Heat Exchangers Market to Surpass $25.8 Billion Revenue by 2030, Says P&S Intelligence

NEW YORK, Nov. 28, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the heat exchangers market value was $16.5 billion in 2021, and it is projected to advance at a rate of 5.1% from 2021 to 2030, to reach $25.8 billion.

Rising Sales of Heat Exchangers in Industrial Facilities

The rising sales of heat exchangers are led by the presence of numerous end-use industries. The easy availability of numerous types of heat exchangers, including plate-and-frame and shell-and-tube and their usage in the petrochemical, chemical, food & beverage, oil & gas, HVAC-R, paper & pulp, and power industries are essentially driving the market.

Other than the significant rise in HVAC-R deployment, the rising energy prices and fast industrial expansion in the developing countries of APAC are propelling the market.

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Furthermore, the rising pace of technical advancements, surging chemical demand, and increasing focus on the energy efficiency of machines and built structures are projected to boost product sales.

The majority of the petrochemical processes involve high temperatures and pressures, thus leading to improved heat transfer and energy saving requirements, which boost the energy-efficient exchangers' sales.

Significant Consumption of Steel in Industry

The steel category captures a massive revenue share, led by the long life, high strength, and corrosion resistance in a wide pH range of steel, which makes it perfect for such appliances.

There are two steel grades used in the manufacturing of heat exchangers, stainless steel and mild steel. In addition, steel has excellent clear water compatibility, low weight, strong thermal conductivity, and eliminates the any special fluid requirement.

Shell-and-Tube Variants Hold Largest Industry Share

The shell-and-tube category captures an industry share, of 35%, and it will continue as the largest category in the coming years. Shell-and-tube variants are massively used in applications that involve a wide range of temperatures and pressures and heat transfer from one liquid to another, between two gases, or between liquids and gases.

These appliances are suitable for transferring heat to water from steam, led by their simple structure. U-tube, fixed-tube, and floating-head-type are the three major common designs of shell-and-tube heat exchangers.

The plate-and-frame category is projected to advance at a 5.7% rate in the coming years. These systems are developed from plates withsmooth or corrugated surfaces and majorly utilized for low-to-medium-pressure liquid–liquid exchange. These goods are categorized into brazed, welded, and gasketed, based on leak tightness.

Browse detailed report on Global Heat Exchangers Market Size, Share and Growth Forecast Report 2030                   

Air-Cooled Products Hold Largest Revenue Share 

Air-cooled products are also popular in compressor stations, petrochemical plants, power plants, refineries, gas treatment plants, and other industrial facilities. These systems include an air blower or axial-flow fan, a tube bundle, and a supportive structure.

Europe Dominates the Industry 

Europe captures the largest industry share, of more than 32%. It is on account of the rising investments in private and public infrastructure, which is projected to boost the product demand in HVAC-R applications.

Heat Exchangers Industry Report Coverage

By Material

• Steel
• Non-Steel

By Product

• Plate & Frame Heat Exchanger
• Brazed Plate & Frame Heat Exchanger
• Gasketed Plate & Frame Heat Exchanger
• Welded Plate & Frame Heat Exchanger
• Shell & Tube Heat Exchanger
• Air-Cooled Heat Exchanger

By End-User

• Oil & Gas
• Chemical & Petrochemical
• HVAC & Refrigeration
• Power Generation
• Food & Beverage
• Pulp & Paper

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence