The Global Heat Exchanger Market is rising due to the rising power and industrial sector. Asia Pacific to lead the growth!

Asia Pacific has the largest share of the heat exchanger market. The region is home to emerging economies such as China, India, and Japan, which are expected to play a significant role in economic growth due to their large populations, growing investments, increasing urban development, and rising standards of living. Additionally, the expansion of the chemical industry in the region is also an important factor in the growth of the market. The presence of a robust manufacturing base, expanding industrial sectors, and rising investments in key industries have created a favorable market environment for heat exchangers in the Asia Pacific region. For instance, in 2022, thermal engineering and manufacturing company Vacuum Process Engineering (VPE) received a contract from General Electric to develop a 14 MW fuel efficient Printed Circuit Heat Exchanger (PCHE). It will form part of GE’s advanced 7HA.02 gas turbine technology, which will deliver approximately 500 megawatts of electricity to South Korea’s national grid and provide district heating for more than 100,000 South Korean citizens.

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Further, the Asia Pacific Heat Exchanger Market is anticipated to expand at a robust CAGR of 7% during the forecasted period (2023-2030). The increasing number of infrastructure and oilfield development projects planned worldwide drives the global heat exchanger market and increasing demand for shell and tube heat exchangers in the region. In today’s scenario, businesses in developing countries in the Asia-Pacific region are investing heavily in infrastructure to align themselves with the growth of other major economies. For instance, In April 2021, Glacier Energy announced the launch of HTX Digital, an innovative forecasting system for monitoring energy resources.

FIG. 1 North America Heat Exchanger Market Revenue (2020-2030)- USD Mn

Based on type, the heat exchanger market is segmented into shale & tube, plate & frame, air-cooled, and others. The shell & tube cater to have the highest market share in 2022. It is mainly owing to its ability to operate at higher temperatures and pressure, and easy pressure testing which helps in finding the faults that are preferred in a variety of applications such as chemical & petrochemical, oil & gas, food & beverage, and power generation. For instance. in 2020, Danfoss created a wide-ranging offering with its brand-new microplate heat exchangers built on Z-design technology. The refrigerant charge will be reduced thanks to modern technologies and weight-saving design modifications.

Based on material, the heat exchanger market is divided into carbon steel, stainless steel, nickel, and others. Stainless steel captured a significant share of the market and is expected to have significant growth during the forecasted period. It is mainly owing to its beneficial characteristics over others such as resistance against corrosion in a wide range of pH levels, lightweight, high thermal conductivity, and no requirement of special fluids as it is compatible with plain clean water. Thus, such factors lead to the growth of the market of heat exchanger.

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Global Heat Exchanger Market Segmentation

Market Insight, by Type

· Shell & Tube

· Plate & Frame

· Air Cooled

· Others

Market Insight, by Material

· Carbon Steel

· Stainless Steel

· Nickel

· Others

Market Insight, by End-User

· Chemical

· Petrochemical and Oil & Gas

· HVAC and Refrigeration

· Food & Beverage

· Power Generation

· Paper & Pulp

· Others

Market Insight, by Region

· North America

o United States

o Canada

o Rest of North America

· Europe

o Germany

o United Kingdom

o Spain

o Italy

o France

o Rest of Europe

· Asia-Pacific

o China

o Japan

o India

o Rest of Asia-Pacific

· Rest of World

Top Company Profiles

• Alfa Laval

• API Heat Transfer

• Danfoss

• General Electric Company

• Hisaka Works

• IHI Corporation

• Johnson Controls

• Kelvion Holding GmbH

• Koch Industries

• Boyd Corporation