Heat exchanger market to reach US$34.24 billion by 2031, TMR

ALBANY, NY, April 29, 2022 (GLOBE NEWSWIRE) — The heat exchanger market is expected to grow at a CAGR of 6% during the forecast period of 2021 to 2031. Exponential rise in demand for electricity for Industrial, commercial and domestic use leads to the establishment of new power plants and the subsequent demand for heat exchangers in power plants to minimize energy losses.

In power plants, condensers form a group of heat exchange devices that are a vital element connecting the heat sink and the steam cycle. The correlation of condenser performance with the production of power plants and the availability of electrical energy justifies an increasing demand for the equipment.

The rapid development of the heating, ventilation, and air conditioning (HVAC) industry, as well as the rapid expansion of power generation capacity in the power and hydrocarbon sectors are expected to drive demand for heat exchangers.

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Asia-Pacific is expected to account for the major heat exchanger market share during the forecast period. Massive investments for infrastructure development and industrialization in developing countries in the region requiring increasing power generation lead to increasing demand for different types of heat exchangers, especially shell and tube types.

Heat Exchangers Market – Key Findings of the Report

  • Rapid industrial development and urbanization in developing countries leading to swelling energy demand is driving the demand for heat exchangers to minimize energy losses
  • Upgrading power generation capacity and diversifying renewable energy sources to supplement conventional energy sources to address the persistent power shortage are gaining momentum in the electricity sector. ‘energy. This fuels the demand for heat exchangers for energy transfer.
  • The benefits of overall efficiency and optimum power output from the growing number of nuclear reactors in developing countries are driving the demand for heat exchangers. Also, upgrading existing nuclear power plants and plans for new nuclear power plant projects to create opportunities in the heat exchanger market.

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  • Hybrid heat exchangers are gaining more and more popularity due to the virtues of the design and the underlying platform. The multi-flex configuration platform, extreme efficiency and design flexibility of hybrid heat exchangers allow them to operate in harsh conditions where other heat exchanger technologies have a probability of failing due to have a shorter lifespan and reduced operational efficiency. In addition to this, low flooded weight and easy maintenance that allows fouling medium to flow through the side of the tube, which is accessible for mechanical cleaning, if necessary, are additional design features of the exchangers. heat.
  • Large industrial units and power plants show a demand for heavy duty or custom heat exchangers. Portable heat exchangers, on the other hand, find application in residential or small commercial establishments.
  • The shell and tube product segment held the major share of the heat exchanger market in 2020. Mega projects for the development of oil fields in the pipeline in several parts of the global fuel demand for the shell and tube product segment tube.

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Heat Exchangers Market – Growth Drivers

  • Increase in the establishment of new power generation plants and vast initiatives to harness the renewable energy sources to meet the explosive energy needs are fueling the growth of the heat exchanger market
  • Growth in the heating, ventilation and air conditioning (HVAC) segment for the need to maintain optimum ambient temperatures of industrial units is propelling the demand for heat exchangers

Heat Exchangers Market – Key Players

Some of the major players operating in the heat exchangers market are;

  • Gea heat exchangers
  • Southwest Thermal Technology
  • Heatmaster B.V.
  • Alfa Laval Corporate AB

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The heat exchanger market is segmented as follows;

Heat Exchangers Market, By Product Type

  • Air conditioning
  • Plate and Frame
  • Shell and Tube
  • Others (condensers, oil coolers and radiators)

Heat Exchangers Market, By End User

  • HVAC
  • Chemicals and Petrochemicals
  • energy production
  • Others (food processing, aerospace and medical)

Heat Exchangers Market, By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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