The global heat exchangers market accounted for revenue of about $16.62-million in 2018 and is anticipated to generate about $29.31-million by 2026, according to a report published by global market research firm Allied Market Research.
The market is projected to grow at a compound yearly growth rate of 7.2% from 2019 to 2026.
Heat exchangers are devices that transfer heat from one fluid (liquid or gas) to another fluid (liquid or gas) without being in direct contact with each other. Moreover, heat exchangers, also known as regenerators, are used in end-user industries such as chemicals, petrochemicals, oil and gas, to minimise the loss of heat.
As the incoming and outgoing fluids move in opposite directions, they are also known as counter-flow heat exchangers. Heat exchangers are designed according to the end-user industry’s requirements. For instance, they are manufactured for a range of light hydrocarbons in the oil and gas industry.
In addition, heat exchangers are used for onshore, offshore, and floating applications such as in gas dew point control, natural gas liquids recovery, liquefied natural gas liquefaction, and in sour gas compression cooling.
In addition, heat exchangers are widely used in industrial oil coolers, boilers, chilled water systems, transmission and engine coolers, condensers, and evaporators in refrigeration systems to prevent excessive loss of energy during the transfer of heat.
Various industries have adopted high-end energy-saving heat exchangers to mitigate the issue of their loss owing to the rise in the cost of energy.
The heat exchangers market is driven by numerous factors such as high demand from emerging economies, increases in energy prices, technological advancements in heat exchangers, and others. There is a significant rise in demand from developing economies such as India, China and Indonesia, owing to the rapid industrialisation.
Further, rise in demand for heat exchangers from the nuclear power plant for power generation is anticipated to offer a lucrative growth opportunity in the market.
The global heat exchangers market is segmented based on type, end-user industry, material of construction, and region.
On the basis of type, the market is categorised into shell and tube, plate and frame, air-cooled, microchannel, among others.
On the basis of end-user industry, it is classified into chemicals; petrochemicals; oil and gas; heating, ventilation and air conditioning; food and beverage; power generation, among others.
By material of construction, the heat exchangers market is categorised into carbon steel, stainless steel, nickel, among others.
Based on region, it is analysed across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Based on type, the shell and tube segment occupied the highest share of 30% in 2018, and is anticipated to continue its dominance throughout the analysis period. It is highly adopted in numerous end-user industries, owing to its characteristics such as easy maintenance – scaling is one of the reasons that increases the maintenance cost of heat exchangers – high efficiency, compatible in high-pressure applications, compact design, among others.
Based on end-user industry, the oil and gas industry is anticipated to grow at the fastest rate. This is owing to significant surge in demand for heat exchangers from countries such as India, China and the US, owing to the growth of oil and gas industries, specifically in India and China, where an increase in oil usage has resulted in high investment for improved refining capacity.
On the basis of material of construction, stainless steel accounted for the highest market share of 33.7% in 2018. Compared with other types of materials, stainless steel is widely adopted for manufacturing heat exchangers, owing to characteristics such as resistance to different types of deposited residues such as limestone, high durability, and excellent resistance to corrosion.
Based on region, Europe is expected to garner the highest market share. This is owing to factors such as huge presence of end-user industries such as chemicals industries, food and beverage industries, petrochemicals, among others.
The market analysis covers in-depth information of major industry participants.
The key players operating and profiled in the market include heat exchange and heat transfer solutions provider API Heat Transfer, heat exchange manufacturer Brask, heating contractor Danfoss, heat exchanger manufacturer Kelvion Holding, chemicals manufacturing company Koch Industries, thermal management and liquid cooling products manufacturer Lytron, heat exchange manufacturer Thermofin, and commercial company Xylem.