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 (U.S., Canada, Mexico, Germany, UK, France, Russia, Italy, Spain, Poland, Turkey, China, Japan, South Korea, India, Indonesia, Malaysia, Thailand, Vietnam, Philippines, Australia, Saudi Arabia, UAE, Egypt, South Africa, Nigeria, Brazil, Argentina, Colombia, Chile), Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Published Date: Mar 2019 | 270 Pages | Report ID: GMI3169 Report Format: PDF

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Industry Trends

Heat Exchangers Market was valued over USD 7 billion in 2018 and is estimated to expand over 8% by 2025.

U.S. Heat Exchangers Market Size, By Technology, 2018 & 2025 (USD Million)
U.S. Heat Exchangers Market Size, By Technology, 2018 & 2025 (USD Million)

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Escalating demand for heating and cooling systems across residential, commercial and industrial sector along with sifting focus toward integration of waste heat sources will drive the market growth. Extreme weather conditions across North America and Europe along with focused regulatory policies toward energy efficiency have enhanced the adoption of sustainable heat transfer technologies. The expansion and upgradation of existing manufacturing facilities and introduction of energy efficiency standards will further strengthen the deployment of efficient heat transfer equipment.

Stringent government regulations aimed at reducing carbon emissions across industries has stimulated the deployment of WHRS which in turn will boost the adoption of heat exchangers. The ongoing technological advancements have significantly reduced cost and improved the efficiency of these systems which will further propel the product demand over the forecast timeframe.

Heat Exchangers Market, By Technology

Shell & tube heat exchanger market is anticipated to expand over 7% by 2025. High efficiency, low-pressure drop and economic viability are some of the eminent features that will favor the deployment of these units over available alternatives. Ongoing investment toward development of new chemical facilities coupled with favorable economic conditions for industrial sector growth will further boost the technology adoption.

Plate heat exchanger market size in 2018, was valued over USD 1 billion. These units are predominantly deployed across marine, central heating and food processing industries where efficient heat transfer mechanisms are required. Escalating demand for thermal storage systems along with rising cooling and heating needs across the commercial & residential sector will stimulate product demand over coming years.

Heat Exchanger Market, By Application

Japan Heat Exchanger Market Size, By Application, 2018 & 2025 (USD Million)
Japan Heat Exchanger Market Size, By Application, 2018 & 2025 (USD Million)

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Heat exchangers market from chemical is anticipated to grow over by 8% by 2025. Rising investments aimed at the expansion of chemical production facilities along with increasing focus toward resource recovery and utilization will fuel the demand for heat transfer equipment. These units are predominantly installed for condensation, process cooling and heat recovery from exhaust streams across chemical sector. Introduction of stringent norms toward GHG emission will further augment the business outlook.

Heat exchangers market from power generation & metallurgy was valued over USD 300 million in 2018. Ongoing industrialization along with resurgent economic growth have positively impacted the power sector industry which in turn will fuel the demand for heat transfer equipment. Increasing investment across developing economies to support generating capacity additions will further enhance the industry growth.

Shifting trends toward energy optimization along with rising investment toward refining capacity addition will drive the market size across oil & gas sector. For instance, as per the IEA, the global oil demand is anticipated to exceed 102 million barrels/day by 2022. Moreover, introduction of energy-efficiency standards along with rising focus to reduce carbon footprint will further fuel the industry growth in coming years.

Heat Exchanger Market, By Region

Europe Heat Exchanger Market Size, By Region, 2018 (USD Million)
Europe Heat Exchanger Market Size, By Region, 2018 (USD Million)

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U.S. market is predicted to surpass USD 2 billion by 2025. Resurgent economic growth coupled with growing investments toward upgrading and retrofitting of industrial process equipment will stimulate the business growth. Positive outlook toward food & beverage industry on account of increasing disposable income and rising demand for processed food will further boost the product penetration.

Europe market is set to grow over 7% by 2025. The enactment of government regulations toward industrial emissions has resulted in the growing replacement of traditional heating & industrial processing systems. Growing efforts to achieve energy optimization with stringent government regulations aimed at adoption of highly efficient heat transfer technologies will further boost product demand in coming years.

Asia Pacific market will witness robust growth on account of positive outlook toward manufacturing industry coupled with increasing foreign investment for the development of new industrial facilities. For instance, the manufacturing value added across the region has grown to 49% in 2017 when compared to 27% in 1990. Positive outlook toward oil & gas, power generation and chemical sectors along with ongoing electricity generation capacity additions will further augment the business growth.

Competitive Market Share

Key industry players operating across the heat exchangers market include Alfa Laval, SPX Flow, Kelvion, Xylem, IHI, Thermowave, SWEP, Hisaka, THT, Accessen Group, Hitachi Zonsen, Doosan, Shandong Beichen Electromechanical, Lanpec, Larsen & Toubro, HRS, Koch, Thermofin, KNM, Wessels, Danfoss, Vahterus, Southern Heat Exchanger, FUNKE and API.

New product innovations, overseas business expansion and mergers & acquisitions are few of the significant initiatives undertaken by the eminent industry players. Moreover, the companies are also involved in substantial research & development activities to gain competitive advantage over other participants.

Heat Exchanger Industry Background

Heat Exchanger Market Segmentation

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A heat exchanger is a device that transfers/exchanges heat from one medium to another. The transfer of heat takes place by conduction through the exchanger materials that separate the mediums being used. Shell & tube, plate and air-cooled systems are some of the prominent technologies deployed by the manufacturers across the globe.

What Information does this report contain?

Historical data coverage: 2014 to 2018; Growth Projections: 2019 to 2025.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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