compact design, and easy maintenance are some eminent features that will propel the deployment of these units across multiple industries. Increasing investments across food processing industry on account of changing consumer preference toward packaged food will drive the industry growth. For instance, as per the United Nations Industrial Development Organization, the manufacturing value added of food & beverage industry in Mexico expanded from USD 18 Billion in 2005 to over USD 29 Billion in 2017.
 

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Shifting trends toward energy optimization along with ongoing investments toward petrochemical industry will drive the heat exchanger demand across oil & gas application. For instance, as per the World Energy Investment Report-2019, the U.S. upstream oil & gas spending witnessed a growth from 17% to 24% over the last 10 years.
 

Heat exchanger installation across mechanical industry is set to witness growth over 6% by 2025. Robust industrial sector growth across developing countries along with increasing investments toward upgradation of existing manufacturing facilities will drive the business growth. In addition, growing focus to achieve energy optimization across key industrial process will further enhance the product penetration.
 

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Heat Exchanger Market Share

Saudi Arabia heat exchanger market will witness growth over 8% by 2025. The country is characterized by a robust oil & gas sector where heat transfer units play a vital role across the value chain. Growing focus to increase the domestic gas production will further boost the installation of these system. For instance, in November 2017, Saudi Aramco awarded contracts worth USD 4.5 billion to multiple oil & gas contractors with an aim to enhance gas production and diversify the economy.
 

Indonesia market is anticipated to witness growth over 10% by 2025. Positive outlook toward the development of domestic manufacturing industry coupled with growing urbanization will stimulate product demand. In addition, ongoing investments toward expansion of power generating capacity to meet rising electricity demand will further augment business growth. For instance, as per the Energy and Mineral Resources Ministry of Indonesia, over 3 GW of power generating capacity will be added in 2019.
 

Russia heat exchanger market is set to witness growth over 7% by 2025. Adoption of stringent energy efficiency mandates coupled with rising replacement rates of existing heating & industrial process systems will drive the industry growth. In addition, strong presence of oil & gas infrastructure will further fuel the installation of these units over the forecast timeline.
 

Eminent industry players operating across the heat transfer equipment industry include

• THT
• SWEP
• Kelvion
• SPX Flow
• Alfa Laval
• Xylem
• Hisaka
• IHI
• Accessen Group
• Doosan
• Hitachi Zosen
• Lanpec
• HRS
• Shangdong Beichen
• Wessels
• KNM
• Danfoss
• FUNKE
• API

New product and technological innovations, strategic partnerships, mergers & acquisitions and overseas business expansion are key prominent initiatives undertaken by the notable industry players. Moreover, the companies are involved in substantial R&D activities to gain competitive advantage over other industry participants.
 

Heat Exchanger Industry Background

A heat exchanger is a system or a device that exchanges heat from one medium to another medium. The heat transfer takes place by conduction through exchanger materials that separate the mediums that are being used. Plate, shell & tube, and air-cooled systems are some of the eminent technologies being deployed by manufacturers on a global scale.