Pune, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Heat Exchanger Market Size & Growth Analysis:
“As per the SNS Insider Research, The Heat Exchanger Market size was valued at USD 19.14 billion in 2023 and is expected to reach USD 31.52 billion by 2032, growing at a CAGR of 5.7% over the forecast period from 2024 to 2032.”
Heat Exchanger Market Dynamics: Responding to Energy Demand and Environmental Challenges.
The heat exchanger market is witnessing significant growth, driven by the escalating demand for energy-efficient systems and the growing focus on reducing carbon footprints. Heat exchangers are vital components used in various applications, including power generation, HVAC systems, and chemical processing, where they facilitate the transfer of heat between two or more fluids. The increasing emphasis on energy recovery, waste heat utilization, and sustainable manufacturing practices are crucial market drivers. The energy consumption landscape has been characterized by an ongoing increase in energy use, particularly in fossil fuels. Total fossil fuel consumption will rise by over 20%, with crude oil, coal, and natural gas usage increasing by 0.6%, 0.4%, and 1.1% annually, respectively. In Poland, fossil fuels dominate the energy sector, with approximately 85% of the fuel and energy industry reliant on them. Households in Poland contribute to around 18.2% of domestic energy consumption, highlighting significant energy needs for space and water heating.
Despite the heavy reliance on conventional energy sources, Poland has made strides in achieving energy and climate goals, although further action is necessary to mitigate the environmental impact of the energy sector. The construction sector, as a major energy consumer, is seeing the implementation of regulations to improve energy efficiency in buildings. Waste heat recovery systems, particularly from gray water, represent a crucial opportunity for reducing energy demand and fossil fuel combustion. Innovative designs, such as the linear drainage with heat recovery heat exchanger, demonstrate the potential for enhancing energy efficiency in waste heat utilization. However, there remains a knowledge gap regarding the benefits of heat exchangers, suggesting the need for increased awareness and promotion of these technologies in Poland.
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Major Players Analysis Listed in this Report are:
- ALFA LAVAL
- Kelvion Holding GmbH
- Exchanger Industries Limited
- Mersen
- Danfoss
- API Heat Transfer
- Boyd Corporation
- H. Güntner, Limited
- Johnson Controls
- XYLEM
- SPX Flow
- Kaori
- Tetra Pak
- Schneider Electric
- Wärtsilä
- Tranter
- Heat Transfer Products
- Fives
- Thermoelectric
- Enerquip & Other Players
Heat Exchanger Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 19.14 Billion |
| Market Size by 2032 | USD 31.52 Billion |
| CAGR | CAGR of 5.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The growing urbanization and construction of residential and commercial buildings are increasing the demand for HVAC and refrigeration systems, thereby driving the demand for heat exchangers. |
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Market Segmentation
By Product: The shell & tube heat exchanger segment dominated the industry and accounted for 35.6% of the global revenue demand in 2023. Shell & tube heat exchangers consist of a collection of tubes arranged within a cylindrical shell, enabling effective heat transfer between liquids and gases. They are prevalent in applications requiring a wide temperature and pressure range. The three most commonly seen designs include the floating-head type, U-tube design, and fixed tube sheet design. However, the need for extensive surface areas may hinder growth in this segment in the future.
By End-Use: The chemical & petrochemical sector led the market, accounting for 24.08% of the global revenue demand in 2023. Heat exchangers are integral to the chemical processing industry due to their design flexibility and resistance to corrosion, making them suitable for handling fluids with varying concentrations of solid particles. The growing demand for fertilizers, plastics, medical equipment, and other petrochemical products is expected to drive growth in this sector.
Heat Exchanger Market Key Segmentation:
By Product
- Plate & Frame Heat Exchanger
- Brazed Plate & Frame Heat Exchanger
- Gasketed Plate & Frame Heat Exchanger
- Welded Plate & Frame Heat Exchanger
- Others
- Shell & Tube Heat Exchanger
- Air-Cooled Heat Exchanger
- Others
By End-Use
- Chemical & Petrochemical
- Oil & Gas
- HVAC & Refrigeration
- Power Generation
- Food & Beverage
- Pulp & Paper
- Others
By Material
- Metals
- Alloys
- Others
Key Regional Development
The European region dominated the market, accounting for 32.07% of the market revenue share in 2023. The anticipated increase in public and private infrastructure investments is expected to boost the demand for HVAC and refrigeration products. Moreover, the growing need for durable, efficient heat exchangers with reduced fouling is anticipated to propel market growth in the upcoming period.
The Asia-Pacific region's heat exchanger demand is projected to grow at a CAGR of 6.4% over the forecast period. Rapid industrialization in developing economies such as India and China, combined with significant investments in manufacturing and industrial projects, is driving the overall expansion of the regional market. The ongoing focus on sustainable energy practices further enhances the attractiveness of this region for market players.
Future Growth of the Market
| Key Factors | Description | Impact on Market |
| Energy Efficiency Needs | Increasing demand for energy-efficient systems as industries and governments aim to minimize energy consumption. | Anticipated growth in heat exchanger demand. |
| Global Sustainability Goals | Organizations striving to reduce carbon footprints and comply with stringent environmental regulations. | Enhanced market growth due to alignment with sustainability. |
| Transition to Renewable Energy | Shift towards renewable sources (solar, geothermal, biomass) requiring specialized heat exchangers for varying thermal properties. | New avenues for growth and innovation in heat management. |
| Technological Advancements | Innovations in materials science (advanced alloys and composites) and IoT-enabled devices enhance efficiency. | Development of lighter, more efficient heat exchangers. |
| Urbanization & Infrastructure | Growing population densities increase the need for improved HVAC systems in residential and commercial buildings. | Sustained demand for reliable heating and cooling solutions. |
| Overall Market Outlook | Combination of energy efficiency demands, technological advancements, and sustainability initiatives indicates robust growth. | Significant market expansion and opportunities for innovation. |
Recent Development
In November 2023: Danfoss Heat Exchangers agreed with Danfoss Commercial Compressors to set up an internal testing facility for propane in the ATEX-certified laboratory in Trevoux, France. The latest propane testing center specifically examines brazed plate heat exchangers with capacities between 10 and 150kW.
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Table of Contents - Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Heat Exchanger Market Segmentation, By Product
8. Heat Exchanger Market Segmentation, By End-Use
9. Heat Exchanger Market Segmentation, By Material
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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