The size of the global heat exchangers market worth US$19.9 billion by 2026, at a CAGR of 5.0% – MarketsandMarkets™ study

“Browse through 153 Market Data Tables and 52 Figures spread over 243 Pages and In-Depth TOC on “Heat Exchanger Market”

Heat Exchangers Market By Type (Shell & Tube, Plate & Frame, Air Cooled), Raw Material (Steel, Copper, Aluminum), Application (Chemical, Energy, HVACR, Food & Beverage, Power Generation, Pulp & papers) and region

The Heat Exchanger Market size is estimated to be USD 15.6 Billion in 2021 and is projected to reach USD 19.9 Billion by 2026, growing at a CAGR of 5.0% during the forecast period. The major drivers of the market are rapid industrialization in developing countries such as India and China owing to increased investment in manufacturing, commercial and industrial projects. Additionally, the growing demand for commercial refrigeration and air conditioning is fueling the request for heat exchangers.

Based on type, the heat exchanger market is segmented into shell and tube, plate and frame, air-cooled, and others. The Shell & Tube segment will dominate the heat exchangers market during the forecast period. Shell and tube heat exchangers are suitable for applications with high operating temperatures and pressures. It is ideal for various end-use industries such as chemical, food and beverage, oil and gas, pulp and paper and others such as metallurgy, waste water treatment and mining mining. Additionally, depending on the application, shell and tube type heat exchangers can be installed in a vertical or horizontal position and offer a relatively large ratio of heat transfer area to volume to weight.

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Based on raw materials, the heat exchanger market is segmented into steel and non-steel. Stainless steel is resistant to corrosion, rust and stains, making it an ideal material for manufacturing heat exchangers. The steel segment is expected to lead the heat exchanger market in terms of value during the forecast period. Stainless steel and carbon steel are generally used to manufacture heat exchanger components such as tubes, plates, gaskets, gaskets and shells. In addition, depending on the application, metals other than steel, such as aluminum, brass, chrome-molybdenum steel grades, copper, cupro-nickel, inconel, lead, monel, nickel, red brass and titanium are also used to make heat. exchangers. For example, titanium is used for marine applications of heat exchangers.

Europe is the largest market for heat exchangers in 2020, belonging to the established manufacturing, automotive and industrial sector. Additionally, in 2020, Europe implemented zero emissions regulations for commercial and residential buildings. These energy efficiency regulations on new residential and commercial infrastructure, focusing on less carbon intensive processes and demand for sustainable energy consumption will also increase the demand for heat exchangers during the forecast period. In addition, APAC is expected to witness strong growth over the forecast period owing to the increasing demand for heat exchangers from the chemical industry in the developing economies of India and China, which is expected to drive the demand for heat exchangers in APAC over the forecast period.

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The main market players are ALFA LAVAL (Sweden), Kelvion Holding GmbH (Germany), Exchanger Industries Limited (Canada), Mersen (France) and Danfoss (Denmark). These players have adopted various growth strategies to further expand their presence in the market. New product launch, investment and expansion, and merger and acquisition have been the major strategies adopted by major players over the past five years to enhance their competitiveness and expand their customer base in the global market. heat exchangers.

ALFA LAVAL is the largest manufacturer of heat exchangers in the world. The company has manufacturing facilities in North America, Latin America, Europe, Africa and Asia-Pacific. Over the past few years, ALFA LAVAL has adopted several business strategies to strengthen its market position. It has adopted various growth strategies, including investment and expansion, and new product launches, to maintain its leading position in the heat exchanger market. For example, in February 2021, ALFA LAVAL launched the AXP82 range of heat exchangers for high pressure industrial applications.

Kelvion Holding GmbH is one of the major players operating in the heat exchanger market. The company is present in 67 countries and has partners in North America, Europe, APAC, South America, the Middle East and Africa. The company has adopted new product launch and expansion strategies to broaden its product portfolio and maintain its market position. For example, in October 2021, Kelvion Holding GmbH expanded its manufacturing facility in Catoosa, Oklahoma, to manufacture heat exchangers for the oil and gas industry, after seeing a growing demand for heat exchangers in North America. .

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