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

Published Date: Mar 2019  |  Report ID: GMI3169

Report Format: PDF   |   Pages: 280   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

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

Canada Heat Exchanger Market Size, By Technology, 2018 & 2025 (USD Million)

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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 Report Coverage
Report Coverage Details
Base Year: 2018
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Pages: 280 Tables, Charts & Figures: 313
Geographies covered (28): 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
Segments covered: Technology, Application and Region
Companies covered (25): Alfa Laval AB, Kelvion, SPX-FLOW, Inc, IHI Corporation, Xylem, Inc., API Heat Transfer, Inc., FUNKE Wärmeaustauscher Apparatebau GmbH, Thermowave GmbH, Hisaka Works Ltd., SWEP International AB, Accessen Group Co. Ltd., THT Heat Transfer Technology, Inc., Hitachi Zosen Corporation, Lanpec Technologies Limited (Lanke High-tech), Shandong Beichen Electromechanical Equipment Co. Ltd., Doosan Corporation, Larsen & Toubro Limited, Koch Heat Transfer Company, LP, HRS Heat Exchangers, Thermofin, Wessels Company, KNM, Vahterus, Danfoss, Southern Heat Exchanger Corporation,

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Heat Exchanger Market, By Technology

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.
 

Heat Exchanger Market, By Application
 

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

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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.
 

Heat Exchanger Market, By Region

Asia Pacific Heat Exchanger Market Size, By Country, 2018 (USD Million)
Asia Pacific Heat Exchanger Market Size, By Country, 2018 (USD Million)

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Competitive 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, and API amongst others
 

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.
 

Frequently Asked Questions (FAQ) :

Rising demand for energy across end-use sectors, increasing emphasis on utilizing the waste heat generated from industrial processes, and rising demand for heating and cooling equipment across residential & commercial spaces will fuel the product demand.
According to Global Market Insights, worldwide industry will register a CAGR of 8% over 2019-2025.
The high efficiency and lw cost associated with the technology is making it a preferred choice across a slew of verticals including petrochemicals, refineries, gas processing plants, and power plants.
Expanding oil & gas sector coupled with initiatives to produce domestic gas will boost the regional demand. As per the study, the region will witness gains at 8% over 2019-2025.

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